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This news article from The Telegraph explains more about the Chicago Plan to eliminate all debt. It contains some astounding admissions.
IMF's epic plan to conjure away debt and dethrone bankers
So there is a magic wand after all. A revolutionary paper by the International Monetary Fund claims that one could eliminate the net public debt of the US at a stroke, and by implication do the same for Britain, Germany, Italy, or Japan.
You can bet that this new plan does not reflect the will of the Western bankers who took control of money creation back in 1666 in Britain, then in 1913 in America. It looks like the Kings of the East are storming the gates of Babylon and now have sufficient economic clout in the IMF to create a whole new system.
One could slash private debt by 100pc of GDP, boost growth, stabilize prices, and dethrone bankers all at the same time. It could be done cleanly and painlessly, by legislative command, far more quickly than anybody imagined.
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. 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 and has begun to acquire a cult following around the world.
For decades men have been advocating this, but few have listened. It appears that we just had to come to near economic disaster before anyone believed them. I first began to study this back in the mid-1970's and was suprised to learn that money is a bank-created commodity which they loan to governments. I understood then that we could wipe out the national debt with the stroke of a pen just by switching to Treasury notes.
The key of the Chicago Plan was to separate the "monetary and credit functions" of the banking system. "The quantity of money and the quantity of credit would become completely independent of each other."
Private lenders would no longer be able to create new deposits "ex nihilo". New bank credit would have to be financed by retained earnings.
"The control of credit growth would become much more straightforward because banks would no longer be able, as they are today, to generate their own funding, deposits, in the act of lending, an extraordinary privilege that is not enjoyed by any other type of business," says the IMF paper.
"Rather, banks would become what many erroneously believe them to be today, pure intermediaries that depend on obtaining outside funding before being able to lend."
In other words, private lenders create money out of nothing ("ex nihilo") and loan it at interest, acquiring profits that they really did not earn at all by any honest labor. There would be nothing wrong with charging a service fee, of course, but interest on money is forbidden in God's law.
It is also a huge paradigm shift to see the mainstream media admitting what the bankers have tried to hide from the average person. Admitting that banks create money out of nothing is, in itself a huge revelation for most people. After all, why do you suppose they called it the FEDERAL Reserve? It was to hide the private ownership of this bank corporation. It was so named to give the appearance of a government-owned institution. How many times have we heard that borrowing money from the FED was OK, because, after all, we were borrowing from ourselves?
Now the mainstream media has broken the taboo and has vindicated many writers who have been persecuted for their opposition to the FED. Under the Chicago Plan, "banks would become what many erroneously believe them to be today." It was the media in past decades that perpetuated this erroneous belief. But it now appears that the media is seeing the handwriting on the wall and has suddenly gotten the revelation to forsake their Babylonian masters and to support Cyrus. Is this the coalition of Media-Persia?
The article closes this way:
One thing is sure. The City of London will have great trouble earning its keep if any variant of the Chicago Plan ever gains wide support.
The City of London is not London itself, but is a financial City State much like the Vatican or Monaco. It is the center of the World Babylonian Empire that is now crumbling. Here is 4-minute video history of the City:
http://www.youtube.com/watch?v=LrObZ_HZZUc
Dr. Stephen Jones has been writing blog posts since 2005 on a variety of topics from Bible Studies to World News, and he has been writing books since 1992. Dr. Jones' most important writings came after God brought him back into the full-time ministry in 1991. It is here that all his earlier years of searching the Scriptures began to come into clear focus. He combines a knowledge of the Old and New Testaments with a personal revelation of God that began and developed during the "wilderness" period of his life, which he often refers to as God's True Bible College... Read More
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