sábado, janeiro 02, 2010


«Sound money still means today what it meant in the nineteenth century: the gold standard. The eminence ofthe gold standard consists in the fact that it makes the determination of the monetary unit's purchasing power independent of the measures of governments. It wrests from the hands of the 'economic tsars' their most redoubtable instrument. It makes it impossible for them to inflate. This is why the gold standard is furiously attacked by all those who expect that they will be benefited by bounties from the seemingly inexhaustible government purse.

(...) the government should no longer be in a position to increase the quantity of money in circulation and the amount of cheque-book money not fully - i.e. 100 percent - covered by deposits paid in by the public. No backdoor must be left open whereTriffiition can slip in. No emergency can justify a return to inflation. Inflation can provide neither the weapons a nation needs to defend its independence nor the capital goods required for any project. It does not cure unsatisfactory conditions. It merely helps the rulers whose policies brought about the catastrophe to exculpate themselves.» (p. 438)

Ludwig von Mises, The Theory of Money and Credit (1912)