Show Walter Valter Lippman And Inflation By L. L A A. Hollenbeck Walter Valter Lippman is an able writer writ writ- er on economics and yet et he seems to have poor logic part of the time For such an able man to tobe tobe tobe be glaringly wrong on money opens l him im to suspicion that he might be working for the theVan Wall Van WallStreet Street crowd He said lately If you issue one or two billions more money it wont won't make malte any appreciable appreciable difference with the level of prices He says The proof of I this tills is that we have nearly a billion billion billion bil bil- bil- bil lion more currency now than in 1929 and prices are much lower A currency which would really raise prices would have to be such an enormous in inflation inflation inflation in- in that it would be lable Well Vell we may have more money issued per capita now than we hadin h had hadin d din in 1929 but where is it It isn't in the hands of the people It is In the vaults of the big banks The big banks cant can't lend it Nobody Nobody No No- body has any security until after money is put in circulation The banks cannot supply the cIrculation circulation circulation tion because they ar are already loaded down with frozen assets and they would not loan for the purpose of making more frozen assets for that would be piling disaster on disaster So we had hada a vast lot of money in circulation in 1929 and in hi 1933 we have very little If money were issued and I then shoved back Into the vaults there to remain it cant can't be counted count count- ed cd as money it must be put in circulation before It becomes money money money mon mon- ey money means money in lation If a tree falls in a solitude solitude solitude soli soli- tude with no person or animal to hear it it makes no noise it makes sound waves but the waves are not noise noise is merely the effect of sound waves upon the mind conveyed to it through the ear we call that sensation noise Money is the effect of a circulating circulating circulating ing medium on the business of the country merely country merely an effect Money in a vault used as storage is not money money money-it it is trash It has a potential potential potential po po- possibility but in a depression depression de de- de- de it is elusive as a jack o 0 lantern If the government would pay payoff off the bonus of 2 2 1 billion dollars it would make malte about 18 per capita for the people of this country Everybody would pay his debts and they would deposit the mone money in banks and check on the banks Property and commodities commodities commodities com com- would rise In values then this money laid away in the vaults would crawl out and go into action action ac ac- ac tion because prices and securities i would not be frozen We need this money in circulation anyway and the soldiers' soldiers bonus should beI be paid and thus get rid of the debt I Walter Valter Lippman and the whole sound money gang are wrong |