A second group argues that we need to go further, and abolish debt-based currency altogether. Instead of letting commercial banks create credit money, we could have the state create it – free of debt – and then spend it into the economy instead of lending it into the economy. The responsibility for money creation could be placed with an independent agency that is democratic, accountable and transparent, with a mandate to balance human well-being with ecological stability. Banks would still be able to lend money, of course, but they would have to back it with 100% reserves, dollar for dollar.55
