Mopping up excess stimulus money with heavy taxes - from 1903

[Frank Provasek]

Here is an interesting New York Times article from 1903 ....Adobe or
Foxit pdf reader required

http://query.nytimes.com/mem/archive-free/pdf?res=F60B11F9385D16738DDDAE0894D0405B838CF1D3

It's bankers opposing stimulus by issuance of "asset money" (paper
money backed by issuance of bonds rather than backed
by gold.) But they acknowledge that this type of stimulus might be
needed from time to time, but as soon as the crisis is
over, the increased money supply needs to be mopped up with heavy
taxes to prevent inflation down the line. Notice also the
mention of greedy bankers and speculation bubbles as the cause of
market panics. What's different today, is that any attempts
to mop up the extra cash...an 1/4 of 1% excise tax on short term stock
transactions, an excise tax on Wall Street bonuses,
or not extending the "temporary" 2001 tax cuts for billionaries, were
all rejected by a congress that still thinks it would be better
to let the entire country pay for mess through inflation rather than
taxing the people who made fortunes causing the mess.