Salvation Through Inflation by Gary North
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Can Inflation Save the World Economy?
Most conservatives say not, at least until the combination of deflation and depression produces mass unemployment. Then they, too, always join the chorus calling for the government to Do Something. And what does the government do? It forces the nation’s central bank to buy more government debt with fiat money created out of thin air (or computer entries).
|The familiar anti-capitalism argument today is that the free market economy is flawed because the commercial banking system does not create sufficient money to enable consumers to buy the economy’s total output. It is an old idea stretching back to John Law early in the 18th century and the French Revolution at the end. This idea undergirds modern Keynesianism but it also undergirds the teaching of the right wing “funny money” movement, from Gertrude Coogan to the Social Credit movement. The founder of Social Credit, C.H. Douglas, presented this idea as early as 1917. Keynes actually referred somewhat favorably to Douglas’s basic idea in the General Theory. The Social Credit movement still exists in Canada, Australia, and New Zealand, and its ideas are still used to defend the creation of a State controlled fiat money system totally divorced from gold and silver. These ideas are quite widely accepted in the fringe movements of the far right, including the Christian right. This book refutes this “shortage of money” idea, especially the supposedly Christian versions of itGet Download Links For Membership|
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