On Money Banking and National Debt Redemption PDF Download

Author: Irving Fisher
Publisher: CreateSpace
ISBN: 9781508727026
Category : Business & Economics
Languages : en
Pages : 244

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Book Description
Irving Fisher's (1935) classic "100% Money" and the "Chicago Plan" are offering solutions to current problems, are revisited, discussed and critiqued. At the time of publication (March 2015), the Greek national debt and the currency of the Euro Area are in issue. National Debts are incurred by misconceived, if not corrupt, ministers of finance and bureaucrats at their central banks, yielding to private commercial bankers who are creating the money out of nothing. The national debts can be repaid at a stroke of a pen, instead are resulting in needless austerity programs, currency failures, leftist governments and noisy demonstrations on the streets, instead of taking back the banks' illicit money creation in violation of generally accepted accounting principles and concepts of IFRS, and giving it back to the people. Jaromir Benes and Michael Kumhof (2012), both economic researchers at the IMF, have run Irving Fisher's 100% monetary system through carefully calibrated models and found support for each of Fisher's beneficial claims: (1) Smooth business cycles; (2) Stable banks; (3) No national debt(s); (4) Stable debt-free money supply created by a public authority instead of private banks. The tests revealed an additional benefit: (5) A 10% national output gain with zero inflation.