September 9, 2012 § Leave a comment
Recently the International Monetary Fund (IMF) published a report called ‘the Chicago Plan Revisited’. The report claims that Fractional Reserve Banking is problematic and discusses the perceived benefits of Full Reserve Banking.
However: the problem is not money creation and not even Fractional Reserve Banking. The problem is interest. It matters not whether we pay interest for fully or partly backed loans.
The report did make the rounds in the Alternative Media. Several people sent it to me and a number of sites commented on it.
Most people of course understand that when the IMF moves its lips it is probably in the process of committing genocide, but since full reserve banking has been almost universally promoted by monetary reformers in the US (but not Europe), it has raised many eyebrows. People feel vindicated.
But unfortunately the Money Power is again ahead of the field and has slyly sold this…
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