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Monday, September 14, 2009

Fiat Money: How Else You Gonna Kill 600,000 Americans?

Printing green pieces of paper doesn't make an economy richer. If done without restraint, it leads to runaway price inflation. As an added downside, it also allows governments to slaughter millions of people. (The world wars could not have been waged if the belligerents had stuck to the gold standard.) Those who adore the all-powerful state should obviously be enchanted with fiat money. Decent people should loathe it.
--from "Fiat Money: How Else You Gonna Kill 600,000 Americans?" by Robert P. Murphy

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