PROMISE TO PAY

An inquiry into the Modern Magic known as High Finance. Paper money created by the private banks is not real money but “Promise to Pay” money and the amount in circulation bears little relation to the amount of goods and services available. When there is a shortage of anything the most obvious remedy is to create more and the bankers have no difficulty creating more “funny” money; but this should only be done when goods and services back the true value of money. When there is less money than goods, people go short of food and clothes; when there is more money than goods, prices rise and people pay more and more for less and less. Discusses Credit Cycle, the Balance of Trade, Foreign Exchange, International Finance and the Gold Standard.