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The Chicago Plan Revisited
The Chicago Plan Revisited is an IMF report from 2012 by Jaromir Benes and Michael Kumhof. The focus of the study is the so-called Chicago plan of the 1930s which the authors have updated to fit into today's economy. The basic idea is that banks should be required to have full coverage for money they lend; this is called 100% reserve banking, instead of currently prevalent system of fractional reserve banking. Under this proposal, banks would no longer be allowed to create new money in the form of credit in connection with their lending activities. Instead, the central bank should be solely responsible for all the creation of all forms of money, not just paper money and coins. The advantages of such a system, according to the authors, are a more balanced economy without the booms and busts of the current system, the elimination of bank runs, and a drastic reduction of both public and private debt. The authors rely on both economic theory and historical examples, and state that inflation, according to their calculations, would be very low.
== Background ==
Following the great crash of 1929, a severe economic depression spread all over the world, not least in the USA, and, in the midst of it, a radical monetary reform called the Chicago Plan was published. The plan earned its name from the fact that it was thought out by economists at the University of Chicago and it was published in a number of editions in 1933-1935. The first plan, only six pages long, was published March 16, 1933 and was supported by a number of leading economists. By the end of that year, another version, augmented by comments on the original version, was published, and over the next two years more editions with minor changes followed.
抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』
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