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1 Its aims include reciprocity, free association, voluntary contract, federation and monetary reform of both credit and currency that would be regulated by a bank of the people.
2 Monetary reform and a cultural renaissance ensued with a flowering of Haitian art.
3 In 1923 Keynes published his first contribution to economic theory, A Tract on Monetary Reform, whose point of view is classical but incorporates ideas that later played a part in the General Theory.
4 Thomas Edison was an advocate for monetary reform in the United States.
5 During a publicity tour that he took with friend and fellow inventor, Henry Ford, he spoke publicly about his desire for monetary reform.
6 He attacked the post-World War I deflation policies with A Tract on Monetary Reform in 1923 – a trenchant argument that countries should target stability of domestic prices, avoiding deflation even at the cost of allowing their currency to depreciate.
7 More to Friedman's taste was the Tract on Monetary Reform (1923), which he regarded as Keynes's best work because of its focus on maintaining domestic price stability.
8 He was also responsible for the construction of the Aurelian Walls in Rome, the abandonment of the province of Dacia, and monetary reform.
9 Keynes also entrusted Sraffa with the Italian edition of his A Tract on Monetary Reform.
10 Its platform called for monetary reforms, nationalization of major industries and railroads, and protection of labor rights.
11 He spoke of the need for monetary reform based on "free silver."
12 Coughlin claimed that the Great Depression in the United States was a "cash famine" and proposed monetary reforms, including the nationalization of the Federal Reserve System, as the solution.
13 While the Social Credit party was founded to promote the social credit theories of monetary reform, these could not be implemented at the provincial level, as the Alberta Social Credit Party had learned in the 1930s.
14 Monetary reform is any movement or theory that proposes a system of supplying money and financing the economy that is different from the current system.
15 Monetary reformers may advocate any of the following, among other proposals: Of all the aspects of monetary policy, certain topics reoccur as targets for reform: Banks typically make loans to customers by crediting new demand deposits to the account of the customer.
16 Mainstream economists believe that these monetary reforms have made sudden disruptions in the banking system less frequent.
17 Some monetary reformers criticise existing global financial institutions like the World Bank, International Monetary Fund, Bank of International Settlements and their policies regarding money supply, banks and debt in developing nations, in that they appear to these writers to be "forcing" a regime of extortionate or unpayable debt on weak Third World governments that do not have the capacity to pay the interest on these loans without severely affecting the well-being or even the viability of the local population.
18 Proponents of monetary reform find the current system of money creation unjust.
19 The most common arguments for a transition to full-reserve banking or sovereign money are listed below: While proponents of monetary reform have produced many books, reports, and policy papers full of documentation, those who prefer to preserve the present banking system have mostly met the criticism of the generation of money as credit with silence.
20 The main arguments for keeping the current system of money creation based on credit or fractional reserve banking are listed below: Many of the arguments for and against monetary reform have been met with counter-arguments.
21 This may enable the setting of interest rates to be less susceptible to political interference and thereby assist in combating inflation (or debasement of the currency) by allowing the central bank to more effectively restrict the growth of M3. However, given that these policies do not address the more fundamental issues inherent in fractional reserve banking, many suggest that only more radical monetary reform such as government directly taking over central banks such as the China or Swiss models can promote positive economic or social change.
22 Theorists such as Robert Mundell (and more radical thinkers such as James Robertson) see a role for global monetary reform as part of a system of global institutions alongside the United Nations to provide global ecological management and move towards world peace, with Robert Mundell in particular advocating the revived use of gold as a stabilising factor in the international financial system.
23 Henry Liu of the Asia Times Online argues that monetary reform is an important part of a move towards post-autistic economics.
24 While some mainstream economists favour monetary reforms to reduce inflation and currency risk and to increase efficiency in the allocation of financial capital, the idea of all-encompassing reform for green or peace objectives is typically espoused by those on the left-wing of the subject and those associated with the anti-globalization movement.
25 In particular a number of monetary reformers, such as Michael Rowbotham, Stephen Zarlenga and Ellen Brown, support the restriction or banning of fractional-reserve banking (characterizing it as an illegitimate banking practice akin to embezzlement) and advocate the replacement of fractional-reserve banking with government-issued debt-free fiat currency issued directly from the Treasury rather than from the quasi-government Federal Reserve.
26 Alternatively, some monetary reformers such as those in the social credit movement, support the issuance of repayable interest-free credit from a government-owned central bank to fund infrastructure and sustainable social projects.
27 Some proponents of monetary reform desire a move away from fiat money towards a hard currency or asset-backed currency, which is often argued to be an antidote to inflation.
28 Some monetary reformers favour permitting competing banks to issue private banknotes whilst also eliminating the central bank's role as lender of last resort.
29 In 1939, he coauthored with five other notable economists a draft proposal titled A Program for Monetary Reform.
30 The Chicago plan and A Program for Monetary Reform generated much interest and discussion among lawmakers, but the suggested reforms did not result in any new legislation.