June 25, 2012 § Leave a comment
Many people have been seduced by the Austrian Economics notion of a ‘free market for currencies’. But ‘free markets’ exist only for one second. Then they are taken.
By Anthony Migchels for Real Currencies
In the old days of Austrian Economics things were simple: one just derided fiat currency. It is unfair to be raped by interest for paper money created out of nothing, even the Austrians will admit. So, they claim, stop fiat money and replace the paper with Gold. We’ll all feel a lot better when we can slave away for our usurious tributes to the Money Masters if we can pay in Gold coins.
Gary North built a whole career on a pretty hilarious little book with that premise, called ‘Coogan’s Bluff’.
But later things became a little more complicated. People started to wonder about the Gold Standards of the past. Weren’t these just banker operations? Don’t…
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