{"id":5828,"date":"2012-10-24T02:00:08","date_gmt":"2012-10-24T06:00:08","guid":{"rendered":"http:\/\/goldstocksforex.com\/?p=5828"},"modified":"2012-10-24T02:00:08","modified_gmt":"2012-10-24T06:00:08","slug":"the-chicago-plan-criticism-by-marshall-auerback","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2012\/10\/24\/the-chicago-plan-criticism-by-marshall-auerback\/","title":{"rendered":"'The Chicago Plan' criticism by Marshall Auerback"},"content":{"rendered":"

Marshall Auerback wrote a short piece criticizing the recent IMF study of the “Chicago Plan” first put forward by professors Henry Simons and Irving Fisher in 1936.<\/p>\n

“Now there are some good things about\u00a0a 100% reserve backed banking system.\u00a0 To the extent that we\u00a0require all institutions to hold liquid reserves of equal value to their deposits then the fear of a bank run is eliminated.<\/p>\n

But you would have massive credit constraints and, in the absence of a countervailing fiscal policy that promoted more job growth and higher incomes, there would be the equivalent of a gold standard imposed on private banking which could invoke harsh deflationary forces.”<\/p><\/blockquote>\n

What he seems to miss is that 100% reserves would be required against demand deposits (checking accounts) and not against savings or time deposits. All that an efficient capitalist system needs is financial intermediaries who can channel savings into credit. It is not essential for them to have the ability to create ‘new money’.<\/p>\n

“Note that the current practice is that loans create deposits. Clearly, under a 100-percent reserve system, all credit granting institutions would have to acquire the funds in advance of their lending.”<\/p><\/blockquote>\n

That is true. And requiring 100% reserves against demand deposits would restrict banks ability to make loans without holding reciprocal savings\/time deposits or share capital and reserves. In effect they would be prevented from creating new money by making loans where they don’t have deposits. That is the whole purpose of the proposal: to prevent rapid credit expansion by banks.<\/p>\n

“The truth is that the debt explosion that has brought the World economy to its knees was not the fault of private sector credit creation per se.”<\/p><\/blockquote>\n

Really? What else but private sector credit fueled the housing bubble? The debt explosion was encouraged by lax regulation but the financial sector is far from blameless for its actions.<\/p>\n

via ‘The Chicago Plan’ does not deserve to be revisited. – Macrobits by Marshall Auerback<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Marshall Auerback wrote a short piece criticizing the recent IMF study of the “Chicago Plan” first put forward by professors Henry Simons and Irving Fisher in 1936. “Now there are some good things about\u00a0a 100% reserve backed banking system.\u00a0 To the extent that we\u00a0require all institutions to hold liquid reserves of equal value to their … <\/p>\n

Continue reading “'The Chicago Plan' criticism by Marshall Auerback”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[31],"tags":[656],"class_list":["post-5828","post","type-post","status-publish","format-standard","hentry","category-the-fed-banks-interest-rates","tag-chicago-plan"],"yoast_head":"\n'The Chicago Plan' criticism by Marshall Auerback - the patient investor<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"'The Chicago Plan' criticism by Marshall Auerback - the patient investor\" \/>\n<meta property=\"og:description\" content=\"Marshall Auerback wrote a short piece criticizing the recent IMF study of the “Chicago Plan” first put forward by professors Henry Simons and Irving Fisher in 1936. “Now there are some good things about\u00a0a 100% reserve backed banking system.\u00a0 To the extent that we\u00a0require all institutions to hold liquid reserves of equal value to their … Continue reading "'The Chicago Plan' criticism by Marshall Auerback"\" \/>\n<meta property=\"og:url\" content=\"https:\/\/thepatientinvestor.com\/index.php\/2012\/10\/24\/the-chicago-plan-criticism-by-marshall-auerback\/\" \/>\n<meta property=\"og:site_name\" content=\"the patient investor\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/profile.php?id=61572934660810\" \/>\n<meta property=\"article:author\" content=\"https:\/\/facebook.com\/people\/The-Patient-Investor\/61572934660810\/\" \/>\n<meta property=\"article:published_time\" content=\"2012-10-24T06:00:08+00:00\" \/>\n<meta name=\"author\" content=\"Colin Twiggs\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Colin Twiggs\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2012\\\/10\\\/24\\\/the-chicago-plan-criticism-by-marshall-auerback\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2012\\\/10\\\/24\\\/the-chicago-plan-criticism-by-marshall-auerback\\\/\"},\"author\":{\"name\":\"Colin Twiggs\",\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/#\\\/schema\\\/person\\\/d42b18d516a80149d739845749ac6454\"},\"headline\":\"'The Chicago Plan' criticism by Marshall Auerback\",\"datePublished\":\"2012-10-24T06:00:08+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2012\\\/10\\\/24\\\/the-chicago-plan-criticism-by-marshall-auerback\\\/\"},\"wordCount\":331,\"commentCount\":4,\"publisher\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/#organization\"},\"keywords\":[\"Chicago Plan\"],\"articleSection\":[\"Banks & Interest Rates\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2012\\\/10\\\/24\\\/the-chicago-plan-criticism-by-marshall-auerback\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2012\\\/10\\\/24\\\/the-chicago-plan-criticism-by-marshall-auerback\\\/\",\"url\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2012\\\/10\\\/24\\\/the-chicago-plan-criticism-by-marshall-auerback\\\/\",\"name\":\"'The Chicago Plan' criticism by Marshall Auerback - 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The core proposal is to require banks to hold 100% reserves against demand\u2026","rel":"","context":"In "Banks & Interest Rates"","block_context":{"text":"Banks & Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":9738,"url":"https:\/\/thepatientinvestor.com\/index.php\/2014\/04\/26\/fractional-reserve-banking-the-chief-loose-screw-house-of-debt\/","url_meta":{"origin":5828,"position":1},"title":"Fractional reserve banking: ‘the chief loose screw’ | House of Debt","author":"ColinTwiggs","date":"April 26, 2014","format":false,"excerpt":"By Atif Mian and Amir Sufi quote from The Chicago Plan (1933-1939) of which Irving Fisher was a strong supporter: \u201cA chief loose screw in our present American money and banking system is the requirement of only fractional reserves behind demand deposits. Fractional reserves give our thousands of commercial banks\u2026","rel":"","context":"In "Banks & Interest Rates"","block_context":{"text":"Banks & Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":5785,"url":"https:\/\/thepatientinvestor.com\/index.php\/2012\/10\/21\/the-chicago-plan-revisited-imf-working-paper\/","url_meta":{"origin":5828,"position":2},"title":"The Chicago Plan Revisited | IMF Working Paper","author":"Colin Twiggs","date":"October 21, 2012","format":false,"excerpt":"There is growing interest in this IMF Working Paper by Jaromir Benes and Michael Kumhof which discusses removing the role of monetary creation from fractional-reserve banks and assigning it to Treasury. Here is a brief abstract: At the height of the Great Depression a number of leading U.S. economists advanced\u2026","rel":"","context":"In "Banks & Interest Rates"","block_context":{"text":"Banks & Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":7326,"url":"https:\/\/thepatientinvestor.com\/index.php\/2013\/03\/27\/forget-too-big-to-fail-kill-the-fractional-reserve-banking-system\/","url_meta":{"origin":5828,"position":3},"title":"Forget too-big-to-fail: Kill the fractional reserve banking system","author":"ColinTwiggs","date":"March 27, 2013","format":false,"excerpt":"Interesting discussion on Bloomberg about currency-backed deposits and equity-funded loans. The fractional reserve banking system is the primary cause of instability and asset bubbles in the global economy, allowing banks to create money out of thin air. Credit expansion above the rate of real GDP growth has only two possible\u2026","rel":"","context":"In "Banks & Interest Rates"","block_context":{"text":"Banks & Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":9227,"url":"https:\/\/thepatientinvestor.com\/index.php\/2014\/02\/16\/declining-us-commercial-bank-loans\/","url_meta":{"origin":5828,"position":4},"title":"Declining US commercial bank loans?","author":"ColinTwiggs","date":"February 16, 2014","format":false,"excerpt":"Sober Look highlights the sharply declining ratio of commercial bank loans and leases to bank deposits. Its only when we examine the detail, however, that we note cash reserves have ballooned in the last 10 years. And most of those cash reserves are deposits at the Fed which now (post-GFC)\u2026","rel":"","context":"In "Banks & Interest Rates"","block_context":{"text":"Banks & Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/thepatientinvestor.com\/wp-content\/uploads\/2014\/02\/0b553-loantodepositratio.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/thepatientinvestor.com\/wp-content\/uploads\/2014\/02\/0b553-loantodepositratio.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/thepatientinvestor.com\/wp-content\/uploads\/2014\/02\/0b553-loantodepositratio.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":13717,"url":"https:\/\/thepatientinvestor.com\/index.php\/2014\/02\/16\/declining-us-commercial-bank-loans-2\/","url_meta":{"origin":5828,"position":5},"title":"Declining US commercial bank loans?","author":"ColinTwiggs","date":"February 16, 2014","format":false,"excerpt":"Sober Look highlights the sharply declining ratio of commercial bank loans and leases to bank deposits. Its only when we examine the detail, however, that we note cash reserves have ballooned in the last 10 years. And most of those cash reserves are deposits at the Fed which now (post-GFC)\u2026","rel":"","context":"In "Market Insights"","block_context":{"text":"Market Insights","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/market-insights\/"},"img":{"alt_text":"Ratio of commercial bank loans and leases to bank deposits","src":"https:\/\/i0.wp.com\/thepatientinvestor.com\/wp-content\/uploads\/2014\/02\/0b553-loantodepositratio.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/thepatientinvestor.com\/wp-content\/uploads\/2014\/02\/0b553-loantodepositratio.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/thepatientinvestor.com\/wp-content\/uploads\/2014\/02\/0b553-loantodepositratio.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]}],"_links":{"self":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/5828","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/comments?post=5828"}],"version-history":[{"count":0,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/5828\/revisions"}],"wp:attachment":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/media?parent=5828"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/categories?post=5828"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/tags?post=5828"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}