By Irving Fisher
“The essence of the a hundred% plan is to become profitable self sustaining of loans; that's, to divorce the method of making and destroying funds from the enterprise of banking… finishing the continual 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 reliant of any specific financial coverage. It needn't 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 was once therefore that the Federal Reserve notes have been referred to as “Obligations of the United States.” yet really this was once in simple terms a word and little greater than a nominal concession to Mr. Bryan, the Secretary of kingdom, to be able to achieve his help. those notes provide 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 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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Additional info 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