By Irving Fisher
“The essence of the a hundred% plan is to generate profits autonomous of loans; that's, to divorce the method of making and destroying funds from the company of banking… finishing the persistent inflations and deflations that have ever been the nice financial curse of mankind and that have sprung principally from [private advertisement] banking.”
“The a hundred% process is, theoretically, totally self sufficient of any specific financial coverage. It don't need to be mixed with a stabilization coverage any longer 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 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 truly this was once simply a word and little greater than a nominal concession to Mr. Bryan, the Secretary of kingdom, for you to achieve his help. those notes provide the us 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 change back.”
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Extra 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