Fiscal Affairs Quotes
by deficit spending and borrowing.
The Congressman was referring to the privatization of Social Security ideas that George W. Bush had put forth.
At the time the chartered banks were down to control of less than 14% of the investment funds. Other financial institutions such as private investment bankers, brokerage firms, and investment companies controlled the rest. Yet only banks were required to invest funds in local communities – especially poor ones.
The assumption was that money would always be backed by gold or silver. In effect, raising or allaying the money was to change the amount of gold or silver that a particular denomination of money would be able to be exchanged for. This is one of the interesting proofs that these processes did nothing economically—for if they could, no one would want the money. This has always been a weakness or a strength—depending on one’s political point of view—of a gold standard.
This was the equivalent of 8.3 percent.
This is one of the earliest, if not the earliest, statement of the undesirability of protectionism and subsidies.
