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Source link: http://archive.mises.org/2366/old-wisdom/

Old Wisdom

August 18, 2004 by

Howard White in 1882: “Credit never brings a cent’s worth of property into existence, except by putting tools and implements already existing into the hands of those who can make use of them, and who could otherwise not obtain them; but, by accomplishing this, it becomes a mighty engine of human progress. All notions implying that credit of itself, in any form whatever, calls wealth into existence by prestidigitation, are fantastic and mischievous.”

{ 1 comment }

Stephen L Hulme August 19, 2004 at 2:32 am

Dear Mr Corrigan

As an avid admirer of your previous musings at Capital Insight, may I respectively recommend a comprehensive and in my view more tantilising expose on the history of money.

The document in question is a German PhD dissertation entitled: “Money upside down – A paradigm shift in economics and monetary theory?” and can be viewed here; http://elib.suub.uni-bremen.de/publications/dissertations/E-Diss601_Dis_Money_upside_down.pdf

Kind regards

Stephen L Hulme

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