Some 110 years ago, Carl Menger, the first Austrian economist, remarked that, “Even at this day we have no satisfactory theory of money.” While path-breaking discoveries in economics have furthered our knowledge and understanding of money during the past century, the diffusion of this knowledge has been limited to intellectuals and small enclaves of Austrian thinking. When talking of the popular press and the conservative and liberal economic commentators, Menger’s maxim holds equally true today. [FULL ARTICLE]
Source link: http://blog.mises.org/2077/the-pervasiveness-of-monetary-socialism/
The Pervasiveness of Monetary Socialism
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Excellent article. Fiat currency is truly amazing, people act as if it were ordained by God, Himself.
Mises’ Regression Theorem shows that the government could not have simply issued non-value backed fiat from the get go. Initially it was backed by gold or silver, commodities with market value. How did we get from a value backed currency to the non-value backed fiat we have today? Through deception, no less. The government in 1963 simply removed seven critical words from the notes: “WILL PAY TO THE BEARER ON DEMAND”, while retaining the distinct likeness of the original notes. This was fraud, plain and simple.
This deception is well documented in the book “Money – Ye shall have honest weights and meausres” by James Ewart. Here is the web site for it: http://www.principiapub.com/PReviews.html
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