Editing Monetary reform (section)

===Money creation by the central bank===
[[Wright Patman]] objected to governments paying interest for the use of money which the [[central bank]] creates "out of nothing".<ref>For an example of the public criticism of the current monetary system, see the speech of the [[Earl of Caithness]] in the British [[House of Lords]] on 5 March 1997 [{{cite web | title=The Economy - Wednesday 5 March 1997 - UK Parliament | website=Hansard | date=1997-03-05 | url=https://hansard.parliament.uk/Lords/1997-03-05/debates/0d51a926-949b-4df3-bc93-caf0176c6d02/TheEconomy | access-date=2021-04-20}}]</ref><ref>{{Cite book |last=Jeffries |first=Donald |url=https://books.google.com/books?id=n5iSDwAAQBAJ&dq=money+out+of+nothing+%22Wright+Patman%22&pg=PT203 |title=Crimes and Cover-ups in American Politics: 1776-1963 |date=2019-06-18 |publisher=Simon and Schuster |isbn=978-1-5107-4148-5 |language=en}}</ref> These critics claim that this system causes economic activity to depend on the actions of privately owned banks, which are motivated by self-interest rather than by any explicit social purpose or obligation.