To avoid runaway inflation we must have the resolve and the will to cease the inflationary expansion of credit, and to force the Federal Reserve System to stop purchasing assets, and thereby to stop its continued generation of chronic, accelerating inflation.
A money-substitute can be embodied either in a banknote or in a demand deposit with a bank subject to check (”checkbook money” or depos
"Only savings can allow for sustainable economic growth."
These increases may not show up in the price of US financial assets, but they will rear their ugly heads at the gas pump and grocery checkout.
Economic theory suggests that unaccountable, legally protected monopolies are inefficient.
Politicians, bureaucrats, regulators, modern financial commentators, Nobel Prize–winning economists and central bankers have proven they lack any knowledge of what money is and what causes business cycles.
"Good government" seems to involve reckless spending by Washington, endless printing at the Fed, and bailout after bailout.
Let us send a delegation to Hades to resurrect Ludwig von Mises, Thomas Jefferson, John Locke, and Aristotle to replace the corrupt, debased politicians we now have.
Unfortunately, welfarist ideas are still careening down the highway with as much dangerous momentum as was the case when Röpke was still alive.
