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Can be, gold, can be - specially intended for this purpose valuable
To chamber as well as arbitration, quickly would correct an arising deviation
Price level from the level corresponding to monetary unit, the provided commodity
Basket. To understand details of this system, to the usual person
It would be required efforts no more, than now it is necessary for understanding
Operations of Federal reserve system.
Without having the lacks of barter in detail shined in textbooks, offered
The system would have well provided unit of calculation. Removal of restrictions on
Cost poor gold of paper money, which today, apparently,
More or are less necessary, would promote a stream of financial innovations,
That would make payment system more convenient, than known to us today.
Market forces would regulate volume of monetary weight depending on demand on
Money at the stable price level corresponding to denomination monetary
Units. This self-control of volume of monetary weight appreciably
Would promote macroeconomic development.
More detailed analysis of problems arising thus is beyond
The present preface. My point of view consists that discussion
Radical ideas about private monetary institutes again became academically
The respectable. More extensive discussions in due course can follow, and on
To the agenda there can be a political realizability. Presented by Belief Smith
The scientific review and sensible estimation of experience and the theory free and centralised
Bank systems, should play an outstanding role in these discussions.
Liland Iger, the professor
Ludwig's institute a background Mizema,
University Auburn, the USA
The chapter I. Introduction
This century the centralised system of bank business became
To be considered not only as the habitual phenomenon, but even as one of
Indispensable conditions of achievement of the higher steps of economic development. Belief
In desirability of the central banks became general. Recently has come to light
Aspiration to strengthening of spheres of the control at the expense of establishment of the international
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