Thursday, January 29, 2009

Fictitious Capital


"There is no surer source of commercial distress than the creation and extension of fictitious capital; and of an appearance of prosperous trade without the reality, which is the inevitable consequence of a paper currency."

Robert Jenkinson, Great Britain's Prime Minister, 1812-27.

Jenkinson should have known that Corn Laws and repressive thuggery aren't very good for commerce either. Nevertheless, this be a good quote.

(end of post; ignore continue reading statement below)

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