 Advocates of fully public banking envisage a system in which private banks are stripped of their authority to create new money, and where instead the money supply is directly controlled either by the government or by some other state agency; for example by the central bank lending directly to firms and households. Such a position can be defended on a number of normative grounds: that a public option would allow for greater financial stability, that a fully public system of money creation would allow a smoother transmission of democratic decisions regarding economic governance; or simply because of the consequences of such a system with regards to socioeconomic inequality and environmental sustainability (see Jackson &amp; Dyson 2012; Wolf 2014a,b; Lainà 2015; Dyson, Hodgson, &amp; van Lerven 2016a,b; Ingham, Coutts, &amp; Konzelmann 2016; Dow 2016; for commentary and criticism see Goodhart &amp; Jensen 2015; Fontana &amp; Sawyer 2016).