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A Program For Monetary Stability by Milton Friedman PDF

By Milton Friedman

ISBN-10: 0585171114

ISBN-13: 9780585171111

ISBN-10: 0823203719

ISBN-13: 9780823203710

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These reasons can perhaps be elucidated best by considering the operation of a pure commodity standard, which at first sight seems to require no government intervention. Let us conceive of a modern society in which all money consists exclusively of physical units of a commodity or literal warehouse receipts for the commodity. The commodity in question might be gold or silver or copper or bricks or some combination of these or of other goods in fixed proportions, as under any of the variety of symmetallic or commodity reserve standards that have been proposed.

One of the major objectives of the Federal Reserve System was to prevent such a development. In the event it failed to do so. The panic and suspension of payments came anyway. But there was an important difference. Under the earlier system, the suspension of payments had been a therapeutic device that came early and served to prevent the liquidity crisis from producing any widespread failures of otherwise sound banks. This time, the suspension came after a large fraction of the banks had failed and after the economy had suffered three years of deflation.

The introduction of fiduciary elements would not require government intervention if such promises to pay were always fulfilled, or, alternatively, if the community were willing to carry to the extreme the doctrine of caveat emptor. But the first is not likely to occur, and the second neither is likely to occur nor is it clear that it would be desirable if it did. What is involved is essentially the enforcement of contracts, if the failure of an issuer to fulfill his promise is in good faith, or the prevention of fraud, essentially of counterfeiting, if it is not.

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A Program For Monetary Stability by Milton Friedman


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