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Whether a bank lent one million, ten million, or a hundred millions, they would not permanently alter the market rate of interest; they would alter only the value of the money they issued.
-David Ricardo
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Whether A Bank Lent One Million, Ten

David Ricardo
Whether a bank lent one million, ten million, or a hundred millions, they would not permanently alter the market rate of interest; they would alter only the value of the money they issued.
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Hundred Interest Rate

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To walk in money through the night crowd, protected by money, lulled by money, dulled by money, the crowd itself a money, the breath money, no least single object anywhere that is not money. money, money everywhere and still not enough! and then no money, or a little money, or less money, or more money but money always money. and if you have money, or you don't have money, it is the money that counts, and money makes money, but what makes money make money?
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The lesson for asia is; if you have a central bank, have a floating exchange rate; if you want to have a fixed exchange rate, abolish your central bank and adopt a currency board instead. either extreme; a fixed exchange rate through a currency board, but no central bank, or a central bank plus truly floating exchange rates; either of those is a tenable arrangement. but a pegged exchange rate with a central bank is a recipe for trouble.
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Then came the second amsterdam discovery, although the principle was known elsewhere. bank deposits...did not need to be left idly in the bank. they could be lent. the bank then got interest. the borrower then had a deposit that he could spend. but the original deposit still stood to the credit of the original depositor. that too could be spent. money, spendable money, had been created. let no one rub his or her eyes. it's still being done-every day. the creation of money by a bank is as simple as this, so simple, i've often said, that the mind is slightly repelled.
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If i owned any of these hot new issues that have doubled, tripled, quintupled or umptupled within days and in some cases hours after they were issued, i most certainly would grab my fabulous windfall, thank my lucky stars and invest the money. it's utter nonsense to think any newly issued stock is really worth two, ten or 20 times the [offering] price.... a management so stupid as to sell shares [cheap], and an underwriter so obtuse as not to discern the real value, together would provide reason enough for a sensible man to get rid of his shares.
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When they so-called 'target the interest rate', what they're doing is controlling the money supply via the interest rate. the interest rate is only an intermediary instrument.
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The middle east would always be an important trading partner in just a market sense, like america is a big market for us, asia is a big market, europe is a big market. you are going to have hundreds of millions of consumers there, from just a standard market point of view, from a very narrow american point of view.
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