Monetary Theory

An ever-growing diversion of real wealth toward government nonproductive programs runs the risk of further weakening the ability of the United States to generate real wealth.

"The essence of 'immediate convertibility' is the difference between what Austrians call a claim transaction or warehouse receipt, like a demand deposit, and a credit transaction, like a time deposit."

"Governmental taxation provides one mean by which fiat money could come into existence."

"Nothing has been easier than to treat with contempt all the legislative provisions for the protection of the monetary standard. All governments, even the weakest and most incapable, have managed it without difficulty."

"We are in a frightening state of affairs, where the government feels the need to commit acts of aggression, through the use of tariffs and quotas, as means of 'economic defense'."

"Class interest led him almost always to the side of the smaller political unit against encroachment by the larger, because the greater the power of local self-government, as a rule, the better for the producer and the worse for the exploiter."

It is time to challenge head on the nonsense of the Phillips Curve, Keynesianism, and inflationary theft, and all the rest.

But if the government itself prints additional dollars, then it is legal and it increases the quantity of money. And this is the monetary problem. Apart from the fact that this brings about a very bad situation for those people who were not receivers of the new additional money, because they have not received more money, they now face higher prices.

Ultimately, the Keynesian's deficiency comes down to their lack of capital theory, which eventually leads them to believe in a very disjointed monetary theory.

Printing up money and lowering the value of all dollar-denominated assets while simultaneously benefiting political friends and accomplices is sure