John Kenneth Galbraith: Paper $
on Monday, June 13, 2022John Kenneth Galbraith Money Quote saying commercial and central banking has differing nationalities controlling them. John Kenneth Galbraith said:
“If the history of commercial banking belongs to the Italians and of central banking to the British, that of paper money issued by a government belongs indubitably to the Americans” — John Kenneth Galbraith
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In this quote, John Kenneth Galbraith is attributing the origins and development of paper money issued directly by governments to the United States.
He suggests that just as commercial banking has Italian roots and central banking British roots, the concept of fiat currency introduced and controlled by a nation’s central authority belongs “indubitably” or undeniably to America.
The best interpretation is that Galbraith is recognizing how the U.S. was pioneering and innovative in establishing paper money as legal tender backed by the government, rather than relying on gold or silver standards, thereby laying the foundation for modern forms of national fiat currency.
Birthday: October 15, 1908 – Death: April 29, 2006