Without a monopolist central bank, market forces would restrain the issuance of bank notes. But once central banks monopolize money creation, wealth is systematically transferred to the central bank and the privileged few who are favored by the state.
Henry David Thoreau left behind many great admonitions. Alas, philosophical gems are not legal tender when rent is due.
In order to produce capital goods, and hence more consumer goods, we must first forego current consumption. That is, we must save now to have more later.
The saddest aspect of this economic ignorance is that these evangelicals have completely ignored the real reductions in poverty rates in the past forty years, reductions that are due to liberalizing economies that once were in socialist straitjackets.
Marx believed truth could only be fully understood by a certain socioeconomic class. Ludwig von Mises disagreed.
The saddest aspect of this economic ignorance is that these evangelicals have completely ignored the real reductions in poverty rates in the past forty years, reductions that are due to liberalizing economies that once were in socialist straitjackets.
Mises knew: “Mass unemployment destroys the moral foundations of the social order. The young people…forced to remain idle, are the ferment out of which the most radical political movements are formed."
Measures of wealth inequality overstate actual inequality in terms of the standard of living of wealthy people relative to the rest.
Mises knew: “Mass unemployment destroys the moral foundations of the social order. The young people…forced to remain idle, are the ferment out of which the most radical political movements are formed."
