TAILIEUCHUNG - salvation through inflation the economics of social credit phần 8

Chính phủ uỷ quyền và là một vấn đề ra quyết định tư nhân. Hệ thống Một là dựa trên quyết định của một người để chuyển tiền của mình trên một tập đoàn hy vọng thu nhập trong tương lai và tăng vốn, trong khi khác là dựa trên các của chính phủ phát hành tiền pháp của số liệu thống kê: | 202 SALVATION THROUGH INFLATION not just that injections of fiat money tend to raise prices in general or keep prices in general from falling it is that these injections of new money raise some prices sooner than others. Those people who get their hands on the new money first have a competitive advantage over those who get access later after prices have risen after resources have been bought by those who got access earlier. This is the issue raised by Professor Mises in 1912 31 by Professor Knight in 1921 32 33 34 and by Professor Hayek from 1931 through the 1970 Hayek died in 1992 still writing an amazingly long and productive career. Speaking of monetary inflation Knight wrote in 1921 When inflation occurs therefore purchasing power is not created but merely transferred from the previous owners of circulating medium to the persons into whose hands the new currency is placed for its first expenditure. The enormous role played in history by inflationism and the persistence of the heresy rest upon the fact that the effects of the expenditure of the new money are more conspicuous than the diminished effects of that which already existed. Monetary inflation does not create wealth it merely redistributes it. We can easily identify the winners we tend to ignore the losers at least during the early stages of an economic boom - a boom created by false signals namely lower interest rates produced by the injection of new fiat money. At the end of the process most people lose. Monetary inflation is not economically neutral. Its price effects are not simultaneous. It creates winners and losers over time. We see winners in the early stages of the boom we see a 31. Ludwig von Mises Tke Theory of Money and Credit New Haven Connecticut Yale University Press 1912 1953 pp. 139-43. 32. Frank H. Knight Risk Uncertainty am-l Profit New York Harper Torchbooks 1921 1965 p. 166n. 33. F. A. Hayek Prices and Production London Routledge Kegan Paul 1931 Hayek Monetary Theory and the .

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