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“Professor Fekete has written often about the real bills doctrine, describing real bills as ‘self-liquidating credit’.
This element in Menger’s monetary thought separates him from later members and descendants of the Austrian school, and especially from protagonists of the free banking school.
Although the Austrian school of Economics is known for its economic liberalism, it is doubtful that its founder shared the passion of its later members for the principle of governmental non-intervention.”For those familiar with the Austrian School of Economics the canons of libertarianism do not seem to be consistent with Ikeda’s conclusion.
A more marketable good will purchase a larger array of goods than a less marketable good.”“The foregoing fallacy survives today in the notion that the Federal Reserve should use easy monetary policy to lower interest rates to target levels consistent with full employment.
For just as the real bills doctrine calls for expanding the money stock with rises in the needs of trade, so does the interest targeting proposal call for increasing the money supply when the market rate of interest rises above its target level-this monetary expansion continuing until the rate disparity is eliminated.”By now most students of the vague discipline of Economics should be confused. Antal Fekete, his position that real bills exist independent of a central bank, is noted.
Understanding the real bills doctrine is essential to understanding why irredeemable currency cannot function as money.
First, let us look at the Mengerian definition of ‘money’.
Whether the Social Credit Monetary Theory, the construct of the Real Bills Doctrine, or any other conceptual method designed to implement a monetary system, has a major hurdle to overcome.
The controllers of finance and credit write the rules and impose the aftermaths on the rest of us.
A central bank’s paper money is backed by the assets of that central bank—usually government bonds.Tags: Adult Dating, affair dating, sex dating