“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.”
Quote by Irving Fisher
Author
Irving Fisher
Irving Fisher was an American economist renowned for his work in economics, statistics, and finance. He is celebrated for his contributions to the theory of consumer behavior, the quantity theory of money, and the development of index numbers. Fisher's career spanned several decades, during which he held influential positions in academia and the financial industry. more
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