The reason being the pricing of the loan, or interest rate, is subject to the Fisher effect (Irving Fisher
, 1930), arising directly from the so-called Fisher equation, to wit, interestnominal= interestreal + inflation expectations, which is the template for all equations in finance.
, a distinguished Yale University economics professor in 1929, predicted, "Stock prices have reached what looks like a permanently high plateau." Three days later, the stock market crashed.
As late as October 15 that year, a euphoric Irving Fisher
, the well-known Yale University economist, declared that equities had reached a "permanently high plateau".
She describes the often heroic efforts of Marx, Engels, Alfred Marshall, Beatrice and Sydney Webb and the American Irving Fisher
to put those insights into actions - with revolutionary consequences for the world.
By extension, any nominal debt contract denominated in Bitcoin would rise in real value over time, leading to the kind of debt deflation that economist Irving Fisher
believedprecipitatedthe Great Depression.
A Fisher the statistician, eugenicist and geneticist but Irving Fisher
, the progressive economist who in 1912 said: "Equality of wealth is an unstable condition and, even if once established, would not endure, because of the unequal forces of thrift, ability, industry, luck and fraud...
Back in 1929, Irving Fisher
, a much-heeded economist, predicted days before one of the most famous stock market crashes in history that stocks had hit a "permanently high plateau."
Commons, Simon Patten, and Irving Fisher
coming under scrutiny.
In Irving Fisher
's view, a gambler seeks and takes risks which it is not necessary to assume; whereas the speculator is one who merely volunteers to assume those risks of business which must eventually fall somewhere.
Listen, instead, to Irving Fisher
(no relation of mine) in his 1933 essay "The debt-deflation theory of great depressions" [Fisher 1933], as he parses the causes of "great disequilibrium":
Carroll (1850s), Frederick Soddy (1934), the authors of the Chicago Planv (1) (1933), Irving Fisher
(1936), Ludwig von Mises (1953), Murray Rothbard (1962), Maurice Allais (1999), and a number of other economists and authors.
The second element of the Chicago Plan would establish an independent governmental monetary authority (which Irving Fisher
called a "Currency Commission"), which would be the sole source of money-creation, acting under a legally defined standard about the extent of monetary issuance.