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To: Don Lloyd who wrote (128445)	10/10/2001 1:05:32 PM
From: At_The_Ask	Respond to of 436258

Good stuff Don.

To: Don Lloyd who wrote (128445)	10/10/2001 4:15:32 PM
From: pater tenebrarum	Read Replies (2) \| Respond to of 436258

Don, very telling also the paragraph: << It would appear that the central bank can manage and stabilize the monetary system. The truth, however, is the exact opposite. To manage the system, the central bank must constantly create money "out of thin air" to prevent banks from bankrupting each other. This leads to persistent declines in money’s purchasing power, which destabilizes the entire monetary system. This tendency to destabilize the system is also reinforced by the fact that a money monopolist naturally has the incentive to look after his own interest. According to Hoppe, He can print notes at practically zero cost and then turn around and purchase real assets (consumer or producer goods) or use them for the repayment of real debts. The real wealth of the non-bank public will be reduced—they own less goods and more money of lower purchasing power. However, the monopolist's real wealth will increase—he owns more non-money goods (and he always has as much money as he wants). Who, in this situation, except angels, would not engage in a steady expansion of the money supply and hence in a continuous depreciation of the currency? [8]>>