“It guarantees unfailing purchasing power where it is most needed-among the countless producers of raw commodities.”

— Benjamin Graham

Source: World Commodities and World Currencies (1944), Chapter X, Commodity Unit Stabilization, p. 114
Context: We have introduced the monetary factor not by necessity but by choice. Its advantages are obvious. Self-financed commodity units are not only interest free, but free also from dependence upon credit conditions. They are a step-desirable, it seems to us-in the direction of a goods economy as distinct from a money economy; but this step is taken without violence by merely identifying basic goods with money. It guarantees unfailing purchasing power where it is most needed-among the countless producers of raw commodities.

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Benjamin Graham64

American investor 1894–1976

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“It guarantees unfailing purchasing power where it is most needed-among the countless producers of raw commodities.”

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