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.
Continue article here: http://augustforecast.com/2012/10/24/findings-forecasts-10242012/
