Think Freely Media presents Common Sense with Paul Jacob

Vera Smith

Scottish bank note

“A central bank is not a natural product of banking development. It is imposed from outside or comes into being as the result of Government favours. This factor is responsible for marked effects on the whole currency and credit structure which brings it into sharp contrast with what would happen under a system of free banking from which Government protection was absent.”

Vera C. Smith, The Rationale of Central Banking (1936)

By: Redactor

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