In researching a piece on QE, I found this from Mises’ Socialism, which can stand alone for the moment. Here, by “inflation”, Mises means an increase in the money supply, which causes price rises. For Mises, “Destructionism” is the socialist strategy of tearing down the existing order in the hope […]
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Debauching the Currency
In the course of writing a presentation on bank reform, I rediscovered this from Keynes’ The Economic Consequences of the Peace: Lenin is said to have declared that the best way to destroy the capitalist system was to debauch the currency. By a continuing process of inflation, governments can confiscate, […]
Read MoreA critique of monetarism
At The Telegraph, Ambrose Evans-Pritchard calls for a further extension to our binge: Tight fiscal policy offset by ultra-loose money is the only option for Europe, the US, and Japan. At The Cobden Centre, Professor Kevin Dowd says that Calls for further monetary expansion are cuckoo, and James Tyler, Chief […]
Read MoreNew Labour and quantitative easing
In the course of scheduling a series of articles for The Cobden Centre on the Theory of Money and Credit, I found this quote which seems apposite after our recent spell of “quantitative easing”, the injection of new money into the economy, also known in some circles as inflation of the […]
Read MoreInflation’s Moral Hazard by Theodore Dalrymple, City Journal Summer 2009
But asset inflation—ultimately, the debasement of the currency—as the principal source of wealth corrodes the character of people. It not only undermines the traditional bourgeois virtues but makes them ridiculous and even reverses them. Prudence becomes imprudence, thrift becomes improvidence, sobriety becomes mean-spiritedness, modesty becomes lack of ambition, self-control becomes […]
Read MoreRoots of the Crisis | FreedomWorks
The roots of the crisis from a United States perspective: To understand today’s financial crisis, you must understand the long history of government interference and subsidies for housing and housing debt. Since the New Deal, the federal government has passed law after law attempting to shape U.S. housing markets. The […]
Read MoreInflation as a nation’s salvation?
From mises.org, “hilarious and horrific propaganda” demonstrating that dumbing-down is not as new as some like to think: A better explanation is available here.
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