By Irving Fisher
“The essence of the a hundred% plan is to become profitable self sufficient 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 monetary curse of mankind and that have sprung principally from [private advertisement] banking.”
“The a hundred% approach is, theoretically, solely self sufficient of any specific financial coverage. It don't need to be mixed with a stabilization coverage from now on than with a deflation or inflation policy.”
“The Federal Reserve approach used to be intended, between different issues, to rescue the govt. from such banker regulate. This used to be an aspiration of President Wilson’s. It used to be consequently that the Federal Reserve notes have been referred to as “Obligations of the United States.” yet really this used to be in simple terms a word and little greater than a nominal concession to Mr. Bryan, the Secretary of country, so as to achieve his aid. those notes provide the U.S. no virtue — to the contrary, they simply impose a contingent legal responsibility. because the scheme now works out, the Federal Serve Banks have nearly swapped their non-interest-bearing Federal Reserve notes (and different Federal Reserve credits) for usa executive bonds. what's wanted is almost to switch 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