MONEY OUT OF NOTHING
H> IHK KDITOU Sir, —Some months ago a correspondent, " Critic," threw doubt upon a statement by somebody else that Mr R. G. Hawtrey had agreed that banks create credit out of nothing. Whether Mr Hawtrey has ever used that actual phrase I do not know, but it is worth while drawing attention to the following from " Trade Depression and the Way Out," by Mr Hawtrey:—'' When a bank lends it creates money out of nothing."—l am, etc., C. H. Chapman. Dunedin. February 21.
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https://paperspast.natlib.govt.nz/newspapers/ODT19340223.2.113.3
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Otago Daily Times, Issue 22195, 23 February 1934, Page 10
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87MONEY OUT OF NOTHING Otago Daily Times, Issue 22195, 23 February 1934, Page 10
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