Chicago plan, social credit, sovereign money and basic income

https://www.imf.org/external/pubs/ft/wp/2012/wp12202.pdf

There have been many proposals for “monetary reform” especially in response to adverse economic conditions. They usually have advocated especially returning or establishing money creation by the State, 100% money and stable prices, etc., none of which are Social Credit objectives which include the decentralization of credit-power and falling prices to realistically reflect real increases in efficiency, et. As you have observed, none of these various experiments were concerned with the problem of distribution as technology replaces human effort as a factor of production. They were and remain today primarily concerned with exchange rather than distribution. There was an experiment in Austria during the inter-War period with the “Notgeld”. State credit was used to subsidize consumer prices and apparently during this period Austria was the most prosperous of all nations. However, the Austrian National Bank intervened and stopped the experiment, upon which the national economy was thrown into economic depression. The “wara” experiment in Bavaria had also been terminated by action of the Reichsbank. Money or credit is the “commodity” sold by the banking industry and their inclination is to make it scarce to enhance its value. Predictably, the recent Swiss referendum on a guaranteed income was soundly defeated because it was to be tax-funded.

Sincerely
Wally