Thursday, 24 July 2014

Monthly Archives June 2012

The Cultural and Spiritual Legacy of Fiat Money

Posted by Gonzalo Schwarz
June 29, 2012

by Jörg Guido Hülsmann The notion that inflation is harmful is a staple of economic science. But most textbooks underrate the extent of the harm, because they define inflation much too narrowly as a lasting decrease of the purchasing power of money (PPM), and also because they pay scant attention to the concrete forms of inflation. […]

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Dinner is Served

Posted by Gonzalo Schwarz
June 29, 2012

What Happens When the Government Grows Tired of Waiting for the Eggs to be Laid? The Goose With the Golden Eggs Written by Ralph J. Benko “…and thinking to get at once all the gold the Goose could give, he killed it and opened it only to find nothing.”Many wise aphorisms got their start, in […]

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Teach Your Children to Understand Sound Money

Posted by Gonzalo Schwarz
June 28, 2012
in Books

There is a good reason why so many accept the legal tender fiat money regime here in America when only 80 years ago it took the threat of imprisonment to get many to give up their sound money: you will never be taught about sound money, real money, in government schools. And it is a difficult […]

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Fiat Money Kills Productivity

Posted by Gonzalo Schwarz
June 27, 2012

From Azizonomics: I have long suspected that a money supply based on nothing other than faith in government is a productivity killer. Last November I wrote: During 1947-73 (for all but two of those years America had a gold standard where the unit of exchange was tied to gold at a fixed rate) average family income […]

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Is Greater Productivity a Danger?

Posted by Gonzalo Schwarz
June 27, 2012

To go along with the previous post which points out that Total Factor Productivity growth has decreased in the era of pure fiat money, here is a reminder: Low productivity is bad. I know, that seems obvious to anyone who reads this site, but unfortunately a reminder seems necessary for some… From Mises.org: by David […]

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It Ain’t So, Joe

Posted by Gonzalo Schwarz
June 26, 2012

by Kurt Schuler Commenting on the appearance of the 100th issue of the Journal of Economic Perspectives, its founding editor, Joseph Stiglitz,remarks (page 22) that a diversity of perspectives is “especially important in a field known for having certain orthodoxies—orthodoxies that dominate for a while and then fade, making the profession sometimes look less like a science than it would […]

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