Planul Evans

Anthony J. Evans, de la Cobden Centre, propune un plan de reformă bancară în 2 luni, 2 săptămâni și 2 zile:

2 days, 2 weeks, 2 months: A proposal for sound money

Over 2 days the aim is to ensure that all operating banks are solvent

1. Deposit insurance is removed – banks will not be able to rely on government support to gain the public’s confidence
2. The Bank of England closes its discount window
3. Any company can freely enter the UK banking industry
4. Banks will be able to merge and consolidate as desired
5. Bankruptcy proceedings will be undertaken on all insolvent banks
— 1. Suspend withdrawals to prevent a run
— 2. Ensure deposits up to £50,000 are ring fence
— 3. Write down bank’s assets
— 4. Perform a debt-for-equity swap on remaining deposits
— 5. Reopen with an exemption on capital gains tax

Over 2 weeks the aim is to monitor the emergence of free banking

6. Permanently freeze the current monetary base
7. Allow private banks to issue their own notes (similar to commercial paper)
8. Mandate that banks allow depositors to opt into 100% reserve accounts free of charge
9. Mandate that banks offering fractional-reserve accounts make public key information (these include: (i) reserve rates; (ii) asset classes being used to back deposits; (iii) compensation offered in the event of a suspension of payment)
10. Government sells all gold reserves and allows banks to issue notes backed by gold (or any other commodity)
11. Government rescinds all taxes on the use of gold as a medium of exchange
12. Repeal legal tender laws so people can choose which currencies to accept as payment

Over 2 months the aim is the end of central banking

13. The Bank of England ceases its open-market operations and no longer finances government debt
14. The Bank of England is privatised (it may well remain as a central clearing house)

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Tudor Gherasim Smirna

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