[Date Prev][Date Next][Thread Prev][Thread Next][Date Index][Thread Index]
Re: The American money capture
Date: Sun, 1 May 1994 10:08:14 -0700
From: Hal <[email protected]>
(Also, note that a constant money supply in a growing economy is effectively
deflationary.
Below, you call this a "view". I call this a clear fact, and feel
sorry for anyone who doesn't immediately see it also!
The money supply must increase at least as fast as economic
growth or it will serve as an active brake on the economy, IMO. I don't
know what economic school this view comes from, but I first heard it from
Milton Friedman.)
They thought that the inflation they saw was due to psychological
factors, people not trusting the bank, or greedy merchants trying
to take advantage of the public. (These arguments were echoed in
the 1970's and 1980's, but they have of course been widely
discredited now. The issue was far less clear in 1850.)
Discredited but still bandied about.
-russ <[email protected]> ftp.msen.com:pub/vendor/crynwr/crynwr.wav
Crynwr Software | Crynwr Software sells packet driver support | ask4 PGP key
11 Grant St. | +1 315 268 1925 (9201 FAX) | Quakers do it in the light
Potsdam, NY 13676 | LPF member - ask me about the harm software patents do.