Tim B on Nostr: Another note about ce tral banks in germany by Marx and Engels: 10. A state bank, ...
Another note about ce tral banks in germany by Marx and Engels:
10. A state bank, whose paper issues are legal tender, shall replace all private banks.
This measure will make it possible to regulate the credit system in the interest of the people as a whole, and will thus undermine the dominion of the big financial magnates. Further, by gradually substituting paper money for gold and silver coin, the universal means of exchange (that indispensable prerequisite of bourgeois trade and commerce) will be cheapened, and gold and silver will be set free for use in foreign trade. Finally, this measure is necessary in order to bind the interests of the conservative bourgeoisie to the Government.
10. A state bank, whose paper issues are legal tender, shall replace all private banks.
This measure will make it possible to regulate the credit system in the interest of the people as a whole, and will thus undermine the dominion of the big financial magnates. Further, by gradually substituting paper money for gold and silver coin, the universal means of exchange (that indispensable prerequisite of bourgeois trade and commerce) will be cheapened, and gold and silver will be set free for use in foreign trade. Finally, this measure is necessary in order to bind the interests of the conservative bourgeoisie to the Government.