Comments on: Inflation and Unemployment http://www.thefreemanonline.org/columns/inflation-and-unemployment/ Ideas on Liberty Wed, 15 Feb 2012 00:25:45 +0000 hourly 1 http://wordpress.org/?v=3.3 By: John Zube http://www.thefreemanonline.org/columns/inflation-and-unemployment/comment-page-1/#comment-46931 John Zube Wed, 05 Oct 2011 04:11:44 +0000 http://www.thefreemanonline.org/uncategorized/inflation-and-unemployment/#comment-46931 One can hardly properly discuss inflation and unemployment without discussing their major cause, the money issue monopoly, combined with legal tender power (compulsory acceptance and a forced value) for such exclusive currency. However, at least in this essay Dr. Sennholz managed to do so, like most other libertarians and, naturally, most statists. He discussed such topics better in others of his writings, e.g. "The Federal Reserve System", "Free Money Is Sound Money", "Money and Freedom". - Without an issue monopoly and without legal tender power, no one can inflate a currency, because then it becomes optional, market-rated and refusable and reckoning in sound alternative value standards can go on. Good monies drive then the bad ones out of circulation. One can hardly properly discuss inflation and unemployment without discussing their major cause, the money issue monopoly, combined with legal tender power (compulsory acceptance and a forced value) for such exclusive currency. However, at least in this essay Dr. Sennholz managed to do so, like most other libertarians and, naturally, most statists. He discussed such topics better in others of his writings, e.g. “The Federal Reserve System”, “Free Money Is Sound Money”, “Money and Freedom”. – Without an issue monopoly and without legal tender power, no one can inflate a currency, because then it becomes optional, market-rated and refusable and reckoning in sound alternative value standards can go on. Good monies drive then the bad ones out of circulation.

]]> By: An Economic Issue from Last Night’s Town Hall Meeting « Roofer with a Mortgage http://www.thefreemanonline.org/columns/inflation-and-unemployment/comment-page-1/#comment-45792 An Economic Issue from Last Night’s Town Hall Meeting « Roofer with a Mortgage Wed, 24 Aug 2011 02:56:09 +0000 http://www.thefreemanonline.org/uncategorized/inflation-and-unemployment/#comment-45792 [...] or sound economic theory. I say, “he thought he was witnessing” because, as is stated in this lengthy article from the mid-1980s, “the curve contradicts economic thought and experience.” The period of years that Phillips [...] [...] or sound economic theory. I say, “he thought he was witnessing” because, as is stated in this lengthy article from the mid-1980s, “the curve contradicts economic thought and experience.” The period of years that Phillips [...]

]]> By: Jon Ogden http://www.thefreemanonline.org/columns/inflation-and-unemployment/comment-page-1/#comment-39158 Jon Ogden Mon, 24 Jan 2011 15:17:51 +0000 http://www.thefreemanonline.org/uncategorized/inflation-and-unemployment/#comment-39158 Unfortunately, if I project out this thesis far enough, I discover that full employment can best be created by re-instituting slavery, thus lowering labor costs to the bare minimum, and eliminating the impetus that rising wages might give to inflation. Now, in large part, it would appear that the nations of India and China are pursuing exactly this course of action giving rise to the observation that the rising tide of slavery floats a few luxury liners. Unfortunately, if I project out this thesis far enough, I discover that full employment can best be created by re-instituting slavery, thus lowering labor costs to the bare minimum, and eliminating the impetus that rising wages might give to inflation. Now, in large part, it would appear that the nations of India and China are pursuing exactly this course of action giving rise to the observation that the rising tide of slavery floats a few luxury liners.

]]> By: Fed Committed to Boosting Employment through Monetary Policy | The Freeman | Ideas On Liberty http://www.thefreemanonline.org/columns/inflation-and-unemployment/comment-page-1/#comment-36470 Fed Committed to Boosting Employment through Monetary Policy | The Freeman | Ideas On Liberty Wed, 15 Dec 2010 13:24:23 +0000 http://www.thefreemanonline.org/uncategorized/inflation-and-unemployment/#comment-36470 [...] Timely Classic “Inflation and Unemployment” by Hans F. [...] [...] Timely Classic “Inflation and Unemployment” by Hans F. [...]

]]> By: robert kinnett http://www.thefreemanonline.org/columns/inflation-and-unemployment/comment-page-1/#comment-36054 robert kinnett Mon, 06 Dec 2010 10:54:38 +0000 http://www.thefreemanonline.org/uncategorized/inflation-and-unemployment/#comment-36054 What a timeless and excellent article! The Phillips Curve should go to the propaganda hall of fame along with Hitler's "Jews caused all our problems." Phillip's proponents engage in a con some call the Grandest Larceny. If you start with the understanding that a unit of currency represents a unit of someone's labor or goods, then anyone who produces "money" that is not backed by such a commodity is stealing. Stealing is considered a crime in most places. Think of why counterfeiting is a crime in the first place. Someone producing paper money can take your goods without having produced anything of value, whatsoever. Does it really matter whether the perpetrator is an individual or a government? Consider the widow who locks $100,000 in a safe for her grandchildren's education in 1970. In the last 40 years, 90% of the purchasing power of that savings has disappeared, with no traditional thief breaking into the safe. Only a counterfeiter has the power to steal this wealth, that is, if it is in paper money... or a government who only taxes 15% of the fictitious "capital gain" if the widow wisely kept her savings in gold rather than paper. What a timeless and excellent article! The Phillips Curve should go to the propaganda hall of fame along with Hitler’s “Jews caused all our problems.” Phillip’s proponents engage in a con some call the Grandest Larceny.

If you start with the understanding that a unit of currency represents a unit of someone’s labor or goods, then anyone who produces “money” that is not backed by such a commodity is stealing. Stealing is considered a crime in most places.

Think of why counterfeiting is a crime in the first place. Someone producing paper money can take your goods without having produced anything of value, whatsoever. Does it really matter whether the perpetrator is an individual or a government?

Consider the widow who locks $100,000 in a safe for her grandchildren’s education in 1970. In the last 40 years, 90% of the purchasing power of that savings has disappeared, with no traditional thief breaking into the safe. Only a counterfeiter has the power to steal this wealth, that is, if it is in paper money… or a government who only taxes 15% of the fictitious “capital gain” if the widow wisely kept her savings in gold rather than paper.

]]> By: Unemployment Jumps to 9.8 Percent | The Freeman | Ideas On Liberty http://www.thefreemanonline.org/columns/inflation-and-unemployment/comment-page-1/#comment-35971 Unemployment Jumps to 9.8 Percent | The Freeman | Ideas On Liberty Fri, 03 Dec 2010 13:58:44 +0000 http://www.thefreemanonline.org/uncategorized/inflation-and-unemployment/#comment-35971 [...] Timely Classic “Inflation and Unemployment” by Hans F. [...] [...] Timely Classic “Inflation and Unemployment” by Hans F. [...]

]]> By: The American Response to Bloated Government - US Message Board - Political Discussion Forum http://www.thefreemanonline.org/columns/inflation-and-unemployment/comment-page-1/#comment-35497 The American Response to Bloated Government - US Message Board - Political Discussion Forum Sun, 21 Nov 2010 18:06:01 +0000 http://www.thefreemanonline.org/uncategorized/inflation-and-unemployment/#comment-35497 [...] [...] [...] [...]

]]> By: Bernanke Concerned about Economy | The Freeman | Ideas On Liberty http://www.thefreemanonline.org/columns/inflation-and-unemployment/comment-page-1/#comment-34691 Bernanke Concerned about Economy | The Freeman | Ideas On Liberty Fri, 29 Oct 2010 12:39:29 +0000 http://www.thefreemanonline.org/uncategorized/inflation-and-unemployment/#comment-34691 [...] Timely Classic “Inflation and Unemployment” by Hans F. [...] [...] Timely Classic “Inflation and Unemployment” by Hans F. [...]

]]> By: Rick http://www.thefreemanonline.org/columns/inflation-and-unemployment/comment-page-1/#comment-22281 Rick Wed, 03 Feb 2010 17:10:25 +0000 http://www.thefreemanonline.org/uncategorized/inflation-and-unemployment/#comment-22281 So if the system works in one direction, the desireable results I want can be obtained by making the system work backward. All I will need for a copious supply of beer for the weekend is a ready quantity of urine, a couple of catheters, and an unsuspecting volunteer. So if the system works in one direction, the desireable results I want can be obtained by making the system work backward. All I will need for a copious supply of beer for the weekend is a ready quantity of urine, a couple of catheters, and an unsuspecting volunteer.

]]> By: Budget Rests on Gloomy Forecast | The Freeman | Ideas On Liberty http://www.thefreemanonline.org/columns/inflation-and-unemployment/comment-page-1/#comment-22271 Budget Rests on Gloomy Forecast | The Freeman | Ideas On Liberty Wed, 03 Feb 2010 13:31:13 +0000 http://www.thefreemanonline.org/uncategorized/inflation-and-unemployment/#comment-22271 [...] Timely Classic “Inflation and Unemployment” by Hans F. [...] [...] Timely Classic “Inflation and Unemployment” by Hans F. [...]

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