The Economic Culture of Boom and Bust
Recorded at the 2003 Supporters Summit: Prosperty, War, and Depression.
(29:32)
Recorded at the 2003 Supporters Summit: Prosperty, War, and Depression.
(29:32)
Many believe that if governments would just issue greater quantities of money then all problems would be solved. In truth that would create unsurmountable problems by lowering the purchasing power of each money unit. Money is the one good that is not made better by increasing its supply.
Recorded at the 2003 Supporters Summit: Prosperty, War, and Depression.
(24:29)
Recorded at the 2003 Supporters Summit: Prosperty, War, and Depression.
(25:00)
One of the most difficult things to understand about banking is how money is created out of thin air. Current commercial bank liabilities are immediate. The banks do not have the reserves to redeem all demand notes. Thus, banks are inherently insolvent. But, government has eliminated runs on banks. Banks are not allowed to fail when they are mismanaged.
Professor Roger Garrison discusses Time and Money at the 2002 Austrian Scholars Conference.