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3min chapter
Chicago Plan – why it never went anywhere
Debunking Economics - the podcast
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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