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Richard Glover



Joined: 29 Sep 2008
Posts: 185
Location: Ealing, London, UK

PostPosted: Tue Nov 23, 2010 9:05 am    Post subject: Banking Reform Reply with quote

Independent Commission on Banking is due to present their recomendations for banking reform to the UK government in September 2011. An excellent 3-party joint submission from Prof Richard Werner, New Economics Foundation and Ben Dyson (Positive Money) is proposing full-reserve banking. Well worth serious study, it presents a carefully worked out complete transformation of UK banking with the least disruption to the community. It carefully argues the case for eliminating fractional reserve banking, counters the various arguments FRB proponents are likely to use, and shows how the 100% reserve system would work.

Public would have access to 2 types of account, transaction a/c (similar to current a/c) and investment a/c (similar to savings a/c). Transaction a/c money is owned by depositor and effectively resides with central bank, with the high street bank acting merely as an agent. These are 100% risk-free, whereas investment a/c's have risk. This neatly decouples normal household money from the riskier investment money operations; it allows banks to fail.



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Richard Glover



Joined: 29 Sep 2008
Posts: 185
Location: Ealing, London, UK

PostPosted: Wed Nov 24, 2010 1:10 pm    Post subject: Reply with quote

The Independent Commission on Banking "call for submission" is also excellent reading (and can be downloaded here). It shows how our banking system is seen by those charged with finding a cure. Although just an initial diagnosis, it includes lots of explanation, data and cross-references to other studies.


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