Thomas Edison’s Quixotic Plan for a New Monetary Policy
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Oct. 23 (Bloomberg) -- During the sharp recession of 1921-1922, Thomas Edison turned from making innovative consumerproducts to reinventing the U.S. monetary system.
He was driven to economics by a sincere desire to be usefulin a crisis and by his friend Henry Ford. Ford had proposed thatthe federal government issue paper dollars -- effectively zero-interest bonds -- to finance the completion of the Wilson Dam onthe Tennessee River, which he would then buy from thegovernment. Ford took Edison to the dam site, and Edison wasimpressed with the proposal.