Monday, 3 August 2020

Thirty two supporters of full reserve banking.

Works where each person supports full reserve are given below, plus in most cases, pictures of them.  The list is in alphabetical order of family name (surname). Please see notes at the end for more details about this list.

William Barnett.  Economics prof, Loyola University, New Orleans.

Jaromir Benes.     Project manager at the IMF.

Ole Bjerg.      Copenhagen Business  School.

Walter Block. Economics prof, Loyola University, New Orliens.

Frank Breitenbach. Vice President of KfW IPEX-Bank GmbH.
Search for the phrase "Frank Breitenbach,  an advocate of Vollgeld" here:

Adrian Byrne.  Degree in economics.  “Let’s have a public inquiry on money!”

John Cochrane.  Economics prof, Hoover Institution, Stanford, California.

See his abstract in  “Toward a Run-Free Financial System.”

Herman Daly.  Former economics prof, University of Maryland.

Christian Etzrodt.  Economist / sociologist who now teaches in Osaka, Japan.

Christian Gomez. Former economics prof, University of Brittany.

Tony Greenham.  Co-author of the book,

Jorg Guido Hulsmann. Economics prof, University of Angers. Author of

Frank Hollenbeck.  Former economist at the US State Department.

David Howden. Assistant economics prof, University of St.Louis.

Jesus Huerta de Soto.  Professor of Political Economy
King Juan Carlos University of Madrid, Spain.

Kevin James. Economist at the UK Financial Conduct Authority.

Mark Joob. Professor at the West Hungarian University, Faculty of Economics and Researcher at the Institute for Business Ethics, University of St. Gallen, Switzerland.

Sovereign Money will strengthen Democracy and Private Property.”

John Kay. Former Financial Times economics commentator.   

Matthew Klein.  Economics commentator for Bloomberg and Barrons.  

The Best Way to Save Banking is to Kill it”. (Published by Bloomberg).

J.P. Koning.  Economics blogger who got his degree at McGill.

Kroll, Matthais. University of Nottingham.

Patrizio Laina.  Economist for Finnish Trade Unions.

Adam Levitin. Georgetown University.

Ken MacIntyre. Edinburgh University. He has degrees in political science and “social and political theory”.

The Money Goes Around and Around”

Rob Macquarie.  London School of Economics.

Switzerland’s Vollgeld Initiative: the monetary system at the ballot box

Miguel Ordonez. Former governor of the Spanish central bank. 

Ronnie Phillips. Former economics prof, University of Chicago.

James Robertson.  Former director of the “Inter-Bank Research Organisation.

Kenneth Spong. Federal Reserve Bank of Kansas City.

Narrow Banks: An Alternative Approach to Banking Reform”.

Adair Turner.  Former head of the UK’s Financial Services Authority, now a senior fellow at the Institute for New Economic Thinking.

Turner does not SPECIFICALLY ADVOCATE full reserve, but certainly expresses sympathy towards the idea in the introduction to:

Kaoru Yamaguchi. Japan Futures Research Centre.

On the Liquidation of Government Debtunder A Debt-Free Money System.


I set out a list of full reserve banking supporters on this blog a few months ago. That list concentrated mainly on supporters from decades if not centuries ago, several of whom have passed away.

This second list  concentrates mainly on a younger lot, though it includes a few older people who are now retired and who were not included in the above mentioned list I did a few months ago.

Nearly all the people above have degrees, and nearly all of those are economics degrees.

Full reserve banking unfortunately has several names: “narrow banking”, “100% reserve banking” and “Sovereign Money”.

This list will be nowhere complete: i.e. there are numerous people with decent economics qualifications who pretty obviously back full reserve, but who do not seem to have actually published anything to that effect. Those people have been omitted from the list.

Please note I have done my best to get all details right above, but I cannot GUARANTEE everything is totally accurate.

Only one work by each person has been listed. Some people have written more than one work supporting full reserve.


P.S. (8th August 2020).  Here's another sixteen supporters: i.e. the above "32" should really be 48.  An indication is given in respect of each where their papers can be found.

Philippe Mastronardi. See various articles by him on the Vollgeld and Monetative sites. 

George Pennacchi                                                                

Arthur E.Wilmarth

Hugo Rodríguez Mendizábal

Alessandro Roselli

Jacek Pera

John Quiggin  See: “The end of quasi-guarantees and the case for a narrow banking model of prudential regulation: Submission to Senate Economics Committee Inquiry into the Bank Funding Guarantees.”

Paul De Grauwe

Peter Flaschel, Florian Hartmann and Christian Proano.

Oz Shy and Rune Stenbacka                                               

S. Manjesh Roy.

Christopher Phelan.

Varadarajan Chari.



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