Synopses & Reviews
THE ROLE OF MONEY WHAT IT SHOULD BE, CONTRASTED WITH WHAT IT HAS BECOME By FREDERICK SODDY M. A. Oxon LL. D. Glasgow F. R. S. Nobel Laureate in Chemistry, 1921 Author of Science and Life Wealth, Virtual Wealth, and Debt Money versus Man etc. LONDON GEORGE ROUTLEDGE AND SONS, LTD. BROADWAY HOUSE 68-74 CARTER LANE, E. C. J 934 CONTENTS CHAP. PAGE I. THE PHILOSOPHIC BACKGROUND ERGOSOPHY i The Objective The Monetary System Obsolete The Community Standpoint Social Importance of Energetics Energy Theory of Wealth Ergosophy Wealth and Calories Marxism Obsolete Relation between Peoples and Govern ments Physical Interpretation of History The Truth about Materialism The Physical Origin of Progress The Doctrine of Struggle Modern Wars and National Debts The Real Struggle The Taboo on Scientific Economics Wars and Revolutions result from Wealth The Monetary System impedes the Flow. II. THE THEORY OF MONEY VIRTUAL WEALTH . . . . V 24 . - . What is Money Barter and Barter-Currencies v Paper Money Bank-Credit The Private Issue of Money Monetary Policy What gives Value to Money Two Fundamental Monetary Principles Virtual Wealth The Communitys Credit Credit money a Tax Backed Money Money a Claim to what does not Exist The Price-Level Money from the Issuers Standpoint Money not now a Tangible Token Changeover from Barter to Credit Money The False Step Why was it False The Profit, , of tfye, . Issue of Money Money In destructible without Expropriation. III. THE EVOLUTION OF MODERN MONEY . 56 The Origin of the Cheque Government Regulation of Banking-VLending Cheque books Genuine and Fictitious Loans Current Account VI CONTENTS CHAP. PAGB Deposits Why Cheque Money is preferred to Tokens The Gold-StandardThe Correct Procedure The Credit or Trade CycleHow the Losses are Distributed Fraudulent Monetary Terminology The Gold Drain The Govern ments Connivance The Cunliffe Committee Deflation The Abortive Return to Gold True blue Treason The 1928 Act What is Genuine Money To-day IV. MONEY AS IT Now Is . .86 Monetary Illusions A Distinction without a Difference The Vested Interest in Creating Money Open Market Operations Cash I Banks now Create Money for Themselves to SpeHa The Banker as Tax-gatherer The Sprat to catch a Mackerel Banks give no Security Whatever The Time-element of Money The Circulation of Money The Value of Money or Price-level Some Monetary Factors A Grain Currency Economizing in the Use of Money now Fallacious Money Tokens or Book Credit Should Money-lending now be Permitted Physical Absurdity of Short-term Lending Current Accounts and Time deposits How the Banker avoids His Own Trap. V. INTERNATIONAL ECONOMIC RELA TIONS 116 Bad Money Embroils the Nations International Banking Money at Call and Short Notice How the International Banker rules the World Money is National not International Debt Importers pay Exporters of their Own Nation The Balance of Trader-Effect of Loans and Repayments The Foreign Exchanges Gold-Standard drags all Nations down to Level of Lowest Effect of freeing Foreign Exchanges Correct Use of Gold. VI. PHYSICAL REQUIREMENTS OF A MONEY SYSTEM . . . .135 Money in the New Economics There is now no Shortage of Wealth Motive The Existing CONTENTS Vll CHAP. PAGE Wealth Consumption for Production and for Leisure Consumable and Capital Wealth Capital Debts not Repayable Energy Con siderations Productive Capital not Distribut able Capital under Communism and Individualism All Costs of Production are Distributed to Consumers Production for Con sumers Production for Producers The Accumulation of Debts Solution of the Un employment Problem Cost of Increasing Pro duction not Repayable The Quantity of Money cannot be Calculated The Price Index determines the Quantity of Money The Wasteful Costs of Distribution The Role of Money summarized. VII. DEBTS AND DEBT REDEMPTION ...
Synopsis
This book attempts to clear up the mystery of money in its social aspect. With the monetary system of the whole world in chaos, this mystery has never been so carefully fostered as it is to-day. And this is all the more curious inasmuch as there is not the slightest reason for this mystery. This book will show what money now is, what it does, and what it should do. From this will emerge the recognition of what has always been the true r le of money. The standpoint from which most books on modern money are written has been reversed. In this book the subject is not treated from the point of view of the bankers-as those are called who create by far the greater proportion of money-but from that of the PUBLIC, who at present have to give up valuable goods and services to the bankers in return for the money that they have so cleverly created and create. This, surely, is what the public really wants to know about money.