“Fiat Money and Collective Corruption”

February 21, 2012

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“There is no means of avoiding the final collapse of a boom brought about by credit expansion. The alternative is only whether the crises should come sooner as the result of a voluntary abandonment of further credit expansion, or later as a final and total catastrophe of the currency system involved.” Ludwig Von Mises in Human Action

The masses allow this process by succumbing to false promises. “By virtue of their connection with definite parties and pressure groups, eager to acquire special privileges, [court intellectuals] become one sided. They shut their eyes to the [long term] consequences of the policies they are advocating. With them nothing counts but the short run concern of the group they are serving. The ultimate aim of their efforts is to make their clients suffer at the expense of other people.”

“The belief that a sound monetary system can once again be attained without making substantial changes in economic policy is a serious error. What is needed first and foremost is to renounce all inflationist fallacies. This renunciation cannot last, however, if it is not firmly grounded on a full and complete divorce of ideology from all imperialist, militarist, protectionist, statist, and socialist ideas.”

Fiat Money and Collective Corruption

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