Honest money and private property rights are the foundation for a peaceful society. The price system is what makes this work because it reflects the real availability of each scarce product and service, especially during emergency times.
The Fed is essentially a giant counterfeiting machine. That would be criminal for you, but is legal for JPMorgan's men under the Federal Reserve Act written by the big bankers.
Markets find value the best. Government intervention destroys the price signals that markets require. Government cannot create money out of thin air. Time Will Run Back is a novel that begins in a socialist world where no one knows what the economy is doing because there are no prices. Socialism is unraveled.
The core issue is that there is nothing to restrain money creation.
From “Choice in Currency: A Path to Sound Money”; the Mises Circle in Vancouver. Recorded 13 September 2008.
We want to train and motivate the leaders of the future.
This completes the study of money and of the effects of changes in monetary relations on the economic system. Like all commodities, money has its own supply and demand and price: purchasing power. Everyone deals in money.
Praxeology - economics - provides no ultimate ethical judgments: it simply furnishes the indispensable data necessary to make such judgments. Common criticisms of the free market are refuted praxeologically in this chapter. Absolute equality is an impossible goal.
