There are no profits from 'printing' money. Those are simply the profits of being a bank.
There are lots of regulation we should change about how banks work, but this proposal isn't one of them.
There are lots of regulation we should change about how banks work, but this proposal isn't one of them.
If you don't like that only some group of people is allowed to do something, then why not allow everybody to do it.
Now, of course some will say, that would be bad. Fair enough, but then again, you need to select the group that you will give that privilege too. Right now that is banks.
I would be perfectly happy to adopt a legal system where banks are not subject to extraordinary rules let the market decide who's debt is worth taking as 'money' but apparently most people in the world don't want that.
So really that argument leads you nowhere.
The question what is the goal of this initiative? For all the problems they have (or think they have) there is a pretty easy solution that one could adopt that require this essentially random solution.