Beware the Alchemists

Hi all,

A somewhat long but excellent transcript of some von Mises lectures on monetarism that should be required reading for all libertarians.

I selected the following quote from the article just for you, Derek - for your daily flogging :wink:


Beware the Alchemists
by Ludwig von Mises

It is very easy to write in a textbook saying that the money should be increased every year by 5% or 10% and so on. Nobody talks of decreasing the quantity of money; they want only to increase it. People say: "As economic production — or the population — is increasing, one needs more and more money, more liquidity." I want to repeat what I said which is very important; there is no way of increasing — or of decreasing — the quantity of money in a neutral way. This is one of the great mistakes that is very popular. . . But one doesn't need more and more money generally. And if one increases the money, one can never increase the quantity in a neutral way, in such a way that it does not further the economic conditions of one group at the expense of other groups.

      G. Richard Newell
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