Inflation

There's more saving and less spending. This would bring deflation, but there's a catch: we're making less stuff, which means more money chasing fewer goods.

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.

If we choose to break the state monopoly of money and allow private digital currencies to compete, a myriad of different solutions will emerge to serve a myriad of different needs.

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.

If we choose to break the state monopoly of money and allow private digital currencies to compete, a myriad of different solutions will emerge to serve a myriad of different needs.

Like during the 1930s, governments are turning to new programs and schemes that will only prolong the crisis and makes things worse.

Bad theories have a long life in the social sciences, and the crude quantity theory of money is one that refuses to go away.

Like during the 1930s, governments are turning to new programs and schemes that will only prolong the crisis and makes things worse.

The new Keynesian recommendation for monetary policy is to “stabilize the growth of aggregate demand.” In plain language this means that the monetary authorities should never stop flooding the economy with paper money.

Bad theories have a long life in the social sciences, and the crude quantity theory of money is one that refuses to go away.