Tech­noc­racy and the IMF: New Global Mon­e­tary System?

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Beware of a new tri­al bal­loon being float­ed by the Inter­na­tional Mon­e­tary Fund, that is, “The Chica­go Plan Revis­ited.”

Accord­ing to British jour­nalist Ambrose Evans-Pritchard,

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.
[Empha­sis added] 

At a time when some ivory-tow­er econ­o­mists are pre­dicting the end of cap­i­talism, any talk of mon­e­tary reform by glob­al bank­ing orga­ni­za­tions is wor­thy of atten­tion, if not alarm. The IMF has been one of the pri­mary engines of glob­al­iza­tion, hav­ing worked in con­junc­tion with the World Bank and the Bank for Inter­na­tional Set­tle­ments for decades.

The IMF has now dug up the so-called “Chica­go Plan” from the Uni­ver­sity of Chica­go dat­ing back to 1936, and is seri­ously study­ing it for mod­ern application.

Beware. As Patrick Hen­ry once stat­ed, “I smell a rat.”

First, the Uni­ver­sity of Chica­go was orig­i­nally cre­ated with a grant from John D. Rock­e­feller in 1890, and has long been an aca­d­emic vas­sal of Rock­e­feller inter­ests. In 1936 dur­ing the heat of the Great Depres­sion, lead­ing econ­o­mists were look­ing for alter­na­tives to cap­i­talism and mon­e­tary the­o­ry. Tech­noc­racy, for instance, was one attempt to sug­gest an alter­na­tive eco­nomic sys­tem, dur­ing the same time peri­od. Nei­ther Tech­noc­racy nor the Chica­go Plan were suc­cessful at the time.

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