The last published speeches from Georg Freidrich Knapp. Excerpts translated by Marco Saba from: G.F. Knapp, Einf???hrung in einige Hauptgebiete der National???konomie (Introduction to some major fields of economics, 1925). The text was written when banknotes were not yet officially recognizzed as legal tender. The same principles can be adopted today for the banks' electronic money (a.k.a. deposits) that is not yet recognized as legal tender and is wrongly identified as a irredeemable "liability."
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The last published speeches from Georg Freidrich Knapp. Excerpts translated by Marco Saba from: G.F. Knapp, Einf???hrung in einige Hauptgebiete der National???konomie (Introduction to some major fields of economics, 1925). The text was written when banknotes were not yet officially recognizzed as legal tender. The same principles can be adopted today for the banks' electronic money (a.k.a. deposits) that is not yet recognized as legal tender and is wrongly identified as a irredeemable "liability."
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