Oswald W. Knauth

February 1944
New Republic;2/28/44, Vol. 110 Issue 9, p269
Focuses on the fiscal program of chairman of Federal Reserve Bank of New York, Beardsley Ruml. Need for a balanced budget proposed by Ruml; Innovation of Ruml that he builds his tax structure around the principle of increasing the effective demand for goods rather than the encouragement of business profits; Discussion of Ruml's paper on National Fiscal Policy; Acceptance of the thesis that purchasing power affects the industrial structure in various ways according to the source from which it springs; Demand for consumption ensures the most rapid circulation of currency; Condemnation of excise tax because they remove purchasing power from the control of that part of the community which would bring it most rapidly into circulation.


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