Currently an entrepreneur does not have the ownership rights to the money in its bank, which he could use to pay its obligations on production market. I have developed the monetary relations where the bank becomes the emitter of a negotiable certificate of the ownership rights to the money in this bank.
The bank cedes the ownership right of the central bank’s non-cash obligations to a third party. In order to account for the amount and to register the monetary request right the bank prepares a money document in a form of a book-entry security – “The Ownership Right to Non-Cash Money Certificate”. The certificate amount is reflected on the sub-account of the emitting bank’s correspondent account in the central bank. The emitting bank is a recipient of the money as payment for the end products from the consumer market. The emitting bank acts as a payer to its purchaser-client in an end-products delivery negotiation. The emitting bank pays for the end-products delivery with the certificate which is has issued. All the accounting between the parties is done with the money kept at the emitting bank, by certificates’ settlements.
Money certificate is issued in a book-entry form. The emitting bank keeps a register of the certificate for its nominal holders - depositaries of the executive banks. These depositaries hold depositary accounts for the owners of the certificate issued by the emitting bank. The emitting bank title on the depositary account is not identified, and all the amounts of certificates are summed up. Only the depositary and not the owner has relations with the emitting banks. The emitting bank issues a financial obligation only to pay for the VAT and other taxes of the certificate’s owner. As a result the banking financial obligations serve only the consumer market. The emitting bank acts both as a payer for the products in favor of a buyer in the consumer market, and as a payment recipient for these products from consumer market. This ensures equal interests of both the payer and payment recipient.
What do we see now? The absence of money in labor distribution mechanism (that is portion from the end-products cost) leads to the fact that banks consume end production, though they have not expended a penny on its manufacture. The end-products is being paid for by bank liabilities, because the debt in consumer market can be turned over digitally via a bank card. This has ruined a two-level bank system. Consumer products (goods, labor, and services) are divided into two types of product. The first is the type that gains income, which is then used to pay for this production. The other type is the production which is being paid for not with the money gained from the sale of its own production, but from a simple emission of monetary liabilities. This leads to a depreciation of monetary liabilities, gained from the sales of end products. It should be noted that those who produce goods for those who emit monetary liabilities, also add to the monetary amount to purchase production, in which manufacture costs they have not participated. This additional monetary amount that does not exist in the costs of end-products manufacture is reflected as profit. However there is no real coverage for these bank liabilities. In production relations bank liabilities do not have turnover and need coverage, so this disrupts bank accounting operations. It should be noted that in production relations as well as in distribution of cost of end-products share there is no mutual trade (labor exchange). So an offset (exchange of liabilities) among the emittents is impossible.
Violation of monetary turnover leads to the entrepreneurship relations’ deformation. The service of trade turnover with depositary obligations rather than with financial obligations, changes the bank assets structure. Banks receive income from the end-products cost and are interested in increase of trade turnover. With the trade turnover increase the living level in an economic system also rises. The banking multiplier effect is being excluded which decreases inflation. The operational system equalizes commodity goods with monetary amount in production and consumer markets.
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