A critique of monetary policy: Theory and British experience by J. C. R. Dow

By J. C. R. Dow

Difficult authorized knowledge of economic thought, this research of the idea of economic coverage in England analyzes the habit of the banking method and the problems of relevant financial institution regulate, and argues that money production is an endogenous technique, made up our minds partially by means of the associated fee point.

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IS 100 Percent Gold Banking We have thus come to the cardinal difference between myself and the bulk ofthose economists who still advocate Chicago. And Jesse Jones reports that, during the banking crisis of early 1933, Hoover was seriously contemplating invoking a forgotten wartime law making hoarding a criminal offense. Jesse H. Jones and Edward Angly, Fifty Billion Dollars (New York: Macmillan, 1951), p. 18. It should also be noted here that the Hoover administration's alleged devotion to retaining the gold standard is largely myth.

A depositor of a sum of money who acquires in exchange for it a claim convertible into money at any time which will perform exactly the same service for him as the sum it refers to has exchanged no present good for a future good. The claim that he has acquired by his deposit is also a present good for him. " Mises, The Theory ofMoney and Credit, p. 268. What I am advocating, in brief, is a change in the juristic framework to conform to the economic realities. 46 • The Ludwig von Mises Institute Murray N.

661ff. Perhaps a proper legal system would also consider all "general deposit warrants" (which allow the warehouse to return any homogeneous good to the depositor) as really "specific deposit warrants," which, like bills of lading, establish ownership to specific, earmarked objects. As Jevons, noting the superiority of specific deposit warrants and realizing their relationship to money, stated: "The most satisfactory kind of promissory document ... is represented by bills of lading, pawn-tickets, dock-warrants, or certificates which establish ownership to a definite object ...

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