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Sustainability and the Road to Sovereign Money

In: Reconsidering the Privileged Powers of Banks

Author

Listed:
  • Kozo Torasan Mayumi

    (The Kyoto College of Graduate Studies for Informatics)

  • Ansel Renner

    (Autonomous University of Barcelona)

Abstract

This chapter scrutinizes the dual-circuit nature of money circulation in reserve banking systems, advocating for a single-circuit sovereign money system. It posits nine crucial components for a sovereign money system, including centralizing issuance and regulation of money, reducing interest rates to zero, and accepting only sovereign money as legal tender. Transitioning from a fractional reserve banking system to a sovereign money system is a complicated task, demanding simultaneous changes to regulations, economic balances, and institutional powers. Operational challenges include coordinating money distribution with production and consumption scales and maintaining price stability. To facilitate this, a new institution for data analysis and management is proposed. Despite potential difficulties, the chapter argues that sovereign money systems are indeed necessary for economic stability and democratic form, underlining the urgency with which money must be understood as debt and the generation of virtual wealth rebalanced.

Suggested Citation

  • Kozo Torasan Mayumi & Ansel Renner, 2023. "Sustainability and the Road to Sovereign Money," Springer Books, in: Reconsidering the Privileged Powers of Banks, chapter 0, pages 171-195, Springer.
    • Handle: RePEc:spr:sprchp:978-981-99-6058-3_8
    DOI: 10.1007/978-981-99-6058-3_8
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