Even Milton Friedman—who never supported gold as money—admitted that a monetary system based on gold would “take care of itself.” Instead, our money is created and manipulated by the politicized hand of government and is based on theft.
From an Austrian perspective, the Panic of 1893 provides key lessons, but this consequential panic has not received as much direct attention as it deserves.
From an Austrian perspective, the Panic of 1893 provides key lessons, but this consequential panic has not received as much direct attention as it deserves.
Ever since independence more than 40 years ago, Zimbabwe has been wracked with socialism, inflation, and corrupt political leadership. Yet, there is a way forward for the nation, if Austrian Economics can be in its future.
As government continues to engage in reckless actions from inflation to starting wars, people develop shorter time horizons, creating social vacuums. Increased gambling and other irresponsible behaviors then fill the void.
As government continues to engage in reckless actions from inflation to starting wars, people develop shorter time horizons, creating social vacuums. Increased gambling and other irresponsible behaviors then fill the void.
The deflationary processes have greatly benefited households and businesses under the current fiat dollar standard in recent decades, even though their natural operation has been partially and deliberately stifled by the Fed’s inflationary monetary policy.
The Continentals and other paper monies only temporarily retained some value largely because of an initial promise of future redemption in gold and silver—a monetary “bait-and-switch.”
Great Britain’s Labour government continues to pursue the ruinous policies of inflation and out-of-control spending, all in the name of promoting economic growth. They will get stagflation instead, and then blame the entire problem on capitalism.
The Continentals and other paper monies only temporarily retained some value largely because of an initial promise of future redemption in gold and silver—a monetary “bait-and-switch.”
