Tag: Mises Institute
“Fiat money is the term for a medium of exchange which is neither a commercial commodity, a consumer, or a producer good, nor title to any such commodity: i.e., irredeemable paper money.”
Continuing from yesterday’s episode with Part 2 of our journey through Hoppe’s amazing piece on the nature and origins of the fiat money system. Could such a system ever work in a competitive market, or are there extremely specific conditions and legal restrictions which make the contradiction of irredeemable paper money, temporarily sustainable? Listen to find out.
“How is Fiat Money Possible.” Don’t forget to check out the vast collection of knowledge at Mises.org for this work and many more like it.
Today we reach the conclusion of Hoppe’s incredible piece on the nature of fractional reserve banking and the contradictions of fiat money. With the final section, “From Deposit & Loan Banking to Fractional Reserve: The Devolution of Credit.” Plus a really fun discussion as a follow-up to the entire, 3 part work. “How is Fiat Money Possible.” There is no place like Mises.org. Don’t forget to check out the vast collection of knowledge and information made available for free over at the Mises Institute!Read More
The brilliance of the price system is in coordinating the values, deeply limited knowledge and scarce resources precisely to their highest value need without having to understand or be aware of every single change in supply, alternatives, and uses of those resources among the economic participants. It is specifically because we only receive the most important piece of information, its new value in relation to other things (the price), that we can so quickly align ourselves with the new state of the world. Don’t miss the conclusion of Hayek‘s work, “The Use of Knowledge in Society.”Read More
Today we grab a section out of one of the many incredible works by Murray N. Rothbard to discuss the idea of marginal utility and why money must be a good, and actually is not a unit of measure. As value can only be measured as relational to another good, money follows the same law of diminishing marginal utility.Read More
What if there was a clear and obvious reason that the state monopolizes the production of money, that after understanding, you simply cannot unsee? What if the story we are all told of governments and central banks protecting the economy from crises, is actually the perfect opposite of what’s really happening?Read More