Other aspects of the Universal economy are:
i) Limitation of bank ability to create new money out of nothing
The commercial banks would generally not be allowed to create new money on the huge scale as they do today (but some creation would remain). Banks would be able to lend their own money (at interest or as Islamic Finance) and, with permission, depositors’ money (Toutounchian, 2002).
ii) Banks to administer the new money supply
The commercial banks would also administer the interest-free supply charging only fair administration cost (Gafoor, 1995, 2004) on the conditions of real economy and its spreading; collateral; and proper business plan. The money is repaid to the national bank for cancellation. Any bank not implementing the conditions would lose the privilege of administering the interest-free supply.
iii) Bank deposits to remain the property of the depositor
Money in bank accounts will remain the property of the depositor. It is outrageous that, at present, the banks legally own all the money in bank accounts. In fact, it’s worse than that – the G7 countries, and others, have now taken legal powers which not only enable the stealing of the deposits of customers but also enable the population as a whole to be forced to bail out the banks!
