Central Banks

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Joshua Mawhorter

When governments go to war, the nation’s monetary system usually descends into the pit of inflation. The War of 1812 was no exception, and its monetary excesses led to the Panic of 1819.

Frank Shostak

Some economists believe that the balance of payments is what determines currency exchange rates. In fact, exchange rates are always about the purchasing power of some currencies relative to others.

Frank Shostak

Government efforts to expand “aggregate demand” involve new spending and money creation. In reality, these activities destroy wealth in the name of expanding it.