Real bills doctrine

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Beliefs and thought

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What Wikipedia says

The real bills doctrine says that as long as bankers lend to businessmen only against the security (collateral) of short-term 30-, 60-, or 90-day commercial paper representing claims to real goods in the process of production, the loans will be just sufficient to finance the production of goods.

Excerpt from the Wikipedia article “Real bills doctrine”, under the CC BY-SA 4.0 license. Read the article on Wikipedia