Ben Dyson (Positive Money)
Patrizio Laina, a PhD candidate at the University of Helsinki, has written a short but very comprehensive overview of the history of proposals to take the power to create money away from banks. Laina traces the ideas back right to the 1830s, and ends with the proposals of Positive Money and Martin Wolf in 2015. This is one of the best overviews that I've seen of the history of these ideas, and well worth a read. (It's in plain English). The full paper is well worth reading. Introduction: "[Full reserve banking, i.e. preventing banks from creating money] has been proposed and even implemented as a solution to financial instability a number of times in the past. Thus, the idea of monetary reform should be seen as a historical continuum. In the UK the Bank Charter Act of 1844 prohibited private money creation through fractional-reserve banking by requiring that bank notes (which were the prevailing means of payment) should be fully-backed by government money. The National Acts of 1863 and 1864 achieved the same goal in the US.
It is surprising that there is any debate about how banks work: surely it is crucial to an understanding of the drivers of both the financial system and the economy, reads The Financial Times, 8th June 2015.