3min chapter

Debunking Economics - the podcast cover image

Chicago Plan – why it never went anywhere

Debunking Economics - the podcast

CHAPTER

The Chicago Plan for Impulsive Money

Banks would not be able to create money, but then have a fund at the central bank. The government itself would control how large that fund was. Each time they lend a dollar out of it, each time they lending a dollar to a person from the private sector, their fund would go down by a dollar. This is therefore the only way they could make a profit is by arbitrage. So if they'd lent money to people, they'd have to be charging more for the people who, the people who borrowed that money, than they paid for the money themselves.

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Speaker 1
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Speaker 2
think moon birds inmprove, folks are going to be blown away by, a, by the stuff you're doing back there. By the wayi don't know how much, how much of the stuff you've talked about in some of these sections with the community, but i think they'll be a, quite quite surprised and super pumped about the stuff you gase we'r bulding back there.
Speaker 1
It's going to be fun. Yes, absolutely a cool let's move on to the next story. You had a, you know, one that you brought to my attention that i've just been out of the lup on, but the 70 million dollars in art for moma being sold. Can you tell us about that?
Speaker 2
Yah, this is pretty cool. So wall street journal reported this week that the new york museum of modern art is auctioning off about 70 million dollars worth of their collection, including some picassos, in order to expand the museum's digital footprint, a which is, you know, there if we think about what is actually the consumable, ownable, digital stuff that exists, it's really stuff that's being built and created on these ledgers, n f tas, for lack of a better word. And while they didn't explicitly say that they're going out to buy n of teas, these are the obvious consumables for any one, any museum, that's looking to expand their digital footprint of ownable assets. Am i think what's really crazy. It's crazy. I mean it, i think it was g money or a few others, had this tret that this news they expected to happen 20 years from now, and it's happening, you know, 12, 24 months after this industry has really started to take off. I think what was really cool about this wall street journal article, and i would, i would just recommend that everyone takes it, takes a minute to google it and read it, cause it's very interesting. They mentioned that a last fiscal year, their attendants for the museum topped out at one point six, five million visitors a and he hoped that foot traffic would returned to pre pandemic levels. But this was down. The museum typically sees about three million visitors a year. On the opposite end of the spectrum, he said that their own line content on their web site as well as their social mediam following has just been jumping. They're up to 35 million people, up from 30 million before the pandemic. And so these trends are staring, you know, these legacy institutions, hey, they good, as they should. And so it's been fascinating to watch the evolution here of thinking around some of our most storied institutions.
Speaker 1
Ye, you know, i this is fun. This is cool. This is really, really important news, because it it's basically saying, if your moma, you're sitting on a chatana assets, right? You have all these these pieces of work and the art work, and they're worth, you knowjus, yes, whatever it may be, in the trillions, whatever they havein collection, right? Ah, let just say, you your, youre like, ok, we need to expand, we need more capital. Ah, in some sense, the conversation you have to imagine behind the scenes is that we will do better as a business to embrace the future and sell off these traditional art paintings. We will make more money. There is more upside to be had if we move into digital versus keeping the pacasos that we have to day. That's an insane statement, right? Yes? That's crazy. I mean, thesesar the best collectors in the world on the traditional art side, right?

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