“We have a monetary system under which our circulating medium is a by-product of private debt. The time when nobody wants to go into debt is the very time when we most need money..” “The essence of the 100% plan is to make money independent of loans; that is, to divorce the process of creating and destroying money from the business of banking… ending the chronic inflations and deflations which have ever been the great economic curse of mankind and which have sprung largely from [private commercial] banking.” “The 100% system is, theoretically, entirely independent of any particular monetary policy. It need not be combined with a stabilization policy any more than with a deflation or inflation policy.” “The Federal Reserve System was supposed, among other things, to rescue the Government from such banker control. This was an aspiration of President Wilson’s. It was for that reason that the Federal Reserve notes were called “Obligations of the United States.” But actually this was merely a phrase and little more than a nominal concession to Mr. Bryan, the Secretary of State, in order to gain his support. These notes give the United States no advantage — on the contrary, they only impose a contingent liability. As the scheme now works out, the Federal Serve Banks have virtually swapped their non-interest-bearing Federal Reserve notes (and other Federal Reserve credit) for United States Government bonds. What is needed is virtually to swap back.”
Author: Irving Fisher
Binding: Paperback
EAN: 9781463553357
Condition: New
Manufacturer: CreateSpace Independent Publishing Platform
Number of pages: 200
Product group: Book
Studio: CreateSpace Independent Publishing Platform
Publication Date: 2011-05-31
Publisher: CreateSpace Independent Publishing Platform
Pages: 200
ISBN: 1463553358
