Central bankers would have us believe that creating money “out of thin air” is no problem as long as the “demand for money” increases. They also claim that gold-backed money is more prone to booms and busts. But they’re wrong on both counts.
The idea that the state will one day dry up and blow away is an unrealistic fantasy. But that doesn’t mean we shouldn’t be abolitionists. Our goal should always be to seize every opportunity to shrink the State.