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America's Money Machine: The Story of the Federal Reserve - Elgin Groseclose [epub]

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Description

 							
  Elgin Earl Groseclose (1899-1983) was an
American economist, statesman, and author, who was appointed Treasurer-General of Persia by the order of the parliament
of Iran in 1943; he also headed the Persian Relief Commission. He has written other books such as Ararat, Money and Man:
A Survey of Monetary Experience, Introduction to Iran, The Decay Of Money: A Survey Of Western Currencies, 1912-1962,
etc. The first edition (1966) of this 1980 book was entitled Fifty Years of Managed Money; the Story of the Federal
Reserve, 1913-1963.
  
  He poses the question, "If one man may buy in the market only by the exchange of
goods won at the cost of some human labor and effort, while another need only rub the Aladdin's lamp of banking and
thereby draw purchasing power from the air in the form of crisp banknotes, what are the effects upon the prices of goods
in the market, the distribution of ownership of these goods, and the state of contentment or discontentment among the
several classes of the citizenry as they are affected by this process?" (Pg. 37)
  
  He notes that in 1922
the Federal Reserve "quietly began to abandon reliance upon the discount rate as a modifier of the economic climate,"
and began relying more upon open market purchases to force credit into the economy, or to withdraw it. (Pg. 122) He
observes that "there is nothing sacrosanct" about a fixed minimum reserve ratio, and points out that "when confidence is
threatened no reserve requirement short of 100 per cent will meet the bill." (Pg. 245)
  
  He argues against
the "misconception that debt can be a form of money," since "A money system can be erected on nothing less than a
transferable substance of market value, and any system lacking that cannot be called a monetary system." (Pg. 262) He
concludes by proposing a return of the Federal Reserve to "near its original design---as a sort of safety valve against
credit explosions," where credit could be issued only against "short-term, self-liquidating commercial paper." (Pg.
265)
  
  Groseclose's book has a definite "conservative" orientation, but it also provides useful information
that can be of interest to all political persuasions. 						

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