By Irving Fisher
“The essence of the a hundred% plan is to earn money self reliant of loans; that's, to divorce the method of constructing and destroying funds from the enterprise of banking… finishing the continual inflations and deflations that have ever been the nice monetary curse of mankind and that have sprung mostly from [private advertisement] banking.”
“The a hundred% process is, theoretically, solely autonomous of any specific financial coverage. It needn't be mixed with a stabilization coverage any further than with a deflation or inflation policy.”
“The Federal Reserve process was once intended, between different issues, to rescue the govt. from such banker regulate. This used to be an aspiration of President Wilson’s. It was once as a result that the Federal Reserve notes have been referred to as “Obligations of the United States.” yet truly this used to be only a word and little greater than a nominal concession to Mr. Bryan, the Secretary of kingdom, with a purpose 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 govt bonds. what's wanted is nearly to switch back.”
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