Here are yet more forgotten links - this time by one Alfred Mitchell-Innes, and one Arthur Kitson. They both make many shockingly modern points about monetary operations - shocking only because they were ignored and/or actively suppressed for so long. Some points they obviously miss, but what they caught 100 years ago are still unknown to most citizens today.
Still shocking to see how much of this was known that long ago, yet NOT widely disseminated - or at least not widely acknowledged or accepted.
The work from the same period of Fischer, Rutherford, Curie, Pavlov, Koch, Cajal, Ehrlich, Röntgen, Thomson, Michelson, van der Waals, Bragg, Kipling, Maeterlinck, Teddy Roosevelt, Poincaré, Planck, Kelvin, Boltzmann, Einstein, etc is taught in most highschools. Why aren't analyses of MONETARY OPERATIONS equally highlighted?
There's nothing more limiting to an economy, electorate and nation than to remain ignorant about the nature of "coin, credit and circulation."
'The Credit Theory of Money' (1914)
Arthur Kitson, 1860-1937
Unemployment : the cause and a remedy / by Arthur Kitson. (London : C. Palmer, )
Kitson economics articles in Popular Science, 1890-1892
Thomas Edison Questions Arthur Kitson
"The Bank of England inflicts more trade damage on British industry than all the trade tariffs of the world combined."
(hat tip to "Paul", from comments to a recent post)
After reading these, an analogy comes to mind.
Monetary operations is to economics as engineering is to physics or chemistry?
If so, we need a separate academic field devoted to monetary operations. It's clearly lacking, and that ignorance is chronically debilitating our economy. Not many physicists can build a bridge or power plant, no matter how much theoretical knowledge they have. Yet they're all we talk to when setting fiscal policy.
If this were physiology, monetary ignorance would be considered as terrifying as drug-resistant tuberculosis, malaria or smallpox - regardless of how much we knew about genetics or cellular biology or biochemistry. In response, we'd be vaccinating students before age 10 and draining every swamp of ignorance in sight. We'd also be quarantining virulent pathogens (e.g., ignoring the quacks, & prosecuting the frauds propagating criminogenic contexts).
Together, these provide very interesting commentary. Makes one wonder how to define an operational field dedicated to regulating Control Fraud. We're lacking that too. In regards to incompetent or fraudulent monetary operations, there seems to be a pattern.
1903 - Trust Busting, onset of Dept Commerce, etc
.....(the Empire gradually strikes back, goes back to gold std)
1933 - Leaving the Gold Standard (again)
....(the Empire gradually strikes back; reinstating a quasi gold std)
1973 - Closing the last Inter-Gov Gold Window
.....(the Empire gradually strikes back, significantly de-regulating everything coordinated since 1903)
20?? - Downsizing the Financial Sector to Automatic Stabilizer status ?
.....(we better hope so)
30?? - A fully OpenSource electorate finally realizes that everything invented harms as much as helps until it is regulated ASAP to Public Purpose and policy of competing nation states.
40?? Our born-Open-Source electorate further realizes that every fully-provisioned electorate generates far more innovations and options than it has means to quickly & wisely select from? At that point, we'll pass an inflection point. We'll go from simply generating innovations & hoping some fraction get noticed - to investing in catalysts specifically for improving the fraction of our innovations that actually get tested. Even then, we only realize that our Output Gap is infinite, and practically defined only as what the majority can already see we could but aren't achieving.
While there are many details to sift through, there are a few, key concepts that can be described, visualized and taught through simplified models & neural-net visualizations. The few things we need to do are not complex, only subtle.