Beardsley Ruml:Taxes For Revenue Are Obsolete.

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Fed Chairman: "Taxes For Revenue Are Obsolete."

Beardsley Ruml, Chairman of the Federal Reserve Bank of New York stated, "Taxes for revenue are obsolete." Here is the famous paper he read before the American Bar Association during the last year of World War II, reprinted from American Affairs, January, 1946 issue.

As stated by the Editor, "His (Ruml's) thesis is that given (1) control of a central banking system and (2) an inconvertible currency, a sovereign national government is finally free of money worries and need no longer levy taxes for the purpose of providing itself with revenue. All taxation, therefore, should be regarded from the point of view of social and economic consequences."