Mises Wire

Fiat dollars aren't just an economic and political problem for Americans. The US's money regime enables and strengthens foreign regimes seeking to defraud and deceive their own people.

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.

In this crisis the money supply has already increased far more than during the last crisis. But it's hard to say when this will produce inflation because we're still in the midst of a demand shock and a collapse in oil prices.