The History of Monetary Affairs

Martin: The history of the past 150 or so years has been one of retroaggression. Liverpool made that point very specifically in sometime before they went back on the gold standard, but I was stuck back. A grarian Kentucky came up with this notion. And here is what the Kentuckians said a couple of years ago; bank paper is not capital, but credit. These distinctions have gone by the boards and we see these banks making very, very long dated loans on inherently and necessarily illiquid assets - mortgages and real estate.