Money is negotiable debts. Monetarist principles have to date largely ignored the supply of new credit and trade credit. High interest rates cause inflation, stagflation and unemployment, but never cure. The author argues that governments use faulty methods for regulating credit and argues the use of credit multipliers. He argues for a rejection of the theory of the investment multiplier because investment can reduce employment, and will lower prices. The productive resources it releases require new credit creation to employ them. The book provides an exciting and unique look at monetary theory based upon the author's comprehensive experience in the world of financial services.

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