Measures of the U.S. money stock in current use are flawed precisely because they are not based on an explicit and coherent theoretical conception of the essential nature of money.
No matter the historical era, governments have excelled at one thing: debasing their own currency. Rome was no exception, as Roman government excesses required inflation—lots of inflation.
The fiat monetary system is slowly breaking down, taking the economy with it.
Once upon a time, the USA had sound, reliable money. Then, a small group of "really intelligent" people decided to "improve" it. We know the rest of the story.
The fiat monetary system is slowly breaking down, taking the economy with it.
No matter the historical era, governments have excelled at one thing: debasing their own currency. Rome was no exception, as Roman government excesses required inflation—lots of inflation.
Only Father Time helps us cut through the policy nonsense and understand interest rates conceptually.
While monetary authorities and progressives would like to have a digital currency implemented, it is a backward step for monetary freedom.
One hardly can imagine a better tool of social control than a digital currency. Not surprisingly, U.S. monetary authorities are moving in that direction.
All of the excess of unproductive debt issued during the period of complacency will exacerbate the problem in 2023 and 2024.
