“Monetary Inflation: An Economic and Ethical Evil”

Foundations of Economics: A Christian View, p. 380, Shawn Ritenour

SEE:

Book: Foundations of Economics: A Christian View–by Shawn Ritenour

 

Chapter 13 of the book: The Ethics of Money Production: The Cultural and Spiritual Legacy of Fiat Inflation

 

The Morality of Fiat Money–Guido Hülsmann

 

A general, but serious, reason to read this book— The Skyscraper Curse: And How Austrian Economics Predicted Every Major Economic Crisis of The Last Century — is to avoid being one of the millions who will be duped when the next crash (bust) occurs. Millions were and continue to be duped as to the reason for the boom leading up to 2007 and 2008 and why the bust occurred in 2008 relating to real estate.

Thornton begins with an important discussion of money creation and Richard Cantillon, writing: “… Richard Cantillon (1680s-1734?) [was] the first economic theorist and proto-Austrian economist …[he] showed how the interest rate and the money supply can create changes and distortions in the economy, a phenomenon now referred to as “Cantillon effects.”

Monetary inflation is affected by who gets the money and credit first and who gets it last. As fiat money is created by central banks, private banks are in a position to expand the amount of loans they make. The wealthy have established relationships with the banks, and they have the real estate and assets to provide collateral for the loans. Large, established companies and wealthy individuals are in favorable positions relative to small businesses and people with low or average incomes. The loans allow big companies and wealthy individuals to invest in capital goods during the boom phase of the business cycle. Central banks thereby create artificial inequality and poverty. This is the primary Cantillon effect of redistributing wealth.”

Thornton shows that the biggest winners come from the Federal Reserve and the bank system’s creation of newly created currency and credit are the U.S. Government, its large contractors, such as weapons manufacturers, big banks, and Wall Street. The losers are also revealed: the labor class consisting of private-sector workers, those on pensions or fixed incomes.

 

Review by Richard Duke on the Mises Institute website of the book: The Skyscraper Curse: And How Austrian Economists Predicted Every Major Economic Crisis of the Last Century by Dr. Mark Thornton

 

Book: The Ethics of Money Production

 

The Ethics of Money Production–Video

 

Part of interview of Guido Hülsmann on “Cultural and Spiritual Legacy of Fiat Inflation”

 

Money answers all things–Ecclesiastes

 

How Fiat Money Destroys Culture

 

New Testament contains 215 verses pertaining to faith; 218 pertaining to salvation; and 2,084 dealing with money matters

 

Jesus and Paul talked much about money! Who turned over the money changers in the temple (His Father’s temple)?

 

Book: Money, Morality & the Machine: Smith’s Law in an Unethical, Over-Governed Age

 

Book: Worshipping the State: How Liberalism Became Our State Religion

 

Worshipping the State: How Liberalism Became Our State Religion—Video Presentation by the Author

 

Second re-posting: New Testament contains 215 verses pertaining to faith; 218 pertaining to salvation; and 2,084 dealing with money matters

 

Monetary inflation depends on who gets the money first and who gets it last

 

Micah 6: wicked balances and bag of deceitful weights

 

Debasement and Crony Capitalism; Nothing is New Under the Sun

 

THE ETHICS OF CAPITALISM–Jesús Huerta de Soto

 

Mises explains inflation so that one can understand why debasing currency (unequal weights and measures) IS AN ABOMINATION TO GOD

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