{"id":10833,"date":"2014-09-07T19:00:04","date_gmt":"2014-09-07T23:00:04","guid":{"rendered":"http:\/\/goldstocksforex.com\/?p=10833"},"modified":"2014-09-07T19:00:04","modified_gmt":"2014-09-07T23:00:04","slug":"a-prominent-financial-columnist-is-calling-for-radical-reforms-to-the-global-economy-business-insider","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2014\/09\/07\/a-prominent-financial-columnist-is-calling-for-radical-reforms-to-the-global-economy-business-insider\/","title":{"rendered":"A Prominent Financial Columnist Is Calling For Radical Reforms To The Global Economy | Business Insider"},"content":{"rendered":"<p>From The Economist review of Martin Wolf&#8217;s new book \u201cThe Shifts and the Shocks: What We\u2019ve Learned\u2013and Have Still to Learn\u2013from the Financial Crisis\u201d:<\/p>\n<blockquote><p>To make finance safer, Mr Wolf suggests replacing a fractional reserve banking system, which takes in deposits and lends most of them out in longer-term loans, with a system of \u201cnarrow banking\u201d, where deposits must be backed by government bonds. To sustain demand without relying on dangerous asset bubbles, he proposes permanent \u201chelicopter money\u201d, where governments run deficits that are financed by the central bank. For a man of the mainstream, this is brave stuff.<\/p><\/blockquote>\n<p>Fractional reserve banking is inherently unstable and responsible for many of the problems in our economic system, but abandoning it completely in favor of &#8220;narrow banking&#8221;, where deposits are fully-backed by government bonds, seems unnecessary. Increasing Tier 1 capital requirements to 10 percent of total exposure, from the current 3 to 5 percent, should provide a sufficient buffer to withstand most financial shocks. Rapid expansion of credit during an asset bubble would be difficult, with high capital requirements forcing banks to be more selective in their lending. Even more so if supplemented by central bank monetary policy to counteract rapid deposit growth.<\/p>\n<p>Read more at <a href='http:\/\/www.businessinsider.com.au\/review-of-martin-wolfs-new-book-2014-9'>A Prominent Financial Columnist Is Calling For Radical Reforms To The Global Economy | Business Insider<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>From The Economist review of Martin Wolf&#8217;s new book \u201cThe Shifts and the Shocks: What We\u2019ve Learned\u2013and Have Still to Learn\u2013from the Financial Crisis\u201d: To make finance safer, Mr Wolf suggests replacing a fractional reserve banking system, which takes in deposits and lends most of them out in longer-term loans, with a system of \u201cnarrow &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/thepatientinvestor.com\/index.php\/2014\/09\/07\/a-prominent-financial-columnist-is-calling-for-radical-reforms-to-the-global-economy-business-insider\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;A Prominent Financial Columnist Is Calling For Radical Reforms To The Global Economy | Business Insider&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[31,33,34],"tags":[346,1452,2399],"class_list":["post-10833","post","type-post","status-publish","format-standard","hentry","category-the-fed-banks-interest-rates","category-uk-europe-countries-regions","category-us-canada-countries-regions","tag-bank-capital-adequacy","tag-fractional-reserve-banking","tag-narrow-banking"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>A Prominent Financial Columnist Is Calling For Radical Reforms To The Global Economy | Business Insider - the patient investor<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"A Prominent Financial Columnist Is Calling For Radical Reforms To The Global Economy | Business Insider - the patient investor\" \/>\n<meta property=\"og:description\" content=\"From The Economist review of Martin Wolf&#8217;s new book \u201cThe Shifts and the Shocks: What We\u2019ve Learned\u2013and Have Still to Learn\u2013from the Financial Crisis\u201d: To make finance safer, Mr Wolf suggests replacing a fractional reserve banking system, which takes in deposits and lends most of them out in longer-term loans, with a system of \u201cnarrow &hellip; Continue reading &quot;A Prominent Financial Columnist Is Calling For Radical Reforms To The Global Economy | Business Insider&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/thepatientinvestor.com\/index.php\/2014\/09\/07\/a-prominent-financial-columnist-is-calling-for-radical-reforms-to-the-global-economy-business-insider\/\" \/>\n<meta property=\"og:site_name\" content=\"the patient investor\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/profile.php?id=61572934660810\" \/>\n<meta property=\"article:published_time\" content=\"2014-09-07T23:00:04+00:00\" \/>\n<meta name=\"author\" content=\"ColinTwiggs\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"ColinTwiggs\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2014\/09\/07\/a-prominent-financial-columnist-is-calling-for-radical-reforms-to-the-global-economy-business-insider\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2014\/09\/07\/a-prominent-financial-columnist-is-calling-for-radical-reforms-to-the-global-economy-business-insider\/\"},\"author\":{\"name\":\"ColinTwiggs\",\"@id\":\"https:\/\/thepatientinvestor.com\/#\/schema\/person\/cb072791ac83e8bae585007c133d54a5\"},\"headline\":\"A Prominent Financial Columnist Is Calling For Radical Reforms To The Global Economy | Business Insider\",\"datePublished\":\"2014-09-07T23:00:04+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2014\/09\/07\/a-prominent-financial-columnist-is-calling-for-radical-reforms-to-the-global-economy-business-insider\/\"},\"wordCount\":233,\"commentCount\":2,\"publisher\":{\"@id\":\"https:\/\/thepatientinvestor.com\/#organization\"},\"keywords\":[\"bank capital adequacy\",\"fractional reserve banking\",\"narrow banking\"],\"articleSection\":[\"Banks &amp; 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The fractional reserve banking system is the primary cause of instability and asset bubbles in the global economy, allowing banks to create money out of thin air. Credit expansion above the rate of real GDP growth has only two possible\u2026","rel":"","context":"In &quot;Banks &amp; Interest Rates&quot;","block_context":{"text":"Banks &amp; Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":9738,"url":"https:\/\/thepatientinvestor.com\/index.php\/2014\/04\/26\/fractional-reserve-banking-the-chief-loose-screw-house-of-debt\/","url_meta":{"origin":10833,"position":1},"title":"Fractional reserve banking: &#8216;the chief loose screw&#8217; | House of Debt","author":"ColinTwiggs","date":"April 26, 2014","format":false,"excerpt":"By Atif Mian and Amir Sufi quote from The Chicago Plan (1933-1939) of which Irving Fisher was a strong supporter: \u201cA chief loose screw in our present American money and banking system is the requirement of only fractional reserves behind demand deposits. Fractional reserves give our thousands of commercial banks\u2026","rel":"","context":"In &quot;Banks &amp; Interest Rates&quot;","block_context":{"text":"Banks &amp; Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":5785,"url":"https:\/\/thepatientinvestor.com\/index.php\/2012\/10\/21\/the-chicago-plan-revisited-imf-working-paper\/","url_meta":{"origin":10833,"position":2},"title":"The Chicago Plan Revisited &#124; IMF Working Paper","author":"Colin Twiggs","date":"October 21, 2012","format":false,"excerpt":"There is growing interest in this IMF Working Paper by Jaromir Benes and Michael Kumhof which discusses removing the role of monetary creation from fractional-reserve banks and assigning it to Treasury. Here is a brief abstract: At the height of the Great Depression a number of leading U.S. economists advanced\u2026","rel":"","context":"In &quot;Banks &amp; Interest Rates&quot;","block_context":{"text":"Banks &amp; Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":5791,"url":"https:\/\/thepatientinvestor.com\/index.php\/2012\/10\/22\/the-chicago-plan-1939\/","url_meta":{"origin":10833,"position":3},"title":"The Chicago Plan (1939)","author":"Colin Twiggs","date":"October 22, 2012","format":false,"excerpt":"The 1939 proposal -- A PROGRAM FOR MONETARY REFORM -- by a group of eminent economists, including Irving Fisher, became known as the \"Chicago Plan\" after its chief proponent, professor Henry Simons from the University of Chicago. The core proposal is to require banks to hold 100% reserves against demand\u2026","rel":"","context":"In &quot;Banks &amp; Interest Rates&quot;","block_context":{"text":"Banks &amp; Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":5392,"url":"https:\/\/thepatientinvestor.com\/index.php\/2012\/09\/05\/simon-johnson-why-are-the-big-banks-suddenly-afraid-nytimes-com\/","url_meta":{"origin":10833,"position":4},"title":"Simon Johnson: Why Are the Big Banks Suddenly Afraid? &#8211; NYTimes.com","author":"Colin Twiggs","date":"September 5, 2012","format":false,"excerpt":"The threat of too-big-to-fail banks has not diminished. The combined assets of the 6 largest US banks is bigger now than in 2008. Simon Johnson, Professor of Entrepreneurship at M.I.T. Sloan School of Management, writes: A growing number of serious-minded politicians are starting to support the point made by Jon\u2026","rel":"","context":"In &quot;Banks &amp; Interest Rates&quot;","block_context":{"text":"Banks &amp; Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":3443,"url":"https:\/\/thepatientinvestor.com\/index.php\/2012\/02\/08\/new-economic-perspectives-banks-werent-meant-to-be-like-this-what-will-their-future-be-and-what-is-the-governments-proper-financial-role\/","url_meta":{"origin":10833,"position":5},"title":"New Economic Perspectives: Banks Weren\u2019t Meant to Be Like This. What Will their Future Be \u2013 and What is the Government\u2019s Proper Financial Role?","author":"ColinTwiggs","date":"February 8, 2012","format":false,"excerpt":"So we are brought back to the question of what the proper role of banks should be. This issue was discussed exhaustively prior to World War I......... It was above all in Germany that long-term financing found its expression in the Reichsbank and other large industrial banks as part of\u2026","rel":"","context":"In &quot;Banks &amp; Interest Rates&quot;","block_context":{"text":"Banks &amp; Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/10833","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/comments?post=10833"}],"version-history":[{"count":0,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/10833\/revisions"}],"wp:attachment":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/media?parent=10833"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/categories?post=10833"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/tags?post=10833"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}