"[6] Hence, Zarlenga's support for the incorporation of the Federal Reserve System, which he considered to be a "private institution,"[4][note 3] into the U.S. Treasury, "where all new money would be created by government as money, not interest-bearing debt", and "the nationalization of the monetary system,"[note 4] thus ending fractional banking.
"[8] He wrote numerous articles on the subject of monetary reform along these lines, and, in 2002, authored the book The Lost Science of Money, first published in German in 1999, as Der Mythos Vom Geld – Die Geschichte Der Macht (The Mythology Of Money – The Story Of Power), where he also criticized the European common-currency regime.
[1] Zarlenga actively supported monetary-reform legislation in the United States, appearing and giving testimony in government agencies,[3] and in the House of Lords, UK.
[13][14] In 2010,[15] and again in 2016,[16] the Green Party, US adopted in its platform on the economy proposals in line with Zarlenga's ideas on the nationalization of the Fed, the elimination of fractional banking, the creation by the state of so-called "debt-free money" only, etc.
Critics state that "debt-free money" advocates are "confused on the accounting, vague on the terminology, and rarely provide details on their proposal"[18] and point out that the suggestion to have, for example in the United States, the central bank, instead of providing the government with a "loan", simply "transfer[ing]" money to the government's account with the Fed,[note 5] would not make money “debt-free” because the Fed's liabilities grow: first, in the form of Treasury deposits, and, then, as the Treasury draws down those deposits, in the form of bank reserves.