Why so radical? Surely regulation is the answer?

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History has shown that regulation can too easily be undone, and can quickly become over-complicated, such that loopholes are created. For instance, the US’s regulatory update, the Dodd-Franks bill, now stands at nearly 9,000 pages, and is certain to be full of loopholes. A simpler approach is needed. Removing the power of banks to create money ensures that bank failures do not threaten the payments system on which the rest of the economy depends.

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