Stop Money Creation by Corporate Banks

Central Bank Money

I am a nonconformist in my views about economics and Government. I support the view that the democratically elected Sovereign Government should control the creation and supply of currency.  In fact, our Constitution gives us that power through  Congress

I see money as a contract between parties to trade Goods & Service today in exchange for a "promissory note"  that will purchase a choice of Goods & Service from other Sellers at a chosen later time by the holder of the note. 

That promissory note can be personally held and traded or it can a deposit in a Bank in an Asset Account as Money. It is held as a Bank Asset balanced by a Bank Liability to the Depositor on demand.   The value of that money is determined by the availability of Labor, productive capacity and raw material supply to produce desired Goods & Service and to pay debt & taxes

I also believe that the power of Corporate Banks to create new money in return for a Borrower "promissory note" to repay legal tender money in the future should be ended. Money should only be created by the Federal Reserve Banks and loaned to Corporate Banks for lending to Borrowers based on the assets deposited in the Corporate Bank by Bank Customers.

William Hodge