Hi All, this is  a google transelation but its worth a read to understand the money system:

300-year struggle for the money system
">by niels87

">In this article I describe how the past 300 years has been a constant struggle between nation states and private banks around the creation of money monopoly and for the first time since the Great Depression again vote on going to abolish fractional reserve banking:

">The first private central bank

In 1688 William III (NB Prince of Orange) was promised the throne of England when he give the right to  the prevailing bankers  to spend money. His doubt about it was removed because he could borrow if he wanted to. Much at 8% interest Thus, the first private central bank was founded, in 1694 the Bank of England. Ultimately involved the creation of the Bank of England in which the government itself did not print any more money, but this had to borrow from the private central bank, which this (composite) was charging interest. ">And so the phenomenon of 'debt', with the burden of debt and interest to the state was laying institutionalized.

">Monetary History

Shortly there after the bankers tried in other countries to get the creation of money by private banking,what has been accompanied by a lot of war and strife. Despite the many politicians and presidents who oppose this have the concept of fractional reserve banking and private money creation today globally applicable. For people who want to know more about monetary history, I recommend the documentary Jekyll Island - The truth behind the Federal Reserve. The book The Lost Science of Money by Stephen Zarlenga is an absolute must. It describes in 724 pages 5000 years of monetary history. ">Click here to download the book. Free

">Chicago Plan vs. Glass-Steagal Act

After the crash of 1929, two bank reforms were proposed in the United States. One was the Banking Law of 1933, also known as the Glass-Steagal Act. This plan proposed to separate. Investment banks and savings from each But the most famous scientists of that time preferred to another proposal, which was known as the Chicago Plan. This plan meant to end private money creation and fractional reserve banking to an end. ">Instead of commercial banks create money by providing (net) loans would be money, debt free! Henceforth only by the government in circulation

Under pressure from the powerful and effective banking lobby the Chicago Plan was abandoned and became the Glass-Steagal Act passed. Banks gave probably prefer this solution because the effect on the core of their business model was smaller. They have perhaps thought that it would be eventually to withdraw the Glass-Steagal Act than it would be to privatize as soon as the government would be aware of the benefits of the Chicago Plan. Conscious creation of money again easier  ">And they were right, since it was revoked in 1999.

">Building on the Chicago Plan

Since the outbreak of the financial crisis in 2007/2008 is fractional reserve banking and private money creation again broadly be placed within academic circles. For the first time since the thirties under fire ">Also, there are already a number of proposed banking reforms that build on the Chicago Plan:

">Chicago Plan Revisited

">NEED Act

">Bank of England (Creation of Currency) Bill

To avoid a similar scenario in the thirties there really social debate surrounding this issue will have to come. ">Meanwhile, there is also an international coalition campaigning to abolish the International Movement for Monetary Reform. Away fractional reserve banking


">Monetary ignorance

Nevertheless, it remains difficult to build around money creation. A mainstream discussion Money is to humans what water is to fish. A fish is not aware of the fact that he lives in the water. And so it is with money. Despite the fact that more and more people are starting to get interested in monetary issues, the majority of people will look at you with watery eyes when they just ask where money comes from. ">The American industrialist Henry Ford once said, therefore:

">'' It's good that people do not understand how it works banks and money system, otherwise tomorrow morning for a revolution would break out.''

Yet this is not so surprising when you realize that the process of money creation even within academic circles an underexposed subject and the result is often misunderstood. ">One of the reason why most macro economists and policymakers the financial crisis for example, did not see coming because the macro economic models that they use no account of, believe it or not, money:


Since the outbreak of the crisis, the critique of neoliberalism has increased enormously. Nevertheless, this is still the prevailing economic ideology in the Western world. It is therefore often the free market economists and down start to bounce when we propose to give. Monopoly on money creation to the government What free market economists just do not realize is that the very creators of the laissez faire capitalism that the Chicago Plan proposed in the thirties. They were of the view that private money creation free market just upsets.


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