No man or group of men — including any group of men calling themselves "the government" — is morally entitled to initiate the use of physical force, the threat of force, or any substitute for force against any other man or group of men. The USA is moving increasingly away from a free-market economy and toward fascist totalitarianism.
This power to create money is what gives the president the chutzpah to go to war without seeking full financing or even much in the way of permission from Congress.
With the cumulative effects of inflation, the face values of our coins no longer has any relation to historic commodity value.
To Mises, freezing money supply did not represent, per se, a desirable money system, even though the consequences derived from it would make such a system appear more in line with a free market economy than the current system of relentless increase in credit and fiat money supply, controlled by the government.
From Speaking of Liberty, as narrated by the author, pp. 57-68.
A book-length manuscript based on notes taken by Bettina B. Greaves during the Mises Seminar in New York in the 1960s.
To answer a reader question, I revisited Rothbard’s transition plan for 100% gold.
The Gold Standard: Perspectives in the Austrian School. Edited with an Introduction by Llewellyn H. Rockwell, Jr.
