Money and Banking

From the book What Has Government Done to Our Money? Narrated by Jeff Riggenbach.

Recorded at Mises University 2006.

With the cumulative effects of inflation, the face values of our coins no longer has any relation to historic commodity value.

Economist Brad Setser (Director of Research, Roubini Globa

Everybody worries about inflation these days. It’s chic. It’s trendy. And it gives me a great comeback to the boss at raise time.

Loan banking is non-inflationary. Interest rates on loans are merely reflective of price spreads. All speculation, on the free-market, is self-correcting and speeds adjustment, rather than cause economic trouble.

Barter – direct exchange- is inefficient because of the lack of a double coincidence of wants. Some third medium was sought to solve this. It is called money. Exchanges are not equal, they are win-win, with each party gaining more than he is giving or the exchange would not be made.

Mike Shedlock gives a rather Austrian-flavored explanat

I suppose that I wasn’t entirely aware of how hard-core Henry Hazlitt was on the gold question until re-reading

According to this UPI article, Will Smith is gearing up to make G