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Strategies & Market Trends : Booms, Busts, and Recoveries
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To: Tommaso who wrote (4149)6/6/2001 11:18:08 AM
From: pater tenebrarum  Read Replies (6) of 74559
 
here's the quote by Murray Rothbard from 'the case against the Fed':

The invariable result of an increase in the supply of a good is to lower its price. For all products, except money, such an increase is socially beneficial and living standards have increased in response to consumer demand. But an increase in the supply of money cannot relieve the scarcity of goods; all it does is to make the dollar or the franc cheaper, that is, lower its purchasing power in terms of all other goods and services. Hence the great truth of monetary theory emerges: once a commodity is in sufficient supply to be adopted as money, no further increase in its supply is needed. Any quantity of money is "optimal." Once a money is established, an increase in its supply confers no social benefit.

from a recent illuminating Corrigan article:

mises.org
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