“Suspensions that occurred due to government intervention were always followed by monetary expansion and inflation. The claim that competition among unregulated banks would lead to an explosive money supply and rapid inflation has no support in the historical record and, indeed, inverts the truth that rapid inflations are always associated…...

“The bankers were a decidedly unphilosophical group: during hearings about the 1923 revisions of the Bank Act and the Finance Act, the general manager of the Canadian Bank of Commerce and vice-president of the Canadian Bankers’ Association testified that he had never heard of the quantity theory of money,...

“To finance war expenditures, the government relied in part on inflation.”…...

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