100% Money

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Endorsed by F. A Hayek, it is one of the most important works on 100 percent banking ever written. Perhaps today’s economists at the Fed should take a look.

From the preface to the first edition:

The revival now of this ancient 100% system, with the readjustments demanded by modern conditions, would effectually restrain the monetary inflation and deflation incident to our present system; that is, would actually stop the irresponsible creation and destruction of circulating medium by our thousands of commercial banks which now act like so many private mints. For these and other reasons, the 100% system would be a great boon, even to bankers.

That this is true is recognized by a few bankers who have studied the economic effects of the system under which they now operate and who see that the 100% system would largely save them from great depressions.

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