We are developing the social individualist meta-context for the future. From the very serious to the extremely frivolous... lets see what is on the mind of the Samizdata people.

Samizdata, derived from Samizdat /n. - a system of clandestine publication of banned literature in the USSR [Russ.,= self-publishing house]

Samizdata quote of the day

The belief that a sound monetary system can once again be attained without making substantial changes in economic policy is a serious error. What is needed first and foremost is to renounce all inflationist fallacies. This renunciation cannot last, however, if it is not firmly grounded on a full and complete divorce of ideology from all imperialist, militarist, protectionist, statist, and socialist ideas.

– Ludwig von Mises in Stabilization of the Monetary Unit— From the Viewpoint of Theory, Introduction, VIII: The Ideological Meaning of Reform, final paragraph. Quoted by Thorsten Polleit, at the end of his article Fiat Money and Collective Corruption.

I am about to attend a Mises Circle discussion of Polleit’s article this evening, at the IEA.

2 comments to Samizdata quote of the day

  • Alsadius

    So in order to get gold back, we need to first kill socialism? And you guys say that this will happen in the next few years?

  • Paul Marks

    Well if one follows big government policies (either of Welfare State or war) one is going to need to finance the policies. And taxation attracts some resistance.

    So the state borrows the money, and the state want to borrow at the lowest interest rates it can.

    And monetary expansion (via Central Banking) is the normal way to reduce interest rates.

    Thus fiscal policy (government spending) and monetary policy (“low interest rates”) are linked.