Volume 6, No. 4 (Winter 2003) Mainstream writings on monetary policy typically focus on the goals that are assumed to be the goals of monetary altogether and gives way to a description of the technicalities of open market policies, discount rates, reserve requirements, and so on. In the present article, we only through its focus on the production of money. We also take the case of money competition—parallel production and use of several monies—to be the rule rather than
Monetary policy is in turmoil. Ever since the financial crisis erupted eight years ago, major with the support of state interventions, it is possible, within certain limits (competition from other currencies, hyperinflation, etc.), to impose them on the
banks that are endowed with special legal prerogatives to protect them from competition. Central banks are therefore able to produce immaterial fiat money, in It is our hope that the present book will be helpful in assessing the different policy options. However, the main focus of this work is not on economic policy, but
More monetary competition , this is the promising title of Markus Kerber’s new book, in which he the political legitimacy, to go their own ways. Thus the Grexit is an appealing policy option, after all. It opens the prospect of a Gerexit, a Nethexit, a Finexit,
and accountability to the U.S. central bank and “to subject the Fed’s monetary policy and discount-lending actions to an audit by the Government Accounting Office legally protected monopolies are inefficient. Without monitoring, governance, competition, and feedback such organizations make bad decisions and tend to be
could afford to let the costs get out of hand in such a way. Anyone who is in competition has to keep improving. Only those who have a legal monopoly and can make money from nothing have been used again and again to finance state industrial policy and socialist experiments. In the 1970s, British historian Antony Sutton
In his criticism of imperialist policies in the service of socialism, labor-unionism, and the socialist war economy by banal technical considerations. In other words, Mises welcomed the unhampered competition among national territories, which in a free “inter-national” society alone is worthy of a proud nation, that alone would be true national and cultural policy. The means of power and of political rule were in no way necessary for that.
countries as The Theory of Money and Credit .] Mises’s discussion of monetary policy concludes the second part of his book, which deals with the causes and the notes, the salaries of their staffs, etc.). If they do this, the force of competition obliges other lenders to follow their example. Accordingly, it would be
citizens of the United States have to make an important choice. They can support a policy designed to perpetuate our current fiat-money system and the sorry state of prevented the discovery of better coins and coin systems through entrepreneurial competition. Governments frequently intervened in the production of money through
protested.” The present article is a similar protest against the current lockdown policies put into place in most countries of the Western world to confront the services, energy production, security, and food production and distribution. This policy response was apparently coordinated with other European governments. Italy, are hardly ever final. What is crucial is the scientific process , which is a competitive process based on disagreements about the validity and relevance of
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