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{{Not Khmer}}

{{Public finance}}
'''កំណែទម្រង់រូបិយវត្ថុ''' ({{lang-en|Monetary reform}}) describes any movement or theory that proposes a different system of supplying [[money]] and financing the economy from the current system.<ref>For an example of the use of the term, see [http://www.bilderberg.org/monref.htm this] contribution from Bilderberg.org</ref>

Monetary reformers may advocate any of the following, among other proposals:

* A return to the [[gold standard]] (or [[silver standard]] or [[bimetallism]]).<ref>[http://mises.org/story/3108 Sound Money], [[Lew Rockwell]]</ref><ref>[http://mises.org/story/1971 Our Money Madness], [[Lew Rockwell]]</ref><ref>[http://mises.org/rothbard/genuine.asp The Case for a Gold Dollar], [[Murray Rothbard]]</ref><ref>[http://www.marketoracle.co.uk/Article4489.html The Twilight of Irredeemable Debt], [[Antal E. Fekete]]</ref><ref>See also [[Antal E. Fekete]], [[G. Edward Griffin]] and [[Ludwig von Mises]]</ref>

* The issuance of interest-free [[credit (finance)|credit]] from a government-controlled and fully owned [[central bank]]. These interest free but repayable loans would be used for public infrastructure and productive private investment.  This proposal seeks to overcome the charge that debt-free money would cause inflation.<ref name="books.google.com">{{Cite book|last= Brown |first= Ellen H. |title= Web of Debt |url= http://books.google.com/books?id=ILMGrEC524UC |accessdate= 2007-12-15 |year= 2007 |publisher= Third Millennium Press |location= Baton Rouge, Louisiana |isbn= 0-9795608-0-2 }}</ref><ref>[http://www.monetary.org/lostscienceofmoney.html Stephen A. Zarlenga, ''The Lost Science of Money'' AMI (2002)]</ref><ref>[http://www.marketoracle.co.uk/Article2882.html Market Fundamentalism], [[Richard C. Cook]]</ref>

* The issuance of [[social credit]] - "debt-free" money issued directly from the [[Treasury]] - rather than the sourcing of fresh money from a [[central bank]] in the form of interest-bearing bonds.  These direct cash payments would be made to "replenish" or compensate the populace for the net losses some monetary reformers believe the populace suffers in a [[fractional-reserve banking|fractional reserve-based]] [[debt-based monetary system|monetary system]].<ref>As an example of such groups, see the [http://douglassocialcredit.com/ Social Credit] website and the [http://www.ecn.net.au/~socred/ Social Credit School of Studies]</ref><ref name="Rowbotham 1998">{{Cite book|last= Rowbotham |first= Michael |title= The Grip of Death: A Study of Modern Money, Debt Slavery and Destructive Economics | year= 1998 |publisher= Jon Carpenter Publishing |isbn= 978-1-897766-40-8 }}</ref>

* The enforcement of [[full reserve banking]] for the privately owned banking system.<ref>[http://www.mises.org/money.asp What has Government done to our money?], [[Murray Rothbard]]</ref><ref>[http://mises.org/story/1829 The Case for a 100% Gold Dollar], [[Murray Rothbard]]</ref><ref>[http://mises.org/journals/rae/pdf/RAE9_1_1.pdf Free Banking and the Free Bankers], [[Jörg Guido Hülsmann]], Quarterly Journal of Austrian Economics (Vol. 9, No. 1)</ref>

==Common targets for reform==
Of all the aspects of [[monetary policy]], certain topics reoccur as targets for reform:

===Fractional Reserve Banking===
{{Main|Fractional-reserve banking}}

[[Fractional-reserve banking]] describes systems in which banks [[loan|lend]] [[money]] while at the same time guaranteeing that depositors (whose money it is lending) will be able to make withdrawals on [[demand deposits|demand]]. A [[fractional reserve banking|fraction]] of deposits is retained at the bank as [[bank reserves|reserves]] to cover normal withdrawals made by depositors.<ref name="mankiw1">{{Cite book|title=Macroeconomics|last=Mankiw|first=N. Gregory|author-link=Gregory Mankiw|year=2002|edition=5th|publisher=Worth Publishers|publication-place=New York|isbn=0-7167-5237-9|page=484}}</ref> Because the bank extends a loan with money from depositors, while at the same time guaranteeing the deposits already held by the bank, this system has the effect of increasing the economy's [[money supply]].<ref name="mankiw2">{{Cite book|title=Macroeconomics|last=Mankiw|first=N. Gregory|author-link=Gregory Mankiw|year=2002|edition=5th|publisher=Worth Publishers|publication-place=New York|isbn=0-7167-5237-9|page=485}}</ref> When a bank makes a new loan, the funds will - generally speaking - be deposited in a bank again, where the same funds will be lent out again, increasing the [[money supply]] again. However, if the fraction of deposits that the bank withholds as reserves is greater than zero, each successive new loan will be slightly smaller than the previous loan, and the growth in the money supply will slow with each successive loan.<ref name="mankiw2"/>

Several major historical examples of financial regulatory reform occurred in the 20th century relating to fractional-reserve banking, made in response to the [[Great Depression]] and the [[crash of 1929]]. These reforms included the creation of [[deposit insurance]] (such as the [[Federal Deposit Insurance Corporation]]) to mitigate against the danger of [[bank run]]s.<ref name="mankiw3"/> Countries have also implemented legal [[reserve requirements]] which impose minimum reserve requirements on banks.<ref name="mankiw4">{{Cite book|title=Macroeconomics|last=Mankiw|first=N. Gregory|author-link=Gregory Mankiw|year=2002|edition=5th|publisher=Worth Publishers|publication-place=New York|isbn=0-7167-5237-9|page=487}}</ref> Mainstream economists believe<ref name="mankiw3">{{Cite book|title=Macroeconomics|last=Mankiw|first=N. Gregory|author-link=Gregory Mankiw|year=2002|edition=5th|publisher=Worth Publishers|publication-place=New York|isbn=0-7167-5237-9|page=489}}</ref> that these monetary reforms have made sudden disruptions in the banking system less frequent.

However, some critics of fractional reserve banking (such as members of the [[Austrian school]]) argue that the practice inherently amounts to a kind of "[[embezzlement|fraud]]" perpetrated against depositors/savers as it, in their view, artificially lowers real [[interest rates]], destabilizes the [[money supply]] and contributes to volatile and wasteful [[Austrian Business Cycle Theory|business cycles]] (or "[[credit cycle]]s").<ref>[http://www.mises.org/Books/mysteryofbanking.pdf Murray Rothbard, ''The Mystery of Banking'']</ref>  Other critics, such as [[Michael Rowbotham]], equate the practice with [[counterfeiting]], where government-protected privileged private entities (the [[bank]]s) are granted the legal right to create money "out of the nothing" while also being granted the right to charge interest on their creation.<ref name="Rowbotham 1998"/> Michael Rowbotham argues that this concentrates wealth in the banking sector (which has a "[[cannibalizing]]" effect on the rest of the economy), causes the rest of the populace to slowly sink into [[debt slavery]], creates volatile [[hyperinflation]] in the housing market and [[deflation]] in the consumer goods market, squeezes real wages, destroys [[farming]] and [[agriculture]] and de-industrializes heavily indebted economies.

===Fiat money===
{{Main|Fiat money}}

Banks create new money as loans through [[fractional-reserve banking]], resultant money is no longer backed by a tangible asset.  Money does not represent anything other than the debt of another; the only "tangible" aspect of the system is the borrower’s promise to pay back the interest and principal on the loan. [[Debt]] and the ability of borrowers to service that debt then becomes the underlying currency.<ref>[http://www.professorfekete.com/articles/AEFGotterdammerung.pdf Gotterdämmerung], by [[Antal E. Fekete]]</ref>

===Money creation by the central bank===
Many people criticise the fact that governments pay interest for the use of their own money which the [[central bank]] creates "out of nothing".<ref>For an example of the public criticism of the current monetary system, see the [http://www.prosperityuk.com/prosperity/articles/earl.html speech] of the Earl of Caithness in the House of Lords on 5 March 1997</ref><ref>Other examples of such critics include Austrian Economists such as [http://www.mises.org/Books/mysteryofbanking.pdf Murray Rothbard], and other monetary reformers such as [http://www.professorfekete.com/articles/AEFGotterdammerung.pdf Antal E Fekete],  [http://www.monetary.org/ Stephen Zarlenga], and [http://www.prosperityuk.com/prosperity/revus/grip.html Michael Rowbotham]</ref> This leaves the state of a nation's economy susceptible to the interests of private bankers who create the money solely for the purpose of creating ongoing profits for their employees and shareholders, without any other binding social or legal obligations to the broader community (or future generations) that are normally expected from [[government]] entities.  Either private individuals or corporations borrow to fund themselves and their businesses, or government "borrows" money from the [[central bank]] to fund deficit spending.

===International organizations and developing nations===
Some monetary reformers criticise existing global financial institutions like the [[World Bank]] and [[International Monetary Fund]] and their policies regarding [[money supply]], [[bank]]s and [[debt]] in developing nations, in that they appear to these writers to be "forcing" a regime of extortionate or unpayable debt on weak [[Third World]] governments that do not have the capacity to pay the interest on these loans without severely affecting the well-being or even the viability of the local population.  The attempt by weak [[Third World]] governments to service external debt with the sale of valuable hard and soft commodities on world markets is seen by some to be destructive of local cultures, destroying local communities and their environment.<ref name="books.google.com"/><ref name="Rowbotham 1998"/><ref>As an example of groups critical of the World Bank, see the [http://www.whirledbank.org/ "Whirled Bank" website]</ref>

==Alternative money systems==
===Central Bank Independence===
In an attempt to control the volatile, exponential growth of the [[money supply]], some countries have created a [[currency board]], or granted independence to their [[central bank]].  The [[Reserve Bank of New Zealand]], the [[Reserve Bank of Australia]], the [[Federal Reserve]], and the [[Bank of England]] are examples where the [[central bank]] is explicitly given the power to set interest rates and conduct monetary policy independent of any direct political interference or direction from the [[central government]]. This may enable the setting of [[interest rate]]s to be less susceptible to political interference and thereby assist in combating [[inflation]] (or debasement of the currency) by allowing the [[central bank]] to more effectively restrict the growth of [[money supply|M3]].<ref>[http://mises.org/story/2810 Manipulating the Interest Rate: a Recipe for Disaster], by Thorsten Polliet, December 2007</ref>  However, given that these policies do not address the more fundamental issues inherent in [[fractional reserve banking]], many suggest that only more radical monetary reform can promote positive economic or social change.  Although [[central bank]]s may appear to control inflation, through periodic bank rescues and other means, they may inadvertently be forced to increase the [[money supply]] (and thereby debase the currency) to save the banking system from bankruptcy or collapse during periodic [[bank run]]s, thereby inducing [[moral hazard]] in the financial system, making the system susceptible to [[economic bubble]]s.<ref>[http://www.rgemonitor.com/blog/roubini/210283/ Moral Hazard Effects of Central Bank Intervention], by [[Nouriel Roubini]]</ref>

===International Monetary Reform===
Theorists such as [[Robert Mundell]] (and more radical thinkers such as [[James Robertson (activist)|James Robertson]]) see a role for global monetary reform as part of a system of global institutions alongside the [[United Nations]] to provide global [[ecological]] management and move towards [[world peace]], with [[Robert Mundell]] in particular advocating the revived use of gold as a stabilising factor in the international financial system.<ref>[http://www.usagold.com/gildedopinion/mundellgresham.html Uses and Abuses of Gresham's Law, by Robert Mundell]</ref><ref>[http://www.jamesrobertson.com/article/roleofmoneyandfinance.pdf The Role of Money, James Robertson]</ref> Henry Liu of the ''[[Asia Times Online]]'' argues that monetary reform is an important part of a move towards [[post-autistic economics]].<ref>[http://atimes.com/atimes/Global_Economy/JA30Dj03.html The Road to Hyperinflation], [[Henry C.K. Liu]]</ref>

While some mainstream economists favour monetary reforms to reduce [[inflation]] and [[currency risk]] and to increase [[efficiency (economics)|efficiency]] in the allocation of [[financial capital]], the idea of all-encompassing reform for green or peace objectives is typically espoused by those on the [[left-wing]] of the subject and those associated with the [[anti-globalization movement]].<ref>As an example of such groups, see the [http://www.sustecweb.co.uk/ Sustainable Economics website]</ref>

===Social Credit and the provision of debt-free money directly from government===
Still other radical reform proposals emphasise monetary, tax and capital budget reform which empowers government to direct the economy toward sustainable solutions which are not possible if government spending can only be financed with more government debt from the private banking system.  In particular a number of monetary reformers, such as [[Michael Rowbotham]], [[Stephen Zarlenga]] and [[Ellen Brown]], support the restriction or banning of [[fractional-reserve banking]] (characterizing it as an illegitimate banking practice akin to [[embezzlement]]) and advocate the replacement of [[fractional-reserve banking]] with government-issued debt-free [[fiat currency]] issued directly from the [[Treasury]] rather than from the quasi-government [[Federal Reserve]]. (For an in depth critique see Gary North's Gertrude Coogan’s Bluff, <ref> Gertrude Coogan’s Bluff, Greenback Populism as Conservative Economics [http://mises.org/books/coogan_north.pdf]</ref>

Alternatively, some monetary reformers such as those in the [[Social Credit]] movement, support the issuance of repayable interest-free credit from a government-owned central bank to fund infrastructure and sustainable social projects.  This [[Social Credit]] movement flourished briefly in the early 20th century, but then became marginalized and died out in the post-[[World War II]] era.

Both these groups (those who advocate the replacement of [[fractional-reserve banking]] with debt-free government-issued fiat, and those who support the issuance of repayable interest-free credit from a government-owned [[central bank]]) see the provision of interest-free money as a way of freeing the working populace from the bonds of "[[debt slavery]]" and facilitating a transformation of the economy away from environmentally damaging [[consumerism]] and towards sustainable economic policies and environment-friendly business practices.

===Examples of government issued debt-free money===
Some governments have experimented in the past with debt-free government-created money independent of a bank. The American Colonies used the "[[Colonial Scrip]]" system prior to the [[American Revolution|Revolution]], much to the praise of [[Benjamin Franklin]]. He believed it was the efforts of English bankers to revoke this government-issued money that caused the Revolution.<ref>[http://www.no-debts.com/anti-federalist/files/ownmoney.txt America Created its Own Money in 1750, by Congressman Charles G. Binderup]</ref> [[Abraham Lincoln]] used interest-free money created by the government to help the Union win the [[American Civil War]].<ref name="The Forgotten War">[http://news.goldseek.com/GoldSeek/1192819378.php The Forgotten War]</ref> He called these '[[Greenbacks]]' "the greatest blessing the people of this republic ever had."<ref>Source of quote discussed [http://www.heritech.com/pridger/lincoln/lin-ken.htm here]</ref><ref>Quoted in the Michael Journal [http://www.michaeljournal.org/plenty49.htm here]</ref>

The islands of [[Guernsey]] and [[Jersey]] in the [[Channel Islands]] create{{Citation needed|date=February 2011}}<!--Is money actually created or are they just printing banknotes backed by something else?--> their own money, the [[Guernsey pound]] and [[Jersey pound]], to supplement the [[British Pound]] and the [[Scottish pound]].

===Local barter, local currency===
Some go further and suggest that wholesale reform of money and currency, based on ideas from [[green economics]] or [[Natural Capitalism]], would be beneficial. These include the ideas of [[soft currency]], [[barter (economics)|barter]] and the local [[service economy]].

[[Local currency]] systems can operate within small communities, outside of government systems, and use specially printed notes or tokens called [[scrip]]s for exchange. [[Barter (economics)|Barter]] takes this further by swapping goods and services directly; a compromise being the [[Local Exchange Trading Systems]] (LETS) scheme: a formalised system of [[Community-based economics]] that records members’ [[mutual credit]] in a central location.

===Micro credit===
Banks offering [[Microfinance|small loans]] on [[Interest#Simple_interest|simple interest]], not [[compound interest]], can make a difference to small-scale business people trying to make a start without [[Collateral (finance)|collateral]]. The [[Grameen Bank]] instituted this technique and remains popular and influential.<ref>[http://books.google.com.au/books?hl=en&id=AkdyD3dmJnoC&dq=microcredit&printsec=frontcover&source=web&ots=1_t3g3Yj_3&sig=--7I_Pvpta8pUs8vguWQLadDXsk&sa=X&oi=book_result&resnum=4&ct=result The Microfinance Revolution, by Marguerite S. Robinson]</ref>

===Return to the gold standard===
A move away from [[fiat money]] towards a [[hard currency]] or asset-backed currency does not necessarily mean using commodity money such as [[Gold standard|gold]], [[Silver standard|silver]] or [[Bimetallism|both]] in daily transactions. The vast majority of the gold supposedly in reserve is held by the [[Federal Reserve]] as collateral for the national debt. The currency could be tied to the good faith and credit of the United States Government, which already issues bonds on the open market, which in turn could be redeemable in gold or silver. [[Electronic money|Digital means]] are also now possible to allow trading in hard currencies such as gold, and some believe a new free market will emerge in money production and distribution, as the [[internet]] allows renewed decentralisation and competition in this area, eroding the [[central government]]'s and bankers' old [[monopoly]] control of the [[means of exchange]].<ref>[http://www.lewrockwell.com/podcast/?p=episode&name=2009-02-01_095_not_losing_your_head.mp3 ''Not Losing Your Head''], Speech by [[Lew Rockwell]]</ref><ref>[http://www.mises.org/store/Free-Market-Monetary-System-A-P553.aspx?AFID=14 ''Free Market Money System''] by [[F.A. Hayek]]</ref>  Some monetary reformers believe that in a genuine [[free market]], where government did not impose a monopoly currency on the populace, a [[gold standard]] or [[silver standard]] monetary system would arise spontaneously out of the [[free market]] because of their unique properties: their extraordinary [[malleability]], their strong resistance to [[forgery]], their character as stable and impervious to decay, and their inherently limited supply.<ref>[http://www.econlib.org/library/Mises/msT.html Theory of Money and Credit], [[Ludwig von Mises]]</ref>

==មើលផងដែរ==
* [[Criticism of debt]]
* [[Criticism of fractional-reserve banking]]
* [[Criticism of the Federal Reserve]]
* [[Full reserve banking]]
* [[Social Credit]]
* [[Seignorage]]
* [[List of monetary reformers]]

==ឯលសារយោង==
{{Reflist}}

==តំណភ្ជាប់ខាងក្រៅ==
*[http://www.monetary.org/ American Monetary Institute]
*[http://www.prosperityuk.com Prosperity UK] A monthly journal on Money Reform which campaigns for publicly created debt-free money
*[http://www.comer.org/ Committee on Monetary and Economic Reform]
*[http://www.moneyreformparty.org.uk/more/web_links/index.php The Money Reform Party, U.K.]
*[http://www.forumforstablecurrencies.org.uk Forum for Stable Currencies, House of Lords]
*[http://www.mises.org/Books/mysteryofbanking.pdf ''The Mystery of Banking''], [[Murray Rothbard]]
*[http://mises.org/books/moneyproduction.pdf ''The Ethics of Money Production''], [[Jörg Guido Hülsmann]] (2008), Ludwig von Mises Institute
*[http://www.seek2know.net/pdf.html Transforming Money]
*[http://mars.superlink.net/~neptune/BankFAQ.html Free Banking FAQ]
*[http://www.monetary.org/greeningthedollar.ppt Greening the Dollar]
*[http://www.bendyson.com/ UK Monetary Reform & Proposals for Full-Reserve Banking]
*[http://www.fullreservebanking.com/ Full Reserve Banking]
*[http://www.bleedingindebt.com/monetary-reform.html Monetary Reform-Social Credit]
{{Use dmy dates|date=September 2010}}

{{DEFAULTSORT:Monetary Reform}}
[[Category:Monetary economics]]
[[Category:Monetary reform| ]]
[[Category:Finance]]

[[cs:Měnová reforma]]
[[de:Währungsreform]]
[[en:Monetary reform]]
[[es:Reforma monetaria]]
[[et:Rahareform]]
[[ko:화폐 개혁]]
[[nl:Geldhervorming]]
[[no:Valutareform]]
[[pl:Reforma walutowa]]
[[ru:Денежная реформа]]
[[sk:Menová reforma]]
[[sv:Penningreform]]
[[uk:Грошова реформа]]