OU_160343>5THEROLE OF MONEYWHAT IT SHOULD BE,CONTRASTED WITH WHAT IT HAS BECOMEByFREDERICK SODDYM.A. LL.D. F.R.S. Nobel Laureate(Oxon) ; (Glasgow) ; ;" " "Author Science andin ; ;Chemistry, 1921 of Life Wealth," " "Virtual Wealth and Debt ; versus Man etc., Money ;LONDONGEORGE ROUTLEDGE AND LTD.SONS,CARTER E.C.BROADWAY HOUSE: LANE,68-74J934PRINTED IN GREAT BYBRITAINSTEPHEN AUSTIN AND HERTFORDSONS, LIMITED,CONTENTSCHAP. PAGEI. THE PHILOSOPHIC BACKGROUNDERGOSOPHY iThe The ObsoleteObjective Monetary SystemThe SocialCommunity Standpoint Importanceof of WealthEnergetics Energy TheoryWealth and Calories MarxismErgosophyObsolete Relation between and Govern-Peoplesofments Physical Interpretation History" "The Truth about Materialism The Physical" "of The Doctrine ofOrigin ProgressModern Wars and National DebtsStruggleTabooThe Real The on ScientificStruggleEconomics Wars and Revolutions result fromWealth The theMonetary System impedesFlow.II. THE THEORY OF MONEY VIRTUAL*WEALTH . . . . V 24~ **+ *-. .""What is ? Barter and Barter-CurrenciesMoneyv Bank-Credit The Private IssuePaperof What ValueMoney Monetary Policy givesto ? Two Fundamental MonetaryVirtual Wealth ThePrinciples Community's'* "Credit a Tax BackedCredit moneya Claim towhat does not ExistMoney MoneyThe Price-Level from the Issuer'sMoneya TokennotnowStandpoint Money Tangibletofrom Barter CreditChangeover MoneyThe False was it False ? TheStep Why,,of Issue of ...
OU_160343>5THE
ROLE OF MONEY
WHAT IT SHOULD BE,
CONTRASTED WITH WHAT IT HAS BECOME
By
FREDERICK SODDY
M.A. LL.D. F.R.S. Nobel Laureate(Oxon) ; (Glasgow) ; ;
" " "
Author Science andin ; ;Chemistry, 1921 of Life Wealth,
" " "
Virtual Wealth and Debt ; versus Man etc., Money ;
LONDON
GEORGE ROUTLEDGE AND LTD.SONS,
CARTER E.C.BROADWAY HOUSE: LANE,68-74
J934PRINTED IN GREAT BYBRITAIN
STEPHEN AUSTIN AND HERTFORDSONS, LIMITED,CONTENTS
CHAP. PAGE
I. THE PHILOSOPHIC BACKGROUND
ERGOSOPHY i
The The ObsoleteObjective Monetary System
The SocialCommunity Standpoint Importance
of of WealthEnergetics Energy Theory
Wealth and Calories MarxismErgosophy
Obsolete Relation between and Govern-Peoples
ofments Physical Interpretation History
" "The Truth about Materialism The Physical
" "
of The Doctrine ofOrigin Progress
Modern Wars and National DebtsStruggle
TabooThe Real The on ScientificStruggle
Economics Wars and Revolutions result from
Wealth The theMonetary System impedes
Flow.
II. THE THEORY OF MONEY VIRTUAL
*WEALTH . . . . V 24~ **+ *-
. .
""What is ? Barter and Barter-CurrenciesMoney
v Bank-Credit The Private IssuePaper
of What ValueMoney Monetary Policy gives
to ? Two Fundamental Monetary
Virtual Wealth ThePrinciples Community's
'* "
Credit a Tax BackedCredit money
a Claim towhat does not ExistMoney Money
The Price-Level from the Issuer'sMoney
a TokennotnowStandpoint Money Tangible
tofrom Barter CreditChangeover Money
The False was it False ? TheStep Why
,,of Issue of In-Profit^ Money Money*tfye,.
destructible without! Expropriation.
III. THE EVOLUTION OF MODERN MONEY . 56
The of the GovernmentOrigin RegulationCheque
of books GenuineBanking-VLending Cheque
and Fictitious Loans Current AccountVI CONTENTS
CHAP. PAGB^
is toDeposits Why Cheque Money preferred
The Gold-StandardTokens The Correct
The Credit orProcedure Trade CycleHow
theLosses are Distributed FraudulentMonetary
The Gold Drain The Govern-Terminology
ments Connivance The Cunliffe Committee
Deflation The Abortive Return to Gold True-
blue Treason The Act What is Genuine1928
?Money To-day
IV. MONEY AS IT Now Is . .86
Illusions A Distinction without aMonetary
Difference The Vested Interest in Creating
Market Cash IMoney Open Operations
Banks now Create for Themselves toMoney
Banker as TheSpeHa^The Tax-gatherer Sprat
to catch a Mackerel Banks nogive Security
Whatever The Time-element of TheMoney
Circulation of The Value of orMoney Money
Price-level Some Factors A GrainMonetary
in the Use ofCurrency Economizing Money
now Fallacious Tokens or BookMoney
Credit ? Should now beMoney-lending
Permitted ? of Short-termPhysical Absurdity
Current Accounts and Time-Lending
How the Banker avoids His Owndeposits
Trap.
V. INTERNATIONAL ECONOMIC RELA-
TIONS 116
Embroils the NationsBad InternationalMoney
at Call and Short NoticeBanking Money
How the International Banker rules the World
is National not International DebtMoney
of their Own NationImporters pay Exporters
The Balance of of Loans and
Trader-Effect
The Gold-Repayments Foreign Exchanges
Standard all Nations down to Level ofdrags
Lowest Effect of freeing Foreign Exchanges
Correct Use of Gold.
OF AVI. PHYSICAL REQUIREMENTS
. . .MONEY SYSTEM .135/
in the New Economics There is now noMoney
of Wealth Motive The ExistingShortageVllCONTENTS
CHAP. PAGE
Wealth for Production and forConsumption
Leisure Consumable and WealthCapital
Debts not Con-Capital Repayable Energy
siderations Productive not Distribut-Capital
able under Communism and In-Capital
dividualism All Costs of Production are
Distributed to Consumers for Con-
sumers Production for Producers The
Accumulation of Debts Solution of the Un-
Problem Cost of Pro-employment Increasing
duction not The ofRepayable Quantity Money
cannot be Calculated The Price Index-
determines the of TheQuantity Money
Wasteful Costs of Distribution The Role of
summarized.Money
VII. DEBTS AND DEBT REDEMPTION . 161
An of Power rather than of MachinesAge Money
National Debt DebtsUnrepayable Capital
" "
Conventional Saving
of Constant Price index How theNecessity
Workers Would Benefit ofRegulation Money
Price index A Price index Theby -simple
Statistical Bureau A Reconstituted Mint
Criticism of to NationalizeProposals Banking
Prevention Better than Cure Interest on
Debts If Increment thenlooking Forward,
Decrement Backward Paterson's Interestlooking
Law the Gesell's Ideas ofDiscounting Principal
ItselfMaking Money Depreciate Objections
The of InterestPossibility Arbitrarily Lowering
Rates The Probable Effect in Increasing Capital
Indebtedness DebtStraightforward Redemp-
tion Taxation.by
VIII. THE PRACTICAL .SITUATION .189
Is the New or the Old Economics ?Upside-down
Abundance Second TheFirst, Apportionment
Attitude of the Public towards Costs Govern-
ment Interference in Economics not Helpful
A Evolution ofProgressive Industry Monetary
Reform First The on theExisting System
Horns ofaDilemma TheEconomic ofNecessity
Frontiers Free mean Free TradeExchanges
Feasible.hardlyCompromiseVlll CONTENTS
CHAP. PAGE
IX. HONESTY is THE BEST MONETARY 204
POLICY .....
The of a New Truth ReformSigns Monetary
atHome The U.S.A. Plan ofBegins Synopsis
the ofReform Free thePrinciples Exchanges
The Real Universal ReculerDictatorship
Createmieux sauter Which is topour Lawful,
Theor Wealth? The BritishMoney Way
Real Envoi.Antagonist
BIBLIOGRAPHY . . . .221