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 good monetary curse of mankind and that have sprung mostly from [private advertisement] banking.”
“The a hundred% process is, theoretically, totally self reliant of any specific financial coverage. It needn't be mixed with a stabilization coverage from now on than with a deflation or inflation policy.”
“The Federal Reserve method used to be meant, between different issues, to rescue the govt. from such banker keep watch over. This was once an aspiration of President Wilson’s. It used to be for this reason that the Federal Reserve notes have been known as “Obligations of the United States.” yet truly this used to be in simple terms a word and little greater than a nominal concession to Mr. Bryan, the Secretary of country, for you to achieve his help. those notes supply the U.S. 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 almost 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.