The Currency Problem And the Present Financial Situation a Series of Addresses
The Currency Problem And the Present Financial Situation a Series of Addresses
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In Europe the gold reserve and the emergency reserve of the country are kept and managed by the central bank. We have already shown how the government bank acts in protecting the country and in providing for its needs. Let us clearly understand, that without the bank rate, that is, without the ability to regulate the rate of interest in times when the government bank's cooperation is needed, its efficacy would be nil. A system of modern banking paper is absolutely necessary to establish this po...wer of the bank, and furthermore, a credit so firmly established, that the higher rate of interest will act as an inducement to invest and not as a breeder of distrust and an incentive to realize. A further requirement is a system of large and conservative banks that will cooperate, and that, as a mat- ter of fact, cannot afford to abstain from falling in line with the general tendency initiated by the central bank.
With such a system, a panic like the one from which we are just emerging should be impossible.
What to read after The Currency Problem And the Present Financial Situation a Series of Addresses?
You can find similar books in the "Read Also" column, or choose other free books by Edwin Robert Anderson Seligman to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
In Europe the gold reserve and the emergency reserve of the country are kept and managed by the central bank. We have already shown how the government bank acts in protecting the country and in providing for its needs. Let us clearly understand, that without the bank rate, that is, without the ability to regulate the rate of interest in times when the government bank's cooperation is needed, its efficacy would be nil. A system of modern banking paper is absolutely necessary to establish this po...wer of the bank, and furthermore, a credit so firmly established, that the higher rate of interest will act as an inducement to invest and not as a breeder of distrust and an incentive to realize. A further requirement is a system of large and conservative banks that will cooperate, and that, as a mat- ter of fact, cannot afford to abstain from falling in line with the general tendency initiated by the central bank.
With such a system, a panic like the one from which we are just emerging should be impossible.
What to read after The Currency Problem And the Present Financial Situation a Series of Addresses?
You can find similar books in the "Read Also" column, or choose other free books by Edwin Robert Anderson Seligman to read onlineMoreLess
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