by
Mervyn King
Chicago Plan
(en)
a set of banking reforms suggested by University of Chicago economists in the wake of the Great Depression; supported by Friedman, Minsky, Fisher, etc; suggested 100% reserves on demand deposits; never fully implemented (some watered-down versions eventually made it into policy)
261
the system of 'fractional reserve banking', under which banks create deposits to finance risky lending and so have insufficient safe cash reserves to back their deposits. The elimination of fractional reserve banking was a proposal put forward in 1933 as the 'Chicago Plan'.
notable
6 years, 8 months ago
the system of 'fractional reserve banking', under which banks create deposits to finance risky lending and so have insufficient safe cash reserves to back their deposits. The elimination of fractional reserve banking was a proposal put forward in 1933 as the 'Chicago Plan'.
notable
6 years, 8 months ago
expropriation
(en)
(noun) the action of the state in taking or modifying the property rights of an individual in the exercise of its sovereignty; differs from eminent domain in that it can also refer to private property taken by a private entity authorised by the government
300
the imposition of a negative real interest rate--effectively a wealth tax--on all forms of financial wealth expropriates the incomes of savers and might alter expectations of future effective rates of wealth taxes.
notable
6 years, 8 months ago
the imposition of a negative real interest rate--effectively a wealth tax--on all forms of financial wealth expropriates the incomes of savers and might alter expectations of future effective rates of wealth taxes.
notable
6 years, 8 months ago