Inflation

Thanks to central banks, people now believe the myth that it is possible to shut down the economy and everything will be fine if we just print a lot of new money.  

The conventional view is that new money creation is no problem so long as the demand for money is increasing. The conventional view is wrong.

There's more saving and less spending. This would bring deflation, but there's a catch: we're making less stuff, which means more money chasing fewer goods.

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.

If we choose to break the state monopoly of money and allow private digital currencies to compete, a myriad of different solutions will emerge to serve a myriad of different needs.

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.

If we choose to break the state monopoly of money and allow private digital currencies to compete, a myriad of different solutions will emerge to serve a myriad of different needs.

Like during the 1930s, governments are turning to new programs and schemes that will only prolong the crisis and makes things worse.

Bad theories have a long life in the social sciences, and the crude quantity theory of money is one that refuses to go away.

Like during the 1930s, governments are turning to new programs and schemes that will only prolong the crisis and makes things worse.