Bishop Nicole Oresme on paper money introduced throughout history through coercion, compulsion and even the threat of the death penalty

“First, this book applies the tradition of philosophical realism
to the analysis of money and banking. The great pioneer
of this approach was the fourteenth century mathematician,
physicist, economist, and bishop, Nicholas Oresme, who
wrote the first treatise ever on inflation and, in fact, the very
first treatise on an economic problem. Oresme exclusively
dealt with the debasement of coins, a form of inflation that is
unimportant in our age. But the principles he brought to bear
on his subject are still up to date and have by and large
remained unsurpassed. In modern times, Oresme’s work has
found its vindication in the writings of the Austrian School.

He takes on the “stabilization” advocates to show that government management doesn’t lead to stability but to inflation and instability. He goes further to argue against even the theoretical case for stabilization, to say that money’s value should be governed by the market, and that the costs associated with private production are actually an advantage. He chronicles the decline of money once nationalized, from legally sanctioned counterfeiting to the creation of paper money all the way to hyperinflation. In his normative analysis, the author depends heavily on the monetary writings of 14th-century Bishop Nicole Oresme, whose monetary writings have been overlooked even by historians of economic thought. He makes a strong case that “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. . . . Paper money by its very nature involves the violation of property rights through monopoly and legal-tender privileges.”

The Ethics of Money Productionpp. ix; 172 (PDF), JÖRG GUIDO HÜLSMANN

https://mises.org/sites/default/files/The%20Ethics%20of%20Money%20Production_2.pdf

SEE:

Book: The Ethics of Money Production

 

The Ethics of Money Production–Video

 

The Moral Issues of Money

 

Some Spiritual Causalities of Fiat Inflation

 

Inflation: Its Cultural and Political Consequences (Interview of Guido Hülsmann)—Tom Woods Show

 

The Ethics of Money Production: Accessible and Wise

 

How Fiat Money Destroys Culture–Guido Hülsmann

 

 

 

 

 

One comment

Comments are closed.