John Steiner: IMF Working Paper The Chicago Plan Revisited (Eliminate Debt to Banks, End Credit Leverage, Governments Control Money)
Abstract: At the height of the Great Depression a number of leading U.S. economists advanced a proposal for monetary reform that became known as the Chicago Plan. It envisaged the separation of the monetary and credit functions of the banking system, by requiring 100% reserve backing for deposits. Irving Fisher (1936) claimed the following advantages …