An economics, investment, trading and policy blog with a focus on Modern Monetary Theory (MMT). We seek the truth, avoid the mainstream and are virulently anti-neoliberalism.
"we must free ourselves from what is a widespread but basically wrong belief. Under the Gold Standard, or any other metallic standard, the value of money is not really derived from gold. The fact is, that the necessity of redeeming the money they issue in gold, places upon the issuers a discipline which forces them to control the quantity of money in an appropriate manner; I think it is quite as legitimate to say that under a gold standard it is the demand of gold for monetary purposes which determines that value of gold"
y, I'll give this to the Austrians. Their mises.org site is excellent. The amount of resources available there is extensive. I particularly like the free e-books.
I didn't know Yoda was real.
ReplyDeleteI'm signing up for that Jedi Skills course again. This time I'll stick with it.
"the worry of this eon and the seduction of riches are stifling the word, and it is becoming unfruitful." Mat 13:22
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ReplyDeleteHere's a corker from Hayek:
ReplyDelete"we must free ourselves from what is a widespread but basically wrong belief. Under the Gold Standard, or any other metallic standard, the value of money is not really derived from gold. The fact is, that the necessity of redeeming the money they issue in gold, places upon the issuers a discipline which forces them to control the quantity of money in an appropriate manner; I think it is quite as legitimate to say that under a gold standard it is the demand of gold for monetary purposes which determines that value of gold"
http://mises.org/daily/3204
y, are you becoming a student of Austrian theory just so you are able to refute it? If so, I appreciate the effort.
ReplyDeleteMy eyes would glaze over about 3 sentences in. You and Lord Keynes do it so the rest of us don't.
"“At the end of every seven years you shall grant a release of debts." Deutoronomy 15
ReplyDeleteHayek again:
ReplyDelete"it is an erroneous belief that the value of gold or any metallic basis determines directly the value of the money."
http://mises.org/daily/3204
y, I'll give this to the Austrians. Their mises.org site is excellent. The amount of resources available there is extensive. I particularly like the free e-books.
ReplyDelete