Quote the Wikipedia Jon Law's
"real bills doctrines":
The real bills doctrine holds that issuing money in exchange for real bills is not inflationary.[citation needed] It is best known as "the decried doctrine of the old Bank Directors of 1810: that so long as a bank issues its notes only in the discount of good bills, at not more than sixty days’ date, it cannot go wrong in issuing as many as the public will receive from it.'"[citation needed] This theory is in opposition to the Quantity Theory of Money proposed by Irving Fisher which states that "Money supply has a direct, positive relationship with the price level."[citation needed]
K. I clicked on his "real bills doctrine". By saying "at not more than sixty days date" is he saying our fiat money is actually option notes on "real bills". If that's what it's saying then I feel like I learned something new today.
