Honest Money by Gary North

Author:Gary North [North, Gary]
Language: eng
Format: epub
ISBN: 978-1-61016-193-0
Publisher: Ludwig von Mises Institute
Published: 2011-11-06T16:00:00+00:00

Summary

All this happens because people accept it when the State grants itself a monopoly over money. The politicians violate Biblical principles, but nobody protests. The State’s money system is eventually destroyed. So are those who have become dependent on it.

The State step by step violates these principles:

1. The State at most is supposed to certify the honesty of money: weight and fineness.

2. The State then violates the principle of economic freedom: allowing people to buy and sell on their own terms: it makes private coins illegal.

3. The State claims for itself an economic monopoly that it cannot be trusted to possess.

4. The State in the ancient world used the coinage to propagandize the public (false religion).

5. The State misuses the trust of the people.

6. The State becomes an official debaser of the metal coinage: adding cheap metal (“dross”) to the precious metal.

7. These new, “dross” coins add to the number of monetary units in use.

8. People then bid up the price of goods and services, since they have more money to spend.

9. Price inflation begins to erode people’s faith in the money.

10. The modern State uses paper money to hide, and then speed up, the debasement process.

11. The State has imposed an invisible tax: inflation.

12. Economically and morally, there is no difference between private counterfeiting and public counterfeiting.

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