who are assiduously seeking to have the similes of bankers, and enjoy their crumbs, seek by might and main to keep the true volume of money a secret to the people. Let this be said as a final fact: Our volume of money is the total value of all monetary investment obligations which may be easily and quickly converted into bank deposits" subject to cheque, plus the hundreds of billions of deposits on the books of banks and all financial institutions. And remember this: there is no more reason for adding the cash in a bank's vaults to the volume of deposits to arrive at its total money supply, than there is to add the possible total of personal cheques which might be written. If you would understand banking, money as it now is and functions, forget about cash, and keep your eye on bank deposits.
The Hoary Lie of Inflation Now let's examine inflation. As an introductory lesson, let's quote a "Professor of Business Administration and Retailing at the American University, Washington, D.C., a Mr. Harold B. Weiss, a former vice-president of Macy's, New York. "Unless, the major economic trend of the last 25 years in this country is reversed, the only free enterprise system left in the world will bleed itself to death. It is not a depression that threatens us; the imminent danger is inflation. . . . We are now caught in a vicious circle. The more the Government spends, the more inflation; the more inflation, the higher are government expenses. Another vicious circle is the continuing increase in labour costs, which bring higher prices, more inflation, then still, higher wages, until the bubble bursts, as it must." He knows that Government spending does not increase money supply. Only government borrowing! The professor is either ignorant of money, economics, and causes and effects, or he is criminally trying to brainwash the people. There is not a grain of truth in a single assertion quoted above. The "professor" leads out the old, jaded nags, Government spending, and Labor greed. Let's look at Government spending. Who is to blame for it? Why must we keep a $32 billion military program going? To protect the labouring masses? The common people? Nay, verily. It is to protect the crowd the