History: Chicago School Didn’t Always Support the Banks

In the previous montrous, global financial meltdown (the Great Depression), the leading economists at University of Chicago sang a very different tune from what they promote today.  They actually called for nationalizing the Federal Reserve Banks and giving total control of money creation to government.  They argued it was necessary to provide the proper environment for free markets.  Total opposite of today’s descended-from-Milton-Friedman-and-Hayek position.  Fascinating.   See Monetary.org – Chicago Plan for the full story.