The Final Assault In The War On Cash
by Dan Denning via Bonner & Partners
ZeroHedge.com
Sat, 06/23/2018
Bill has long warned of the Deep State – the loose collection of special interests, government insiders, and financial elite that quietly chart the course of America’s future.
Today, Dan Denning, Bill’s coauthor on The Bill Bonner Letter, shares why the Deep State’s next target could be the money in your bank account… and reveals how the War on Cash finally ends.
Before I show you what I’ve learned about a plan to seize control of America’s money, let me make one point clear…
If you value sound money and political freedom… if you value limited government and taxation with representation… and if you value enterprise and privacy… then you’re going to hate the future I’m about to describe.
There is no philosophical or monetary middle ground on the issue.
You’re either with it or against it.
The Chicago Plan
In March 1933, Henry Morgenthau Jr., chairman of the Federal Farm Board, was sent a short memo titled, “Memorandum on Banking Reform.”
It was signed by Frank Knight (the acknowledged author of the memo), Garfield Cox, Aaron Director, Paul Douglas, Lloyd Mints, Henry Schultz, and Henry Simons. All of them were professors at the University of Chicago.
The memorandum advocated for full-reserve banking (FRB) in the U.S. monetary system. U.S. currency would be backed only by government debt, not bank debt (loans issued by commercial banks to private citizens and companies).
It wouldn’t nationalize the U.S. banking system. But it would nationalize the nation’s money supply.
Under this kind of system, banks could no longer “create” money by lending it into existence. Money creation would be the exclusive territory of the government of the United States.
In this system, the key government agencies could not create money through new lending. They would do so through new spending (on priorities determined by elected politicians).
They called it “The Chicago Plan.”
The most radical elements of the plan – which we’ll discuss shortly – were left on the shelf nearly a century ago.
But I believe it’s about to find a resurgence in modern America…
The End of Fractional Reserve
The Rest…HERE
