Separation of monetary and credit functions of banking

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Separation of monetary and credit functions of banking

#1  Postby tuco » Oct 23, 2012 12:35 am

IMF's epic plan to conjure away debt and dethrone bankers

So there is a magic wand after all. A revolutionary paper by the International Monetary Fund claims that one could eliminate the net public debt of the US at a stroke, and by implication do the same for Britain, Germany, Italy, or Japan.

One could slash private debt by 100pc of GDP, boost growth, stabilize prices, and dethrone bankers all at the same time. It could be done cleanly and painlessly, by legislative command, far more quickly than anybody imagined.

The conjuring trick is to replace our system of private bank-created money -- roughly 97pc of the money supply -- with state-created money. We return to the historical norm, before Charles II placed control of the money supply in private hands with the English Free Coinage Act of 1666.


[snip]

http://www.telegraph.co.uk/finance/comm ... nkers.html
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paper: The Chicago Plan Revisited - http://www.imf.org/external/pubs/ft/wp/2012/wp12202.pdf
tuco
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