If two parties, instead of being a bank and an individual, were an individual and an individual, they … - Irving Fisher

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School is established, not in order that it should be convenient for the children to study, but that teachers should be able to teach in comfort. The children's conversations, motion, merriment are not convenient for the teacher, and so in the schools, which are built on the plan of prisons, are prohibited.

Irving Fisher

If two parties, instead of being a bank and an individual, were an individual and an individual, they could not inflate the circulating medium by a loan transaction, for the simple reason that the lender could not lend what he didn't have, as banks can do. Only commercial banks and trust companies can lend money that they manufacture by lending it.

Commercial, Commercial Banks, Inflate, Loan, Party, Simple

Same Author Quotes

Stock prices have reached what looks like a permanently high plateau. I do not feel there will be soon if ever a 50 or 60 point break from present levels, such as (bears) have predicted. I expect to see the stock market a good deal higher within a few months.

Depression, Point Break, Looks, Plateau, Reached, Higher

Stocks have reached what looks like a permanently high plateau.

Funny, Depression, Money, High, Permanently, Plateau

Our society will always remain an unstable and explosive compound as long as political power is vested in the masses and economic power in the classes. In the end one of these powers will rule. Either the plutocracy will buy up the democracy, or the democracy will vote away the plutocracy.

Class, Long, Political, Democracy, Plutocracy

The effort of the economist is to "see," to picture the interplay of economic elements. The more clearly cut these elements appear in his vision, the better; the more elements he can grasp and hold in his mind at once, the better. The economic world is a misty region. The first explorers used unaided vision. Mathematics is the lantern by which what before was dimly visible now looms up in firm, bold outlines. The old phantasmagoria disappear. We see better. We also see further.

Cutting, Math, Effort, Further, Firm, Mind

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

Historical, Promise, Bankers, Mercy, Loan, Promises