4 April, 2022

Ezra Pound on Money

Posted by Socrates in economics, Ezra Pound, Federal Reserve Notes, Federal Reserve system, money at 9:08 am | Permanent Link

“Pound recognized two very important threats to the international banking community that arose out of the Third Reich. First, Hitler abandoned the gold standard, meaning that Nazi Germany suddenly had the power to prevent defaulting on its future debt simply by printing money — a power that the U.S. copied from Germany just as it copied the autobahns. Second, and much more important, the Reich took back the power of central banks by financing infrastructure projects directly, issuing notes in payment to the laborers, contractors, and suppliers rather than first borrowing the money from a central bank at interest. (See here and here.) If this practice had spread, bankers would be no more powerful than plumbers.”

[Article] and [Article].

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