This prescient 1913 report, commissioned by the Federal Reserve Bank of San Francisco and written by financier Paul Moritz Warburg, argues that fiscal and monetary policy are the key determinants of a nation's creditworthiness. Warburg calls for a standardized system of fiscal accounting and credit evaluation to ensure financial stability and international economic cooperation. His proposals were influential in the formation of the Federal Reserve System and remain relevant to discussions of global monetary policy.

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