Transfer of our capacity to manufacture goods and mine energy and resources to developing countries served to endorse our virtual assets as we established and dominated new markets with economic colonialism. Ludwig von Mises noted [more…]
FDR had abolished private ownership of gold money but retained gold as the underlying asset for U.S. currency, exchangeable one for the other. Variations in the price of U.S. currency in ounces of gold served [more…]
Have you ever wondered how the bank worked out how much interest to pay on your savings account, or charge you on your mortgage? I had a mortgage with a building society some years ago, [more…]
One of Say’s Laws holds that “we produce to consume”. This is certainly the underlying theme of the Industrial Revolution with its accompanying exponential growth in production of technology, communication, and energy utilization. While private [more…]
Banking came up with its own methods of inflating the supply of legal tender-fiat money, fractional reserve lending. A bank comes to know (a version of the dispersal of knowledge of the market) how much [more…]
Prior to written documents being exchanged as representations of mutually agreed perceived value, the concept of money arose amongst multiple trading groups. This may have taken place prior to the credit/debit system as a substitute [more…]
I don’t know this for a fact, but I’m pretty sure whatever time you might choose to leave the environs of Delhi, unless it’s in the dead of night, the traffic on the main roads [more…]
Mention the term “legal tender” in polite company and most people will resemble a deer in the headlights. In simple terms legal tender laws grant monopoly status to money, usually fiat, produced by government; i.e., [more…]
Here’s a challenge for readers: Stop reading right now and write down at least five threats to the US. Rank them in order of most serious at the top. Ask family members or friends to [more…]
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