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14 February 1995
With reference to the enclosed articles it
appears that economists are not able to make accurate forecasts. It follows
then that
the manipulation of money and credit will often be erroneous. So
instead of stabilising the economy it could have just the opposite
effect.
Exacerbating both booms and busts and causing misalocation of
resources.
It has been the Universal experience that centrally planned
economics are unworkable and state provisions of goods and services has
been no
where near as efficient as the provision of goods and services in the free
market.
It follows logically that the same reasoning should apply to, the
provision of money and credit. Perhaps this too should be privatised
as it has
been clearly shown that a free market works far better than state control or
state monopolies.
What I'm suggesting is that we have free banking and
the market be allowed to provide money and credit.
For further reference
I suggest the committee read.
1 . The State and the Monetory System by
Kevin Dowd.
- Free
Banking by Duncombe.
- The
theory of Free Banking by George Selgin.
4. The mystery of
banking by Murray Roth Card
A Hoffenberg
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