arthur kitson evidence macmillan committee 1930
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Arthur Kitson - Minutes of Evidence Committee On Finance and Industry - Arthur Kitson and W.H. Bolton representing the Economic Freedom League gave evidence to the Committee on Finance and Industry on May 15 1930. the whole thing - gold - Kitson tells us how the money creation process works then debates Keynes and the gang - THIS IS A MUST READ Kitson is the only person to appear before that MacMIllan Committee that also appeared before the Cunliffe Committee. pg 349 - 20. The system of creating bank loans has produced a curious anomaly which reveals the weakness of the financial system in practice. Credits and debts are the positive and negative aspects of wealth, yet both rank equally as a basis for interest charges; War loans being an outstanding example of interest bearing debts. 5207. Chairman: You have given us a discourse on many of the ideals which you cherish, but our report has to be out, we hope, within a reasonable time, and must conform more or less to the disabilities of the present un-ideal world. What we should like to know from you is, whether you have anything to suggest, compatible with the limitations of the present system, which would, in your opinion be helpful. Quite frankly, you would not expect us to make our recommendations on the lines of the document which you put in. Please do not think I am speaking personally in he least. I quite understand that you hold legitimately hold certain views about the present system being wrong. You may think the present system of society is wrong, and probably do; many people do; but given the situation as we find it, businessmen have to conform to the conditions in which they happen to find themselves. You would not expect this Committee to report in terms of the document you put in, would you? - Well, I don see why they should not. Of course, you must have an ideal to work to, if humanity is to reach a higher plane.TRANSCRIPT
