Money and Banking

Eventually, every aspect of productive life will be so controlled that capitalist drive and ingenuity will become relics of the past.

Most people would admit to hoarding money only with a tinge of guilt, because to be a hoarder carries with it the suggestion of being a miser—a Scrooge. And yet, every participant in an economy based on indirect exchange holds some amount of money and can be said to be hoarding it; that is, declining to spend it. Hoarding is a strategy for achieving personal goals or for dealing with economic uncertainty.

It makes no sense to say that the major dislocations of the world's economies in the 1930s could have been solved simply by printing up pieces of paper.

"A fall in normal credit (i.e., credit that has an original lender) doesn't alter the money supply and hence has nothing to do with deflation."

India's ancient and deep religious traditions, combined with a plethora of historical, cultural, and practical reasons, have fostered an unflinching desire to acquire gold as a means of protecting one's wealth.

it needs to be noted that the hypothesis of the superneutrality of money is expressive of the empiricist-positivist approach of modelling economics according to the natural sciences.

Fiat money takes this power out of his hands. The consequence is a greater tendency for capital to be wasted.

"Instead of buying up toxic assets, the TARP money was used to partially nationalize the banking industry."

we should jettison our fiat money system in favor of a gold or multicommodity-metal system (such as gold, platinum, silver, and copper). While we're at it, we should jettison fractional-reserve banking in favor of full-reserve banking.

"The reason why inflation is bad news is not because of increases in prices as such, but because of the damage inflation inflicts to the wealth-formation process."