Thursday, September 25, 2008

Can you have your house and spend it too?

"What remedy is there if we have too little Money?" asked Sir William Petty (the author of Political Arithmetick, designer of an ill-fated high-speed sailing catamaran, and cofounder of the Royal Society) in his brief Quantulumcunque Concerning Money in 1682. His answer, amplified by the founding of the Bank of England in 1694, resonates to this day: "We must erect a Bank, which well computed; doth almost double the Effect of our coined Money: And we have in England Materials for a Bank which shall furnish Stock enough to drive the Trade of the whole Commercial World."

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Posted by Peacedream

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