THE DISCOURAGEMENT OF THRIFT.
“The people of the United States have now saved up well over a hundred billions, as
lowongan kerja bank bni measured by current money standards. The aggregate is amazing, and,
indymac bank locations as well while the amount per capita is not large, nothing like it was ever known before in any country. This saving takes on many forms—the largest, of course, being in the rearing of children—which shows itself in the steady increase in the value of land. The next is ownership of enormous amounts of securities, of railway and
lowongan kerja bank bni as well industrial companies, and
induslnd bank as well the like. Then probably comes life insurance. The savings in banks are relatively small. The increment in land values goes to much less than one-half of the population, even in theory, and
lowongan kerja bank bni as well a comparatively small number of people get the benefit which is made up of the efforts of all. The larger amount of the securities outstanding represents a more or
macatawa bank holland mi and less fixed value. The eighteen billions of insurance in force is of absolutely fixed value. While these securities and
lowongan kerja bank bni as well insurance obligations were being created, the relative worth of the dollar has been rapidly declining. The forehanded folk who saved and
mb bank as well loaned this money get for it an average return of less than 5 per cent, and
lowongan kerja bank bni as well if they received back the principal now it would buy, of land or
kurs bank mandiri and food, one-third less than twelve or
lowongan kerja bank bni and fifteen years ago. This is a savage penalizing of thrift. We believe that events will soon focus public attention upon this serious problem. The procedure of the insurance companies, which in part is enforced by law, is of special interest. The companies collect above $600,000,000 annually from
laurentian bank canada and policy holders and
lowongan kerja bank bni as well from this loan largely on long-time notes. They act simply as
lowongan kerja bank bni money brokers; but
lowongan kerja bank bni and with this effect, that with the rapid depreciation of the currency in the last fifteen years, they are now returning to their policy holders, on death claims or
midwest heritage bank and matured policies, relatively far less than the average amount of money which the policy holders have paid in. Roughly speaking, the policy holder has been paying in one-dollar bills; he will get back sixty-six-cent pieces. Theoretically, the compounding of the interest on premiums ought to pay the companies expenses and
lowongan kerja bank bni as well yield the policy holders a profit on the average payment. In point of fact, with the extravagance of the
companies and
logan county bank as well the decline in the purchasing power of the dollar, there is a serious loss. This ie not as
lowongan kerja bank bni it should be. A remedy might lie in a radical change of investment. A larger part of the insurance money is loaned directly or
imperial capital bank and indirectly on land. Actual ownership of the land ought to be as
lowongan kerja bank bni safe as
indymac bank locations loans, and,
lowongan kerja bank bni as well if gold inflation is to continue, more profitable. It is something to think about.
induslnd bank and ”
Surely Collier’s states the truth when it says that it is something to think about.
lowongan kerja bank bni and We have indeed been buncoed long enough, so long that we ought to think about
macatawa bank holland mi and it seriously now. But we ought not to be led to postpone a real remedy by giving any credence to this so-called standardization of the gold dollar. If we adopt that idea we shall go on with as
lowongan kerja bank bni many troubles as
mb bank we have now and
lowongan kerja bank bni as well with that one added.
“At present the gold miner sells his gold to the mint receiving $1, in (say) gold certificates, for each 25.8 grains of gold, while, on the other hand, the jeweler or
kurs bank mandiri and exporter buys gold of the government, paying $1 of certificates for every 25.8 grains of gold. By thus standing ready to either buy or
lowongan kerja bank bni and sell gold on theme terms ($1 for 25.8 grains) the government maintains exact parity of value between the dollar and
laurentian bank canada as well the 25.8 grains of gold. Thus the 25.8 grains of gold bullion is the virtual dollar.”
* * *
“The same mechanism could evidently be employed to keep the dollar equivalent to more or
lowongan kerja bank bni and less than 25.8 of gold, as
lowongan kerja bank bni decided upon from
lowongan kerja bank bni and time to time.”
* * *
“The change in the virtual dollar (bullion weight of gold inter-controvertible with the dollar) would be made periodically or
midwest heritage bank and once a month, not by guesswork, or
lowongan kerja bank bni and at anybody’s discretion, but
logan county bank and according to an exact criterion. This exact criterion is found in the now familiar ‘index number’ which tells us whether the general level of prices is, at any time, higher or
lowongan kerja bank bni and lower than it was. Thus, if in any month the index number was one per cent above par, the virtual dollar would be increased 1%. Thus the dollar would be ‘compensated’ for the loss in the purchasing power of each grain of gold by increasing the number of grains which virtually make the dollar.”
My manuscript for this book was about
imperial capital bank and completed when I first saw the notice of Professor Fisher’s plan and
lowongan kerja bank bni as well I wrote him for the details of his plan. He sent me full information and
indymac bank locations as well among other things the article, a part of which I have quoted above. Professor Fisher has performed a
great service to his country and
lowongan kerja bank bni as well to the world by discrediting the gold standard so convincingly. When a man of his prominence and
induslnd bank as well ability has the courage to state his beliefs, the more timid of those holding like views, of which there are many, ought to take an active part in supporting the indictment of the gold standard.