Money & Banking

Establishment of Gold as Money (Part 6 of 10)

The establishment of gold as money is essential to the achievement of a capitalist society.

Fake Banks and Real Banks

Fake Banks and Real Banks

We observe a run on deposits in a commercial bank, then observe that the same thing can happen to other financial institutions, then mistakenly assume these institutions are essentially the same.

Money Creation: Who Cares?

Money Creation: Who Cares?

Commercial banks do not lend out other peoples’ money. On the contrary, banks create new money every time they make a loan.

Inflation: Unemployment and Inflation (5 of 5)

Inflation: Unemployment and Inflation (5 of 5)

In 1936, in his General Theory of Employment, Interest and Money, Lord Keynes unfortunately elevated this method--the emergency measures of the period between 1929 and 1933--to a principle, to a fundamental system of policy. And he justified it by saying, in effect:...

Inflation: Labor Unions and Wages (4 of 5)

Inflation: Labor Unions and Wages (4 of 5)

If inflation is bad and if people realize it, why has it become almost a way of life in all countries? Even some of the richest countries suffer from this disease. The United States today is certainly the richest country in the world, with the highest standard of...

Inflation: The Myth of the “Price Level” (2 of 5)

Inflation: The Myth of the “Price Level” (2 of 5)

When people talk of a "price level," they have in mind the image of a level of a liquid which goes up or down according to the increase or decrease in its quantity, but which, like a liquid in a tank, always rises evenly. But with prices, there is no such thing as a...

Monetary Cancel Culture

Monetary Cancel Culture

Whether the bank sanctions hurt Putin or not, they will have far-reaching effects on many innocent people, and not only in Russia. To understand these effects, consider what happens when a bank account is “frozen.”

False Profits

False Profits

Record profits are not the sign of a resilient economy but an inflationary effect of reckless money creation

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