The question of ownership of Central Banks is predicated on the
assumption that Central Banks are necessary at all.
The case of Hong Kong demonstrates that there is no need for a Central
Bank, and never has been. HK has never had one, and while Hong Kong
does have a Monetary Authority, it is widely believed that the absence
of a lender of last resort has been one of the principal reasons for
the resilience of Hong Kong's banks.
It is the underlying raison d'etre of this list that there is no need
for credit institutions aka banks either since Treasuries may very
straightforwardly create credit as necessary for the circulation of
goods and services and the creation of productive assets.
Regrettably, I see no possibility of Social Credit ever being
politically feasible, since legislation is necessary for it to come
into being, which has slim to zero prospects of being enacted in the
face of institutional resistance.
My approach is based upon the ability of the direct instantaneous
connections of the Internet to bypass Treasuries, as well as banks. I
advocate developing the Swiss WIR approach of bilateral trade credit
issued by sellers directly to buyers subject to a suitable framework
In this "Peer to Peer Credit" model - NOT a peer to peer loan model,
by the way - both sellers and buyers make a payment (a service charge
and payment for the use of a mutual guarantee) - into a pool of funds
in common ownership. The relevant administration - particularly in
respect of the setting of 'guarantee limits' and the handling of
defaults - is then carried out by a service provider (formerly known
as a bank).
The outcome is essentially banking without the bank as a credit
intermediary. Medium and long term funding of productive assets
requires a new approach to equity, but that is another story.
These simple direct 'peer to peer' financing methods are set out here.
Note from the publisher:
You can act now, on your level, as we did it already. You just need to find a few friends and join us.
Go the proven swiss way, local, cantonal and swiss national banks for the good of the people, not as the FED for the good of a dozen of private owners...
The swiss national bank, as a central bank, is not central at all. It is very decentralized and owned mostly by all the 26 states of Switzerland, plus many other institutions.
SNB environmental charter 2009-2014
PDF [445 kB]
PDF [447 kB]
Corporate environmental performance evaluation 2007
PDF [2635 kB]
PDF [2554 kB]
How Does the Central Bank Control the Money Supply ( and destruction)?
to be seen...
In 1998 the average cash reserve ratio across the entire United Kingdom banking system was 3.1%. ( Now = 0 )
Other countries have required reserve ratios (or RRRs) that are statutorily enforced
(sourced from Lecture 8, Slide 4: Central Banking and the Money Supply, by Dr. Pinar Yesin, University of Zurich, Switzerland (based on 2003 survey of CBC participants at the Study Center Gerzensee
|United Kingdom |
|New Zealand |
| Switzerland |
| Pakistan |
|United States |
|Sri Lanka |
| Bulgaria |
| Zambia |
|Hong Kong |
Note that the chart above gives the USA cash reserve ratio as 10% when the actual ratios stated in the text above the chart are more complex, significantly lower and with many cases of zero reserve. I have no idea how significant the exceptions to the stated percentages for other countries might be.
I notice on these Wikipedia pages that there is a lot of discussion and disagreement about what the details really are. However, the section of my movie being questioned ends with the statement:
"So…while the rules are complex the common sense reality is actually quite simple.
Banks can create as much money as we can borrow."
Central Banking and
the Money Supply
Dr. P³nar Ye»sin
December 16, 2005
University of Zurich
plus see the wir bank at www.wir.ch