True welfare and value can only be achieved through exchange when it is fully voluntary. When the state intervenes to "improve" trade, it destroys value, all the government stats notwithstanding.
On behalf of everyone at the Mises Institute, we wish you a very happy, healthy, peaceful, and productive New Year! In this talk, Murray Rothbard reflects on the past while looking to the future of peace and free markets in our society.
Devaluation means monetary expansion. The resulting bubble is misinterpreted as the success of devaluation. There ensues a disastrous race to the bottom.
