By Irving Fisher
“The essence of the a hundred% plan is to earn cash autonomous of loans; that's, to divorce the method of constructing and destroying funds from the company of banking… finishing the power inflations and deflations that have ever been the good financial curse of mankind and that have sprung mostly from [private advertisement] banking.”
“The a hundred% approach is, theoretically, totally self sustaining of any specific financial coverage. It don't need to be mixed with a stabilization coverage to any extent further than with a deflation or inflation policy.”
“The Federal Reserve process used to be intended, between different issues, to rescue the govt from such banker keep an eye on. This was once an aspiration of President Wilson’s. It used to be hence that the Federal Reserve notes have been known as “Obligations of the United States.” yet really this used to be basically a word and little greater than a nominal concession to Mr. Bryan, the Secretary of kingdom, for you to achieve his aid. those notes supply the us no virtue — to the contrary, they just impose a contingent legal responsibility. because the scheme now works out, the Federal Serve Banks have almost swapped their non-interest-bearing Federal Reserve notes (and different Federal Reserve credits) for usa govt bonds. what's wanted is almost to change back.”
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Additional resources for 100% Money — Designed to keep checking banks 100% liquid; to prevent inflation and deflation; largely to cure or prevent depression; and to wipe out much of the National Debt.
100% Money — Designed to keep checking banks 100% liquid; to prevent inflation and deflation; largely to cure or prevent depression; and to wipe out much of the National Debt. by Irving Fisher