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A Book for Students of Currency Problems

Mr. H. J. Welch, author of "Money, Foreign Trade and Exchange " (George Allen & Unwin, 4/6) is not an economist or a banker, but he writes with a sounder understanding of the functions and powers of banks than do many professional economists and bankers. His book is short and really consists of three separate essays held together by the fact that all deal with financial problems. It is with the first and longest essay which treats of banking and currency, that we are concerned. Mr. Welch opposes the old delusion, which has enjoyed a revival in recent years, that banks create credit, criticises the MacMillan Committee for its adherence to this view, and shows that "both loans and investments by banks can only be provided and made out of monies deposited by the public and therefore out of assets representing such deposits." In other words, he puts forward the same view as has been consistently maintained in these pages.

Left Extremism - Capitalist Con-trick

Revolutionary socialists are referred to as "left extremists". Indeed society has designed a continuum of shorthand concepts to describe the various ideologies within it. It starts at the fascist "extreme right" and ends with the various parties "to the left" of the Communist Party. We denounce this method of classifying political views. In this society there are only supporters of capitalism and revolutionary socialists. (In fact we should not need to use the adjective "revolutionary" as Socialism by its nature is a revolutionary theory). All who support the economic base of capitalism are simply capitalist supporters and this similarity dissolves all superficial differences between them.

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