An Honest look at the Chicago Plan
It matters not how sophisticated its algebraic equations are. After all is said and done, the Chicago Plan, the Chicago Plan Revised by the American Monetary Institute and the Need Act HR 2990 (herein after called the Chicago Plan Revised) are the same basic plans intended to enable the banks to do what they have done all along. Get something for nothing.
The Chicago Plan Revised proposes both wealth money and debt-money.
In a total debt-money system, no money is ever created to pay the interest. The provision for ‘debt-free government created’ money in the CP Revised ensures fewer bad loans and more profitability to the banks as the ‘debt-free government created’ money will provide the interest on loans the banks will be allowed to continue to make.
The total use of ‘debt-money’ has obviously made the reality of ever having a fair, prosperous, sustainable economy and economically free Americans impossible. So, the Chicago Plan has been revised and presented as having a benevolent concern for the economy, America and society’s future. At its heart, the Chicago Plan Revised is simply a way for the banking system to keep earning big profits without producing anything except debt. Let me explain.
The 1792 Coinage Act provided for anyone to bring gold or silver bullion to the Mint and have it coined into money free of charge. Our government, as per the law of the land, ‘monetized’ the fruit of the producer’s labor debt and interest-free as a wealth to them. It was traded into circulation for other production. The people controlled the money supply. The money supply increased with and only with an increase in productivity and promoted Economic Freedom and the general welfare. The production benefitted all of society equally.
Before, during and after the Coinage Act of 1792, the banking system created money as loans and debts to the people in an ongoing effort to gain total control of the money supply while earning easy, fraudulent profits.
In 1853, Free Coinage was suspended except for the silver Dollar. In 1873, Free Coinage was totally suspended. While debt-free money still circulated, it could be used to pay the interest on loans the banks were making. For the most part, the banks hoarded the silver money under the guise that they needed it to back their loans, loans which only created the principal of a loan and never the interest.
President Roosevelt’s Executive Order of April 1933 required that all Debt-free gold and silver and their certificates be redeemed for Federal Reserve Notes pulled any remaining debt-free money from circulation. As there was now nothing to pay the interest on bank-created money, more loans were required just to maintain a money supply and service the interest on previous loans. This forced the debt to constantly grow to keep the Ponzi scheme running. The effort to gain total control of the money supply while earning fraudulent profits was complete.
The debt-free money in the Chicago Plan Revised once again makes some money available to pay the interest on bank loans. These plans ensure a source of unearned interest profits for the banks and strengthen the banks’ ability to continue to earn a profit by producing nothing, contrary to the production required of the borrowers they lend to.
HR 2990 clearly states at SEC. 303. ESTABLISHMENT OF THE BUREAU OF THE FEDERAL RESERVE.
(It goes on to state the functions of the Board of Governors of the Federal Reserve System that are transferred to the Bureau) and that is most of them.
SEC. 305 makes them LENDER OF LAST RESORT; all employees of the Board of Governors of the Federal Reserve System …shall be transferred to the Monetary Authority or the Bureau the Federal Reserve,
SEC.402 (e) states; United States money as source of loans -after the effective date, all lending by depository institutions may be accomplished only by lending of actual United States money that is –
(1) owned by depository institution from earnings and/or capital contributions by investors;
(2) borrowed at interest on the federal government;
(f) encouragement of private, profit-making regulations prescribed and actions taken under this section shall be established and taken in a manner that Encourages Private, Profit-Making Money Lending Activity -,
All versions of The Chicago Plan enhance the ability of banks to make more and more loans that enhance their profits by borrowing from the federal government and by lending their earnings as more and more of the interest is paid to them through government issued debt-free money.
With the same people that ran the Federal reserve System with the same mindset running the Monetary Authority it is a sure bet that the lending will pick up and the spending of the money will slow down to the point that the spending will be just enough to cover the interest needed to service the loans and provide the profit for the banks.
The Chicago Plan is no plan for a Free and Just America. The American Transportation Act is the plan.