[dollarbull]

It's the only thing that can save us.

That was the only part that was a straw man argument.

The 100% reserves requirement is correct. The Bank of Amsterdam was successful doing this for 100s of years. They only fell when they started doing fractional reserve lending.

Of course this means that the role and profits of banks will necessarily shrink. They'll essentially be warehouse, checkbook/bookkeeping services. But that also means they'll not be leaching off the rest of society by creating credit out of thin air and loaning it at interest.

[Toddsterpatriot]

But that also means they'll not be leaching off the rest of society by creating credit out of thin air and loaning it at interest.

Borrowing money and lending it out doesn't sound evil to me. Why does it bother you? And how do you figure they create anything out of thin air? They have to "reserve" a portion of their deposits, they can loan out the rest. At interest.

If you don't want a bank to have your money, don't deposit it there. It you don't want to pay them interest, don't borrow their money. Pretty simple.