Ludwig von Mises on Money and Inflation.pdf - The Ludwig von ...

per gold is something which the government promises. 3 It is necessary to
abandon all ideas of an artificial currency and all those silly ideas about
paper gold, gold paper. However, the name is not really important. e
fact is that it is useless and hopeless for one country to try and keep a rate
of interest lower than the international situation permits.
In the nineteenth century the slogan of those excellent British economists
who were titans at criticizing socialistic enthusiasts, was: “ere is
but one method of relieving the conditions of the future generations of
the masses, and that is to accelerate the formation of capital as against the
increase of population.” Since then, there has taken place a tremendous
increase in population, for which the silly term “population explosion”
was invented. However, we are not having a “capital explosion,” only an
“explosion” of wishes and an “explosion” of futile attempts to substitute
something else—fiat money or credit money—for money.
3 When a member of <strong>Mises</strong>’ audience once asked him what he thought of “paper gold,”
he responded, “You should ask the alchemists.” —BBG
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