The New Socialism
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In our eReader you can find the full English version of the book. Read The New Socialism Online - link to read the book on full screen. Our eReader also allows you to upload and read Pdf, Txt, ePub and fb2 books. In the Mini eReder on the page below you can quickly view all pages of the book - Read Book The New Socialism
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Those who have been initiated into the methods of finance and banking, however, know that such is not the case, and that if everybody were to be seized sud- denly with a desire to have gold instead of the paper currency issued by the banks, only about five per cent or seven per cent of the amount of paper could be re- placed by gold. When this has been made clear to him, he may possibly be able to understand the gigantic monopoly which the banks enjoy. The govern- THE NEW SOCIALISM 43 ment gran...ts them their charters on certain conditions, varying slightly in different countries, but always amounting to the same thing in the end. They are empowered to issue paper money secured to a small percentage by government bonds or a reserve of gold, from fifteen to twenty-five per cent being the general rule.
That is to say, the government issues bonds on which it undertakes to pay interest. The interest upon these bonds constitutes a tax upon the whole nation. The banks purchase these bonds and collect the in- terest, and with these as security proceed to issue paper money, which in turn is loaned to the people at a much higher rate of interest.
What to read after The New Socialism?
You can find similar books in the "Read Also" column, or choose other free books by Harold a Russell to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
Those who have been initiated into the methods of finance and banking, however, know that such is not the case, and that if everybody were to be seized sud- denly with a desire to have gold instead of the paper currency issued by the banks, only about five per cent or seven per cent of the amount of paper could be re- placed by gold. When this has been made clear to him, he may possibly be able to understand the gigantic monopoly which the banks enjoy. The govern- THE NEW SOCIALISM 43 ment gran...ts them their charters on certain conditions, varying slightly in different countries, but always amounting to the same thing in the end. They are empowered to issue paper money secured to a small percentage by government bonds or a reserve of gold, from fifteen to twenty-five per cent being the general rule.
That is to say, the government issues bonds on which it undertakes to pay interest. The interest upon these bonds constitutes a tax upon the whole nation. The banks purchase these bonds and collect the in- terest, and with these as security proceed to issue paper money, which in turn is loaned to the people at a much higher rate of interest.
What to read after The New Socialism?
You can find similar books in the "Read Also" column, or choose other free books by Harold a Russell to read onlineMoreLess
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