We may neglect dealing with the economic effects of a general tendency of money prices and money wages to drop.3 For there is no doubt that what we have experienced over the last hundred years was just the opposite, namely, a secular tendency toward a drop in the monetary unit's purchasing power, which was only temporarily interrupted by the aftermath of the breakdown of a boom intentionally created by credit expansion. If it is possible to avoid the total annihilation of a nation's freedom and culture by a temporary abandonment of sound money, no reasonable objection can be raised against such a procedure. It is easy to comprehend how under such circumstances even the least tenable objections raised by the advocates of inflationism remained unanswered. They are negative as they are designed to obviate an evil, namely omnipotence of the police power, and to prevent the state from becoming totalitarian.
It is permissible to call a policy of intentional inflation dishonest as the effects sought by its application can be attained only if the government succeeds in deceiving the greater part of the people about the consequences of its policy. The main problem of an inflationary policy is how to stop it before the masses have seen through their rulers' artifices. Tax ID# 52-1263436, History of the Austrian School of Economics. Private ownership of the means of production tends to shift control of production to the hands of those best fitted for this job and thus to secure for all members of society the fullest possible satisfaction of their needs. There is, however, a political argument in favor of inflation that requires special analysis.

Remember, you must credit us/provide attribution when using our sounds/music in your work.

It is the real outcome of measures falsely labeled pro-labor. Modern cryptodespotism, which arrogates to itself the name of liberalism, finds fault with the negativity of the concept of freedom. There were treatises on catallactics which dealt only incidentally and cursorily with monetary matters, and there were books on currency and banking which did not even attempt to integrate their subject into the structure of a catallactic system.1 Finally the idea evolved that the modern doctrine of value, the subjectivist or marginal utility doctrine, is unable to explain the problems of money's purchasing power.2. The potato grower aims at higher prices for potatoes. If a man cannot sell his labor at the price he would like to get for it, he must lower the price he is asking for it or else he remains unemployed. These scraps of paper are the more appreciated the more stable their price is in terms of an ounce of gold. What warrants success in a fight for freedom and civilization is not merely material equipment but first of all the spirit that animates those handling the weapons. The full-employment argument in favor of inflation was already behind the times at the very moment when Keynes and his followers proclaimed it as the fundamental principle of progressive economic policies. They go on in the routine they acquired in non-inflationary periods.

But such a boom is bound to end in a slump, in a depression.

Books that are skeptical with regard to the official doctrines are not widely bought by the libraries or used in courses, and consequently publishers are afraid to publish them.

A magic word spoken by the government creates out of nothing a thing which can be exchanged against any merchandise a man would like to get.

Spending the newly created fiat money, the government can buy the equipment the armed forces need. True, it substituted fiat money in the domestic markets for sound money and favored the material interests of some individuals and groups of individuals at the expense of others. 52 Tracks … The elected executive no longer deems himself the people's mandatory; he turns into a führer. Download "Money money money money song" Sound: Download Sound.

Whether there is inflation or not, the material equipment required by the armed forces must be provided out of the available means by restricting consumption for non-vital purposes, by intensifying production in order to increase output, and by consuming a part of the capital previously accumulated. They reject the democratic way of persuading the majority. The demand for constitutional guarantees and for bills of rights was a reaction against arbitrary rule and the nonobservance of old customs by kings.
What prevents our country from fully enjoying the advantages of a low-interest-rate policy, says the economic isolationist, is its adherence to the gold standard. A nation, they say, can be menaced by evils which are incomparably more disastrous than the effects of inflation. What all the enemies of the gold standard spurn as its main vice is precisely the same thing that in the eyes of the advocates of the gold standard is its main virtue, namely, its incompatibility with a policy of credit expansion.

Violent aggression can be thwarted only by armed resistance and repression. First of all there is need to remember that the gold standard did not collapse. What the foes of the gold standard are asking for is not to reverse a prevailing tendency in the determination of prices, but to intensify very considerably the already prevailing upward trend of prices and wages. They know very well that the exchange ratios between different commodities vary. It was an experience that … Its undisturbed functioning must be safeguarded by continuous preparedness to repel aggressors. The oldest and most naive version is that of the allegedly insufficient supply of money. What those authors who speak about the rules of the gold-standard game have in mind is not clear. But the position of gold as the world's standard is impregnable. Of course, everybody who advocates inflation does it because he infers that he will belong to those who are favored by the fact that the prices of the commodities and services they sell will rise at an earlier date and to a higher point than the prices of those commodities and services they buy.

These enthusiasts do not see that the working of inflation is conditioned by the ignorance of the public and that inflation ceases to work as soon as the many become aware of its effects upon the monetary unit's purchasing power. Such institutional unemployment is the inevitable result of the methods applied by present-day self-styled progressive governments. Hence resort to inflation cannot be considered seriously as an alternative to a permanent standard such as the gold standard is. The postulate of sound money was first brought up as a response to the princely practice of debasing the coinage. Download "Money money money money song" Sound: Play "Money money money money song" Sound: Share "Money money money money song" Sound: This is the ultimate Duke Nukem soundboard, with new stuff added as I find it.