Bachelor of Arts Coe College, Cedar Rapids, I A, 1951. Master of Arts, Doctor of Philosophy University Chicago, 1953, 1956.
Professor, Michigan State University, 1957-1967. Consultant, East European National Income Project, Columbia University, 63. Professor, University Wisconsin, Milwaukee, Wisconsin, United States of America, since 1967.
I believe that I have shown that (1) gold, fiat, and bank money earns to its holders an imputed income and thus is not merely an asset offset by a debt. (2) banks not only intermediate (lend what they have borrowed) but also lend what they have not borrowed. (I came to realise that I have merely rediscovered what Chester A. Phillips had known in 1921 and Joseph Schumpeter in 1936).
(3) as money starts to earn a higher and higher rate of interest, it will be more and more driven out of circulation. (I came to realise that I have merely rediscovered Gresham’s Law). (4) an ‘optimum’ money earning interest via deflation equal to the rate of return on real capital would cause an economic collapse because then nobody would want to hold real assets.
(I came to realise that this had been known to John Maynard Keynes in 1936). And (5) deregulation of the banking industry and the following birth of ‘non-banks’ which supply checkable deposits makes it impossible for Congress to perform its constitutional duty to ‘regulate currency and the price thereof’ — failure to regulate money has always caused a financial collapse. While I believe that these contributions merit attention, nobody else thinks so.
In this volume I appear only as a result of computer blindness. The citations that put me here usually explain how wrong I am. But it has been said that the next best thing to being loved is being hated.
The worst thing is to be ignored. Besides, I know that Emperors hate to be informed about the lack of substance of their clothing.