By Murray N. Rothbard
The secret of Banking is a brilliant professional research of the fashionable fractional-reserve banking approach and its origins-how it really is volatile, the way it exacerbates company cycles, and the way it motives inflation. This e-book lays out the devastating results of this most typical type of banking at the lives of each guy, lady, and child.
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Extra info for The Mystery of Banking
63] Frequency of payment is not going to go up or down every year. Changes in frequency, therefore, could scarcely account for our contemporary problems of chronic inflation. If anything, the general shift from blue-collar to white-collar jobs in recent decades has probably reduced the frequency of payment a bit, and therefore had a slight price-lowering effect. But we can safely ignore this factor if we are looking for important causal factors. 3. Clearing Systems On the other hand, there is another causal factor which can only lower the demand for money over time: new methods of economizing the need for cash balances.
The market is perfectly able to decide on its own money supply. But isn’t it necessary, one might ask, to make sure that more money is supplied in order to “keep up” with population growth? Bluntly, the answer is No. There is no need to provide every citizen with some per capita quota of money, at birth or at any other time. 6, simply lead to a new equilibrium of lower prices, where the existing M could satisfy the increased demand because real cash balances would be higher. Falling prices would respond to increased demand and thereby keep the monetary functions of the cash balance—exchange at its optimum.
The Supply of Gold and the Counterfeiting Process Under a gold standard, where the supply of money is the total weight of available gold coin or bullion, there is only one way to increase the supply of money: digging gold out of the ground. An individual, of course, who is not a gold miner can only acquire more gold by buying it on the market in exchange for a good or service; but that would simply shift existing gold from seller to buyer. How much gold will be mined at any time will be a market choice determined as in the case of any other product: by estimating the expected profit.