By Huber & Robertson
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Additional resources for Creating New Money; A Monetary Reform for the Information Age
They will be containers of money belonging exclusively to bank customers. Consider what this change will mean. At present, the origin of sight deposits in current accounts is a double loan – first, sight deposits have come into existence as a loan of a bank to a customer; thereafter, as they continue to circulate as money, sight deposits are a loan of customers to the banks. They are a cash loan in the sense that customers for the most part do not “cash in” their money claims on the bank but prefer cashless payment by transfer of sight deposits.
43 Chapter 5 REPLIES TO SUGGESTED OBJECTIONS “Good reasons must, of force, give place to better”. 1 Inflation The first objection to seigniorage reform from its opponents is usually that allowing a government agency to issue new money will mean greater risk of inflation than allowing commercial banks to go on printing it. Chapter 2 has shown how to safeguard against that risk. Chapter 4 has shown that seigniorage reform is actually likely to reduce inflationary pressure in the economy. 2 Nationalisation Some opponents of seigniorage reform suggest it would amount to nationalising the banks.
It will be clear that the issuing activities of central banks are creating new money, but their banking activities are not. After seigniorage reform, the issue department of the central bank will regularly publish how much cash and non-cash money has been issued and to whom it has been issued. Normally it will have been credited as seigniorage to the Treasury (or Finance Ministry), but there may also be occasions when sums are issued as non-interest-bearing loans to the central bank’s banking department.
Creating New Money; A Monetary Reform for the Information Age by Huber & Robertson