Today’s national money regimes bear no resemblance to Mises’s sound-money principle. The quantity and quality of money is no longer a free-market phenomenon; it is determined by government-controlled central banks. To prevent governments from misusing their coercive power in monetary affairs, two “institutional arrangements” have been put into place. First, central banks have been made politically independent to prevent politicians from trying to trade off benefits resulting from an inflation-induced, short-term, cyclical upswing against the medium- to long-term costs resulting from the debasing of the means of payments.

Read Full Story

Related posts:

1. The sound of a bad penny
2. New Money Museum Exhibit, “A House Divided: Money of the Civil War,” to Open Oct. 9
3. Following money trail of early history of Texas
4. U.S. Must Modify Paper Money to Accommodate Blind
5. Follow the Money
6. Auburn’s Northwest Territorial Mint is a real money maker
7. 2009 Money Show of the Southwest Educational Seminar DVD’s Now Available
8. Need Money? 5 Steps To Sell Right.
9. ANA and PNG to Sponsor Official Pre-Show At 2011 World’s Fair of Money in Chicago
10. New Standard Catalog of World Paper Money Available