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When goods are exchanged between countries, they must be paid for by commodities or gold. They cannot be paid for by the notes, certificates, and checks of the purchaser's country, since these are of value only in the country of issue.

Carroll Quigley

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Carroll Quigley
Age: 66 †
Born: 1910
Born: November 9
Died: 1977
Died: January 3
Historian
Journalist
Literary Critic
Professor
Boston
Massachusetts
Must
Gold
Certificates
Paid
Commodities
Value
Commodity
Issues
Checks
Since
Goods
Values
Notes
Purchaser
Cannot
Issue
Purchasers
Country
Countries
Exchanged

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Each central banksought to dominate its government by its ability to control Treasury loans, to manipulate foreign exchanges, to influence the level of economic activity in the country, and to influence cooperative politicians by subsequent economic rewards in the business world.
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