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Subject:Re: [socialcredit] 100 percent reserve system
Date:Monday, May 18, 2009  17:35:59 (+1200)
From:William Hugh McGunnigle <wmcgunn @.........nz>

HI John
           Thank you for that clarification, but I still believe that the 100% reserve system is still only a modification of the fractional reserve System, Furthermore any reserve system must, by definition, be a modification of the fractional reserve system.
           Bill McG
----- Original Message -----
Sent: Sunday, May 17, 2009 3:02 PM
Subject: Re: [socialcredit] 100 percent reserve system

At 05:42 PM 16/05/2009, William McGunnigle wrote:
HI John
          OUR financial system depends  on an ever increasing money supply to endsure ir continues to function. The source of the extra finance is the banking system. Unless that system is allowed to continue to provide that funding commercial activity will cease. ALL systems that assume that banks lend out their deposits are missing the point, and the 100% reserve system makes that stupid assumption.

Sorry Bill, but you have badly misinterpreted what I said in my previous response to you and also the original article by William Hummel.  There was no statement or assumption that commercial financial institutions would lend out their deposits.  You read that interpretation into it for some reason. 

 It is still a Fractional Reserve system,

No it is not.  In the proposed system, commercial banks would no longer exist.  They would be transformed into commercial on-lending institutions, which would no longer have the power to create credit money.  They would behave as true intermediaries, and would simply on-lend existing funds (as finance companies currently do).  These commercial financial institutions would not be depositories in the payment system, but would simply borrow and on-lend existing money.  In place of a multitude of depositories, as we have at present, there would be a single national depository which might be called the national bank.  The national bank would NOT make loans to business or the public.

Many existing bodies could act as agents of the national bank, including post offices and even the new intermediaries.  However it's important to recognize that no deposits would be on-loaned in this system, only pre-existing money borrowed by the commercial finance companies would be on-loaned.

I will repeat what I said earlier.  In any workable payments system deposits cannot be on-loaned.    A commercial financial institution cannot act as both a depository and an intermediary, otherwise there would be corruption and financial chaos.  The two functions need to be clearly demarcated.  Which is why I said that a commercial finance company could act as an agent of a single national depository, but could not be a depository in its own right.  I hope that important distinction is clear enough.

John Hermann

a system that has been discredited and mainly abandoned by most International Banks. You must not confuse the two functions of banks deposits are inviolate and cannot be on loaned they are safeguarded unless the depositor specifically places them in an account that allows the bank tp speculate with them. EXtending Bank loans at interest is the secondary banking function where the bank acts as a security for a loan issued to people or institutions for commercial purposes. The two purposes are distinct and seperate, unfortunately the fractional reserve system connected the two
 to the confusion of everyone attempting to reform the monetary system. In Theory Banks could "lend out" any anount of money without holding any deposits at all. In reality banks could cancel all the loans it has without any real loss because it did not have the money to start off with. IT created those "loans " out of in air. It took me a long time to realise the significance of  that fact. Banks are never really at risk because they don't have the money to start off with and so cannot actually become bankrupt as a result of the loans it has issued. Only the central banking system which regulates the amount of credit a bank can issue can stop a bank from doing this function. I believe that under SC this issuing of credit should be controlled by an agency outside the banking system, and that the free slather that we are seeing at present has to be regulated far more stringently.
         Bill Mc G

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