By Irving Fisher
Article via Irving Fisher (1936), Professor Emeritus of Economics, Yale college, urges Congress to take again the Constitutional cash strength, redeem the nationwide debt, require banks' call for deposit to be a hundred% liquid, to keeping off an inelastic mortgage constitution that bursts, leaving frozen loans in the back of, and stay away from 'Global monetary Crises." brief biography by means of Michael Schemmann.1867
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Extra info for 100% Money and the Public Debt
S. government went through a slow process of evaluating what should be done. It took time for a consensus to emerge. Generally, ofﬁcials were reluctant to confront Japan directly, although the United States wanted to make clear its displeasure with the invasion of China. During 1938, American ofﬁcials decided to assist China to help the country hold out against the Japanese. Pierson supported this course of action and worked closely with American ofﬁcials in the Treasury, Commerce, and Agriculture Departments, as well as with the Commodity Credit Corporation and the Reconstruction Finance Corporation.
Adams, p. 252–3. 40 2 world war and its aftermath introduction During World War II and in its aftermath, the Export-Import Bank showed itself to be a remarkably ﬂexible and resilient institution. The volume, scope, and complexity of its activity increased rapidly in these years. When war broke out in Europe in 1939,1 the Bank to that point principally ﬁnanced the export of surplus agricultural products and aided manufacturers to meet overseas competition. During World War II, the Bank’s focus narrowed essentially to dealing with Latin America.
Pierson and his Bank colleagues never confronted the Department of State in the aggressive manner that Peek did. But Peek’s departure did not guarantee altogether smooth relations. Hull and his departmental associates continued to view the Bank as an institution that required close attention. At ﬁrst, they worried that the Bank might hinder American foreign policy goals, especially in Latin America. State Department ofﬁcers thwarted Ex-Im efforts whenever they believed they came in conﬂict with the larger objectives of the Roosevelt administration’s foreign policy.
100% Money and the Public Debt by Irving Fisher