So the reason I went to Rome in 1993 after coming up with the idea that governments don't
default in their own currency because all they're doing is spending first then collecting later. And that the securities
function for interest rate maintenance... And a paper came out of that called Soft Currency
Economics. And afterwards I ran into Randy and Bill and Pavlina. And then they all
started looking up the history of these
ideas. So it's interesting because we came up with the ideas
first and then found the history afterwards. Which is not necessarily, normally the way things work. So we then
discovered Lerner; we discovered Knapp; we discovered Innes; and now we just discovered
somebody last week, Rumel, is that his name?
{Yeah} from 1946. Federal Reserve president New York said the same thing we've been saying about quantitative easing.
So we notice things; we see how they work and then we go back in history and find reasonably prominent
people who've said the same thing. Secretary of the Treasury, Memminger, from the Confederacy said
the same thing about how currency worked and explained that's how he was going to set it up. So what happens is I think historians
who don't know how the currency works don't find these things because they're not looking for them. You find you have to have
enough knowledge of what you... when you're looking at something about circumstances to be able to
recognize something is of economic value.
