PRIVATE ENTERPRISE MONEY (A Non-Political Money System)
A book By E. C. Riegel, 1944
From the back cover:
"THERE is a fundamental evil of which the convulsion of war is but the dramatic manifestation and of which the nations must be purged before reconstruction can begin.
THIS EVIL IS THE ECONOMIC SIN OF ISSUING MONEY WITHOUT BACKING IT.
Billions upon billions of such unbacked money units are being created by governments and injected into the money stream. This has the same effect upon the politico-economic system as water has upon the food value of milk - it thins it until it will no longer sustain the business system. Hence we are developing economic anemia which is approaching the crisis of world-wide inflation and monetary collapse.
The obvious remedy is to back money. How can this be done? The only way is for the issuer to be prepared to give value in exchange for it when tendered. To do this, a money issuing government must go into the production of goods and services, just as Russia is doing, otherwise it produces inflation and perverts business.
The so-called capitalist governments are destroying business by issuing unbacked money. The Russian government backs its money but prohibits free enterprise. Must business be destroyed by one process or other? By no means. We now have "the book that meets the crisis."
PRIVATE ENTERPRISE MONEY is the first book to master the subject of money and thus solve the capitalist-collectivist enigma. It shows that money is necessarily perversive as a political instrument and that to escape both inflation and communization its issuance must be the exclusive prerogative of private enterprisers who can back their issues with goods and services and thus maintain a sound end stable money system and once and for all remove the threat of communization.
The whole issue between private enterprise end communism turns on the decision whether money shall issue from private enterprise or from government. The die is cast when choice is made between these alternatives. Accept the political money system (as we have up to now) and inflation must come, with collectivism the only escape. Adopt the private enterprise money system, and private enterprise and stable money must prevail."
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