The 1930s Chicago Plan and the American Monetary Act

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Stephen Zarlenga, Director

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The 1930s Chicago Plan and the American Monetary Act 

by Stephen Zarlenga, AMI Monetary Reform Conference, Chicago, October, 2005

(Notes: CP refers to Chicago Plan by Ronnie J. Phillips; EP refers to Economic Policy for a Free Society by Henry Simons)

Why is monetary reform so critically important?
Because the money power has more impact on citizens day to day lives than the Executive, Legislative and Judicial branches. It’s really a fourth branch of government, and leaving it in private hands is dangerous and unacceptable – it negates the balancing of powers principle of our constitution and creates an aristocracy – a plutocracy – the rule by wealth.
A privately controlled money system can nullify hard-won reforms in other areas such as the environment, medical care, or peace initiatives because such concentration of wealth and power will eventually overwhelm and be used against the people to unwind whatever other gains we’ve achieved. Witness the attack on Roosevelt’s social security reform. You can’t secure real progress with the private control of society’s money system behind your lines.

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