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Money and BanksGold StandardMoney and Banking
El patrón oro, si no se abusa, no conduce a ciclos de auge y caída.
The gold standard, if not abused, is not conducive to boom-bust cycles.
Money and BanksMoney and Banking
The only reason why the illusion that central authorities can grow an economy appears to be real is because of a still expanding pool of real savings.
It's true that the Fed doesn't directly set a target for money creation. But by setting interest-rate targets, the Fed adopts a de facto policy of money creation.
Creating money out of thin air always sets the boom-bust cycle in motion, even when there's an increase in the demand for money.
To build wealth, we must first build capital and greater productivity. And that depends on savings.