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News Link • Economy - Economics USA

IMF Working Paper Offers Support for Full Reserve Banking

• http://www.positivemoney.org, by Mira Tekelova
 We’ve been in a state of mild shock since Saturday, after discovering strong support for full reserve banking from a working paper by economists at the International Monetary Fund (IMF), an institution that many have come to see as preserving the status quo and protecting the banking sector against the interests of ordinary people.
 
The discussion paper “The Chicago Plan Revisited” supports the proposals of Irving Fisher – those which are the basis for Positive Money’s proposals - using state of the art economic modelling.

In their summary the authors write [our emphasis]:

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 for this plan:

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