By Irving Fisher
“The essence of the a hundred% plan is to generate income self sufficient of loans; that's, to divorce the method of constructing and destroying cash from the enterprise of banking… finishing the persistent 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% method is, theoretically, fullyyt 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 procedure was once meant, between different issues, to rescue the govt. from such banker keep an eye on. This used to be an aspiration of President Wilson’s. It used to be therefore that the Federal Reserve notes have been known as “Obligations of the United States.” yet truly this was once only a word and little greater than a nominal concession to Mr. Bryan, the Secretary of kingdom, with a purpose to achieve his help. those notes supply the USA 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 executive bonds. what's wanted is almost to change back.”
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