Dec 13, 2020

Lord Liverpool on paper money

The tendency of an inconvertible paper currency is to create fictitious wealth - bubbles - which, by their bursting, create inconvenience. 

~ Lord Liverpool, 1818

(This comment was made "on the eve of Britain's returning to the gold standard after the paper money interlude of the Napoleonic wars," according to Jim Grant.  Grant cited this quote during his podcast on September 26, 2020.)



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