Money and Banking

it needs to be noted that the hypothesis of the superneutrality of money is expressive of the empiricist-positivist approach of modelling economics according to the natural sciences.

Fiat money takes this power out of his hands. The consequence is a greater tendency for capital to be wasted.

"Instead of buying up toxic assets, the TARP money was used to partially nationalize the banking industry."

we should jettison our fiat money system in favor of a gold or multicommodity-metal system (such as gold, platinum, silver, and copper). While we're at it, we should jettison fractional-reserve banking in favor of full-reserve banking.

"The reason why inflation is bad news is not because of increases in prices as such, but because of the damage inflation inflicts to the wealth-formation process."

Pages 787-799. Narrated by Jeff Riggenbach. 

Pages 775-787. Narrated by Jeff Riggenbach. 

This is old-fashioned redistribution, to sustain the unsustainable.

Modern monetary theory takes up the thread of the traditional quantity theory as far as it starts from the cognition that changes in the purchasing power of money must be dealt with according to the principles applied to all other market phenomena and that there exists a connection between the changes in the demand for and supply of money on the one hand and those of purchasing power on the other.

Recorded at the Mises Circle in Greenville, South Carolina, 3 October 2009.