By Lyndon H. Larouche

ISBN-10: 0933488041

ISBN-13: 9780933488045

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As a form for the regulation of the monetary system, what he has in mind principally here is the introduction of a paper currency that is inconvertible and therefore independent of the value of bullion; for as he himself emphasizes, in purely theoretical respects, paper money is the most perfect expression of the very idea of money, even if in reality and in practice it has generally been more or less the opposite. But he points out, and quite rightly so, that if the issuing of a paper currency of this kind were simply left to each individual state, no approximately stable relationship between the values of different countries’ money could endure, and the uniformity in the measure of value and medium of exchange among the different countries, which has been achieved at such great sacrifice in our time, would once more go to waste.

Davidson does not appear to have any real objection to this argument, either; on the other hand, he claims (p. 23) that I recommend that the loan rate of interest be lowered in this case. This must be a misunderstanding. Since a rise in prices sets in here from the start, the banks ought naturally, in my opinion, to raise, not lower their interest rates. And indeed ultimately they are forced to raise their interest rates, often by an excessive amount, but generally too late, perhaps not until the increased quantity of goods has been brought to market and would in itself have the effect of depressing prices.

Davidson appears to subsume under the first, so that here, too, there is complete agreement between his view and mine. In passing, it is precisely this assumption of an absolutely elastic monetary system that I for my part always have up my sleeve as an ultimate, theoretical recourse, even if I do not always insist on it, in order to avoid unnecessary deviations from reality. But now let us assume, in the third case, that the monetary system is not completely elastic (and nor has the quantity of gold increased sufficiently), so that here, the increased quantity of goods would, in itself, have the effect of depressing prices.

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Basic Economics for Conservative Democrats by Lyndon H. Larouche

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