REVIEW OF LOCKE ON MONEY
By Patricius Anthony

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                                                    Last Revised:  07/24/13

REVIEW OF LOCKE ON MONEY

By Patricius Anthony

"Locke on Money" was part of a continuing series of articles that Fr. Fahey wrote for The Irish Rosary of September 1947 (no. 9). He criticizes John Locke's position on money and contends, in part, that Locke overlooked the fact that bankers create money "out of thin air" through the practice of "fractional-reserve banking." Fr. Fahey, among others, considered it immoral, but, unfortunately, the practice continues to this day and is at the heart of the ongoing financial crisis.