Oh hell no - the IMF has a plan

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From the UK Telegraph:
IMF's epic plan to conjure away debt and dethrone bankers
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.

Specifically, it means an assault on "fractional reserve banking". If lenders are forced to put up 100pc reserve backing for deposits, they lose the exorbitant privilege of creating money out of thin air.

The nation regains sovereign control over the money supply. There are no more banks runs, and fewer boom-bust credit cycles. Accounting legerdemain will do the rest. That at least is the argument.
Looks good as presented but this is taking control away from the Banksters and giving it to an even larger Bankster. A bit more:
Entitled "The Chicago Plan Revisited", it revives the scheme first put forward by professors Henry Simons and Irving Fisher in 1936 during the ferment of creative thinking in the late Depression.
Chicago Plan -- that is all we need to know. Dreamed up by two academics with zero real-world experience. Henry Calvert Simons and Irving Fisher. Straight through academia and then right back as a Professor. Fisher is at least the more interesting of the two -- spent time studying in Europe in the 1890's and developed the Kardex indexing system. I remember using this in high-school for filing the results of a biology project I was working on. There was an array of holes along the top and sides. You had a special punch that changed the hole to a Vee shaped opening. You would assign one variable to one hole. A couple knitting needles would be threaded through the variables that you wanted to sort for and you would lift and shake the deck. The cards that fell out were the ones that matched all of your variables. On the down side, Fisher was into Prohibition, and eugenics. Academics do not see the incredible efficiency of free-market capitalism. They feel compelled to meddle even though it fails time and time again...

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This page contains a single entry by DaveH published on October 22, 2012 8:26 PM.

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