Thursday, September 13, 2012

Marriner Eccles tells us how to end the crisis — Thorvald Grung, Central Bank of Norway

Marriner Eccles was Chairman of the Federal Reserve under President Franklin D. Roosevelt.This note consists of excerpts from an address he gave to the US Senate’s Committee on Finance in 1933 before he was called to Washington for public service by FDR. The original address contained in the Congressional Records has been reduced from over thirty pages (including questions and answers) to only three pages here that contain his essential message. The address has been edited by Thorvald Grung Moe, Visiting Scholar at Levy Economics Institute. Some parts have been slightly modified to fit the current time and crisis. Additions or alteration to the text has been marked by square brackets. All original figures used by Eccles in the address have been inflated by a factor of 16.4 according to the official US CPI index.
New Economic Perspectives
How to End the Crisis
By Marriner S. Eccles
(via e-mail from Thorvald Grung, Central Bank of Norway)
posted by Stephanie Kelton

1 comment:

Matt Franko said...

"When this is accomplished, and not before, can the Government hope to balance its budget and our people regain their standard of living"

'Ya just 'gotta love those balanced budgets....

"The interest rate should not exceed the amount which the Government is required to pay for its own funds."

"Required" by whom??? The "bond vigilantes"????

Eccles misses the mark here.

rsp,