Read online at the Financial Times here (£)
From Mr John Slinger.
Sir, Amid talk of the US Treasury minting a $1tn coin in a bid to mitigate problems relating to the US debt ceiling, readers may find it useful to ponder the words of a truly radical US politician, Abraham Lincoln:
“The government should create, issue and circulate all the currency and credits needed to satisfy the spending power of the government and the buying power of consumers. By adoption of these principles, the taxpayers will be saved immense sums of interest. Money will cease to be master and become the servant of humanity.”
Given that our present masters are currently creating lots of new money (through quantitative easing) but handing it exclusively to the banks, perhaps now is the time to look to the past for some inspiration about how governments can better control money supply in the interests of the people.
John Slinger, Rugby, Warwickshire, UK
NB - My father, David Slinger, pointed first highlighted to me President Lincoln's interesting quotes on money.