Concepts and measures of money supply relate to the supply of ordinary money (M), referring to money, as people generally understand it. Monetarists often distinguish it from what they call the high-powered money (H) while discussing the theories of money supply. […]
Borrowing money is a most dangerous practice whenever any difficulty in the repayment is to be anticipated, that is to say, in the circumstances in which men ordinarily think of borrowing, poor, as a rule, men have recourse to this expedient when their expenditure exceeds their income, or when they wish to spend more than they can earn. […]
Money to a certain extent is power and can do much good and much evil. It may set up a new standard of luxury and extravagance which will excite the emulation of men who cannot afford luxuries, and cause the ruin of some. It may be used as an instrument of corruption and thus become the means of gaining political [...]