local_fire_department Inflation
Monetary inflation and loss of purchasing power
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"We see by experience that in France, where money is scarcer than in Spain, bread, wine, cloth, and labour are worth much less. And even in Spain, before the discovery of the Indies, goods and labour were much cheaper than they are today, for the reason that there was then much less money."
menu_book Comentario Resolutorio de Cambios (Commentary on Exchange)
View Full Quote"The crisis did not hit us despite the presence of our monetary and financial authorities. It hit us because of them."
menu_book Deflation and Liberty
View Full Quote"We should not be afraid of deflation. We should love it as much as our liberties."
menu_book Deflation and Liberty
View Full Quote"Paper money has never been introduced through voluntary cooperation. In all known cases it has been introduced through coercion and compulsion, sometimes with the threat of the death penalty."
menu_book The Ethics of Money Production
View Full Quote"The boom can last only as long as the credit expansion progresses at an ever-accelerated pace. The boom comes to an end as soon as additional quantities of fiduciary media are no longer thrown upon the loan market. But it could not last forever even if inflation and credit expansion were to go on endlessly. It would then encounter the barriers which prevent the boundless expansion of circulation credit. It would lead to the crack-up boom and the breakdown of the whole monetary system."
menu_book Human Action: A Treatise on Economics
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Deflation and Liberty
A challenge to the mainstream view that deflation is harmful, arguing that falling prices are a natural and beneficial feature of a free market eco...
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