UDN - Arguments Against Private Money Creation
First, we appear to be moving quite rapidly in the direction of a "state money only" system (i.e. full reserve banking), if the above chart is any guide. The chart is from an article by Jo Michell entitled "Misunderstanding MMT" published by "Critical Macro Finance."(Incidentally, that's not to suggest that Michell supports full reserve.)
At least there's been a big rise in the proportion of money supplied by central as opposed to commercial banks in the UK, and the sky has not fallen in.
Second: full employment.
Attaining full employment under a "state money