Irving Fisher: Loan Transactions

Posted by admin on Sunday, July 25, 2010

Irving Fisher Money Quotation tells us that the money in circulation is controlled by banks that don’t actually have possession of that money.
 
Thus, our national circulating medium is now at the mercy of loan transactions of banks, which lend, not money, but promises to supply money they do not possess Quote
 

“Thus, our national circulating medium is now at the mercy of loan transactions of banks, which lend, not money, but promises to supply money they do not possess” — Irving Fisher

 
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