Professor Fisher, from Yale University (where known economist George Bush received diploma), was for bank-asset-based india-rubber money in 1913.  By then he was already a learned professor of economics, yet he was so ignorant (but more likely he was just a paid mouth-piece) that he did not know that the unit of measure should not be elastic;  he did not know what people in Congress of the United States knew between 1800 and 1900.

Fisher's statement about in-elasticity and elasticity shows that his diploma was for propaganda purposes ---no one can be as dumb as to believe that the cause of the problems of the previous 50 years is the solution to that problem; except, perhaps, groupies and monetary deformators who are looking for cheer-leaders to idolize.

"First, the legal-tender and Treasury notes should be retired so as to afford a field for a sound and elastic bank-note currency.

"Second, the National banks should be permitted to issue currency without bonded security to the extent of at least sixty per cent. of their capital, redeemable on demand in gold, and circulation on bonded security to any extent that they see fit to deposit bonds.  The free circulation may be issued to them through a central bank, organized for the purpose, on the security of their loans and discounts."

In 1913 the learned Fisher from Yale parroted what the promoters of the Federal reserve wanted him to regurgitate:---

"Now, the greatest problem, it seems to me --the greatest defect in our present system-- is the inelasticity of our banking reserves;  or, to put it another way, the inelasticity of the deposites which are our chief currency in this country, based on those reserves.  As it is now when the bank, which is required to keep 25 per cent reserve, gets down to 25 per cent it is required by law to stop discounting."

"We have an inelastic volume of silver certificates, because that is based on silver purchases that have been completed.  That is more or less unsound.

"Then the unsoundest spot of all is the greenbacks, of which we have $346,000,000 out, the residue of the inflation of the Civil War, and which are compulsorily kept in circulation by the act of May 31, 1878, which, it seems to me, ought to be repealed in connection with your measure."

Why don't you read what Frank Vanderlip had to say on the same occasion ? why don't you derive some monetary wisdom-knowledge from his statements ? he knew a lot more about banking, finances, currency, economics, than you or the greatest economist from Yale:---

"I feel that there are two important things to be accomplished by any legislation-- the mobilization of reserve and the creation of an elastic currency."

In 1912 Irving Fisher from Yale (the only economist Dick has known) came up with a plan for elastic gold dollar ---because money talks, theology walks;  ignorant groupies swallow

"for converting the gold dollar into a composite unit, thus standardizing the dollar.  Such standardization would be effected by increasing or decreasing the weight of gold bullion constituting the ultimate dollar in such a way that the dollar shall always buy the same average composite of other things.

"Every dollar in circulation derives practically its value or purchasing power from the gold bullion with which it is inter-controvertible.  Every dollar is now inter-controvertible with 25.8 grains of gold bullion, and is therefore worth whatever this amount of bullion is worth.

"The very principle of inter-controvertiblity with gold bullion which we now employ could be used to maintain the proposed standardized dollar.  The Government would buy and sell gold bullion just as it does at present, but not at an artificially and immutably fixed price.

"At present the gold miner sells his gold to the mint, receiving $1 in gold certificates for each 25.8 grains of gold, while on the other hand the Jeweler or exporter buys gold of the Government, paying $1 of certificates for every 25.8 grains of gold.  By thus standing ready to either buy or sell gold on these terms ($1 for 25.8 grains), the Government maintains exact parity of value between the dollar and the 25.8 grains of gold.  Thus the 25.8 grains of gold bullion is the virtual dollar.

"The same mechanism could evidently be employed to keep the dollar equivalent to more or less than 25.8 grains of gold, as decided upon from time to time.

"The change in the virtual dollar would be made periodically, or once a month, not by guesswork or at anybody's discretion, but according to an exact criterion.  This exact criterion is found in the now familiar 'index number,' which tells us whether the general level of price is at anytime higher or lower than it was.  Thus, if in any month the index number was 1 per cent above par, the virtual dollar would be increased 1 per cent.  Thus the dollar would be compensated for the loss in the purchasing power of each grain of gold by increasing the number of grains which virtually make the dollar."

By 1936 Irving Fisher showed the world that he understood nothing of real life economic events and completely discredited himself, so the greatest one from Yale refurbished his elastic currency model, this time suggesting that government printing press should be used to underpin the bankers' india-rubber---
but even this wasn't his own idea, he merely borrowed it from William Berry who advenced it in 1913.
the essence of it is that the ever-increasing credit bubble should be furnished, by the government, with an ever-increasing legal tender fractional reserve;  the more the banks inflate, the more the government should print

"But how, at this late stage, is this to be accomplished without deflation ?  Many ways have been proposed.  One of the simplest is that suggested by Professor Angell.  Let the Government, through a "Monetary Commission" or "Monetary Authority" such as proposed by Mr. Vanderlip, or through the already existing Federal Reserve Board, lend the banks paper money enough to bring up their reserves to the required 100% of their then existing demand deposits."

"Another reason why the present time is opportune for adopting the 100% plan is the fact that already most of the business world is off the unmanageable gold standard and on a managed currency standard.  Sweden is the star example.  Even China has decided to adopt a managed currency.  But the great examples are England and Sterlingaria;  they are now virtually using gold as I proposed in 1920 my Stabilizing the Dollar and as Professor Warren proposed in 1933, that is, at a variable price and for international payments only.  Just as, after the Napoleonic Wars, England led the rest of the world to the gold standard, so now she will lead it to a managed currency standard.  And obviously 100% money is, by far, the easiest to manage."

In 1873 --40 years before the FedResAct-- John Sherman (one of the fathers of greenbacks) told you that the aim was:--- bank-asset-based elastic bank-currency;  but could anyone who acquires his monetary wisdom-knowledge from the greatest professor know that ?

In 1833 Mr. Gouge told anyone who was interested in learning about banking that the dream was to turn all assets into credit, and all credit into currency;  but groupies would never dare to go near real monetary knowledge

If you want to give title, Edwin Robert Anderson Seligman (1861-1939), or his father Joseph Seligman (1819-1880), comes to mind long before Fisher, who never comes to mind (except when we think of how wrong he was when it came to real events ---just as wrong as the class-room computer models of enviro theologians).  There is a good reason why Irving Fisher went bankrupt in the 1930s while the real economists, people who understood money and banking, made a bundle.

The problem is that you never learned anything about economics, banking, money;  therefore you don't have pre-requisite knowledge to see through charlatans like Irving Fisher, Ellen Brown, Silvio Gesell, Antoni Migchels, Margrit Kennedy, John Hargrave.  Out of your ignorance you developed this delusion of grandeur that you are able to figure out the Rothschild game plan when you can't even figure out a two-bit mouth-piece from Yale.  If you really could understand the Rothschild game plan you would be a multi-millionaire by now.

________________________
only someone devoid of knowledge would think that the federal reserve concept was not bad from inception;  the whole concept was bad from inception, it did not need some later legislation or practice to ruin it.

Why don't ye two (deep researchers and fanigled experts) look up what this greatest economist from Yale had to say when it came to the real life economics of the roaring twenties and the depressed thirties ?

Irving Fisher was kissing cousin of Montague Norman




Fisher admired the Bank of England's money system so much that he made himself look like Professor Skinner.

In 1932 Fisher from Yale discovered the boom-bust cycle ? (like colonel Sanders discovered that chicken can be fried and he patented it)  and had the audacity to compile a book on it and present it as if some new discovery.  What the fuck kind of student of economics was he if he did not know about it from day one ?

James Garfield was not and did not claim to be
http://www.yamaguchy.com/library/uregina/garfield68.html
a professor of economics, yet he knew about credit bubbles in 1867 (a year after the future greatest one was born)--- you should acquire some knowledge from Garfield, he even talks about the wisdom-knowledge of monetary deformators