The Chicago Plan Revisted, End fractional Reserve Bankingevisited

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The Chicago Plan Revisted, End fractional Reserve Bankingevisited

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I am creating this e-petition to lobby parliamnet to have a forthright discussion 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.

Some readers may already have seen the IMF study, by Jaromir Benes and Michael Kumhof, which came out in August, here is a link to the paper.

http://www.imf.org/external/pubs/ft/wp/2012/wp12202.pdf

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