A Conservative View

Two economists at the International Monetary Fund published a paper (The Chicago Plan Revisited) saying that fractional reserve banking causes most of our economic woes and that removing it would increase our GDP by 10%. This is according to the mathematical models the IMF has of our economy. The Chicago Plan was first published on March 16, 1933 by 8 economists including Irving Fisher. Its main proposals were to end fractional reserve banking and to dramatically reduce government debt.

Instead of listening to Fisher President Roosevelt confiscated gold which handed bankers an immediate 75% profit. FDR did meet with John Maynard Keynes but was not intellectually equipped to understand a word he said. Keynes wanted FDR to spend more on public works and less in direct relief because of the multiplier affect of investment as opposed to transfer payments. FDR chose to spend more in swing states like Pennsylvania and…