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Safe Money, John Crawford
Safe Money, John Crawford
Marquette Law Review
This Article provides the first comprehensive survey and evaluation of proposed approaches to the central financial reform issue of our era: making all money held in account form “safe,” or non-defaultable, in the same way a dollar bill cannot default. Financial crises are at core a problem of defaultable money; preventing such crises requires making money safe. The goal is eminently achievable; indeed, a number of plausible proposals have been advanced. The project has two aspects: providing better safe money options and eliminating unsafe money. This Article analyzes safe money approaches and concludes that expanding “base” money—that is, direct claims …