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Politics : Ask Michael Burke
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To: BGR who wrote (78318)3/22/2000 7:56:00 PM
From: Mike M2  Read Replies (1) of 132070
 
BGR, " What is the true criterion of a creation of credit which shall be non-inflationary? We have found the answer to lie in the preservation of a balance between the rate of saving and the value of new investment. That is to say, bankers are only entitled to create credit if the net effect of such credit creation is not to raise the value of new investment above the amount of current savings of the public; and, similarly, they will lay themselves open to deflationary actions unless they create enough credit to prevent the value of new investment from falling below the amount of current savings." John Maynard Keynes " A Treatise on Money" ho ho ho mike
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