Land-based spells bring crises
Although John Law's name is now associated with the 18th century South Sea Bubble, the problem he wanted to solve was the same that central banks are struggling with today: "How much money and credit can be created without bringing about inflation, destabilizing the economy, or destabilizing the international financial system?" Law's proposal then was that a "land-collateralized" note issue would be the solution.
-Article by Reuven Brenner
Read full article: Asia Times, January 26, 2013