If two parties, instead of being a bank and an individual, were an individual and an individual, they could not inflate the circulating medium by a loan transaction, for the simple reason that the lender could not lend what he didn't have, as banks can do. Only commercial banks and trust companies can lend money that they manufacture by lending it.

Irving Fisher

Categorized in : Simple Party Commercial Banks

Stock prices have reached what looks like a permanently high plateau. I do not feel there will be soon if ever a 50 or 60 point break from present levels, such as (bears) have predicted. I expect to see the stock market a good deal higher within a few months.

point-break depression looks

Stocks have reached what looks like a permanently high plateau. by Irving Fisher

Stocks have reached what looks like a permanently high plateau.

money depression funny

Our society will always remain an unstable and explosive compound as long as political power is vested in the masses and economic power in the classes. In the end one of these powers will rule. Either the plutocracy will buy up the democracy, or the democracy will vote away the plutocracy.

political class long

Thus, our national circulating medium is now at the mercy of loan transactions of banks, which lend, not money, but promises to supply money they do not possess

banking historical promise

The effort of the economist is to "see," to picture the interplay of economic elements. The more clearly cut these elements appear in his vision, the better; the more elements he can grasp and hold in his mind at once, the better. The economic world is a misty region. The first explorers used unaided vision. Mathematics is the lantern by which what before was dimly visible now looms up in firm, bold outlines. The old phantasmagoria disappear. We see better. We also see further.

effort cutting math

There may be a recession in stock prices, but not anything in the... by Irving Fisher

There may be a recession in stock prices, but not anything in the nature of a crash.

crash may depression

How much there is I want to do! I always feel that I haven't time to accomplish what I wish. I want to read much. I wanted to write a great deal. I want to make money.

wish want writing

The end of the decline of the Stock Market will probably not be l... by Irving Fisher

The end of the decline of the Stock Market will probably not be long, only a few more days at most.

economic depression long

The nation is marching along a permanently high plateau of prospe... by Irving Fisher

The nation is marching along a permanently high plateau of prosperity

prosperity nations

The U. S. is headed toward a period of business depression... beginning within the next two years, which may exceed that which preceded the War. ... The only thing that will save us is a new gold policy or the discovery of a new process or additional gold fields. If the fall [of gold production] is not prevented by design or accident we shall throttle business, wringing out all profits and experiencing all the evils of deflation.

discovery war fall

The public psychology of going into debt for gain passes through several more or less distinct phases: (a) the lure of big prospective dividends or gains in income in the remote future; (b) the hope of selling at a profit, and realizing a capital gain in the immediate future; (c) the vogue of reckless promotions, taking advantage of the habituation of the public to great expectations; (d) the development of downright fraud, imposing on a public which had grown credulous and gullible.

income psychology expectations

The real scientific study of the distribution of wealth has, we must confess, scarcely begun. The conventional academic study of the so-called theory of distribution into rent, interest, wages, and profits is only remotely related to the subject. This subject, the causes and cures for the actual distribution of capital and income among real persons, is one of the many now in need of our best efforts as scientific students of society.

best-effort income real

The rate of interest acts as a link between income-value and capi... by Irving Fisher

The rate of interest acts as a link between income-value and capital-value.

income finance links

FISHER SEES STOCKS PERMANENTLY HIGH by Irving Fisher

FISHER SEES STOCKS PERMANENTLY HIGH

great-depression

For the immediate future, at least, the outlook (stocks) is brigh... by Irving Fisher

For the immediate future, at least, the outlook (stocks) is bright.

great-depression economic depression