Providing a unique perspective on economic history and policy, this
book shows how a daring method once recommended by top economists
could be adapted to help America pay for the things it needs.
Written in a crisp, fast-paced style, this groundbreaking work
presents an in-depth account of monetary theory and practice as the
basis for its suggestion of a new system of money creation. First,
the economic history of the United States is explored, with special
emphasis on the years from the Civil War to the Great Depression.
The proposal that follows, based on a long-lost method of money
creation, is related to that context, as well as to America's
current situation, both economic and political. Readers will learn
how banks have created most of America's money supply since the
nation's founding, but also about experiments with an alternative
system in which the government plays that role. The crux of the
book is an examination of the way in which the two systems could be
harmonized to pay for public necessities without increasing taxes
or national debt. The proposed new system of money creation would
incorporate two complementary money streams-the existing banking
system run by the Federal Reserve and a new stream of money created
by Congress. By integrating the "Greenback" method with the fiscal
and monetary status quo, the author argues, the United States could
spend its way back to greatness. Explains in vivid terms the way
money has evolved in modern times, clarifying the rise and global
triumph of "fractional reserve banking" Shows how a compromise
between our existing method of money creation and the "Greenback"
method could pay for hundreds of billions of dollars of national
necessities without higher taxes, more deficit spending, or
inflation Documents what money consists of, how it enters into
circulation, and how the nature of money has changed over the
centuries Reveals how significant numbers of economists,
businessmen, and political leaders have advocated for the direct
creation of money by government through the years Takes the lay
reader through the history of previous attempts at direct money
creation in a fascinating tour of American economic history
General
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