What is really stopping a much-needed change is public ideology. So long as the political system encourages the idea that government is the savior of mankind, the solver of all human problems, the machine that will bring freedom to the world through tanks and bombs, we are going to have the problem of monetary instability.
From the book What Has Government Done to Our Money? Narrated by Jeff Riggenbach.
With the cumulative effects of inflation, the face values of our coins no longer has any relation to historic commodity value.
Economist Brad Setser (Director of Research, Roubini Globa
Everybody worries about inflation these days. It’s chic. It’s trendy. And it gives me a great comeback to the boss at raise time.
Loan banking is non-inflationary. Interest rates on loans are merely reflective of price spreads. All speculation, on the free-market, is self-correcting and speeds adjustment, rather than cause economic trouble.
Barter – direct exchange- is inefficient because of the lack of a double coincidence of wants. Some third medium was sought to solve this. It is called money. Exchanges are not equal, they are win-win, with each party gaining more than he is giving or the exchange would not be made.
