Monday, January 12, 2015

Antel Fekete talks about "Real Bills" and "Gold Coins"

"Gold coins are the most marketable instruments known to man. Its holder can trade on the best terms possible. Gold bills are the second most marketable instruments. Demand for them is virtually unlimited. Banks overflowing with gold coins scramble to expel them in exchange for real bills, the best earning asset a commercial bank can have. If you bought a house in the 19th century, you would not accumulate gold coins in anticipation of paying the purchase price on closing day. You accumulated real bills with the same maturity."   Professor Antel E. Fekete

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