Abstract: In the end, there can be no credits or purchasing power but that which comes from the production of wealth and services and the putting of these into the course and channels of exchange. It is, at the last, only by freedom of production and freedom of exchange in unrestricted markets that authentic credits can be established as instruments of exchange. It is only in this way—by freedom of production and exchange—that just and rightful purchasing power can be created and maintained. When this truth becomes well understood, it will be practiced; and all the mystery and all the menace of inflation will have passed away.
Keywords: Banking, credit, inflation, deflation, exchange