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Chicago Plan – why it never went anywhere
Debunking Economics - the podcast
How to Implement the Chicago Plan in the Financial System
Under the Chicago plan, what you'd have effectively is that they'd be lending cash. You don't go to the bank and say, I'd like to have a loan for a million dollars. To make the Chicago form loan system work, while still enabling banks to lend, you'd have to have cash as the form of loans. The only way that I can mentally work this out without doing a Minsky model physically to take me through the steps would be if your loan came out in a negotiable instrument, and the most obvious form is cash.
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