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More details from petition creator

The inflationary booms and the recessionary busts in our economy; the credit crunch are all caused by the nature of our banking system.

By allowing banks to create credit in a fractional manner, the government allows, even encourages speculative booms which are then followed by the financial collapse of credit as it is consumed by the corresponding debt.

Both the inflation and deflation are undesirable.

Preventing this is relatively simple. Require banks to hold 100% reserves for all lending. This prevents the creation of new money when loans are created. It prevents credit based inflation. Without inflation, there will be no following deflation.

Growth can be accommodated through the creation of new currency and held as reserves by the banks.

Current signatories

Colin Smith, the Petition Creator, joined by:

• ian brocklebank
• Malcolm Franke
• John Talbot
• Andrew Hart
• Mike Haseler
• Andrew Capel
• Colin Messitt
• Forbes Fraser
• Forbes Sime
• Nathan Pattison
• David Lawrence
• Mike Bell
• Sam Leek
• Andrew Lorenz
• Jeremy Phillips
• JAMES HEDGES
• Peter Martin
• Kevin Sangeelee
• Jo San
• Nicholas Case
• DAVID BOXLEY
• David J. Roberts
• Lisa Lambert
• Robert Lester
• Graeme Thompson
• Janos Abel
• oliver wieland
• Evelyn Weinstein
• Alan Craig
• Jonathan Crewdson
• Paul Hempshall
• karl eve
• norman bullock
• jonathan harrison
• C A Bevis
• Sherif Gonem
• Altaf Ali
• Hayley Craddock
• Keith Harrison
• John Moseley
• Peter Staples
• Richard Rodgers
• peter challen
• Ruth Challen
• Gillian Swanson
• Alexandra Hardie
• Deborah Darlington
• Nigel Mullanni
• Nigel Paddon
• Ronald Stamper
• JUDITH WALKER
• Rodney Shakespeare
• Tony May
• Sabine K McNeill