By George Bragues
This booklet bargains a finished research of the ways in which politics and fiscal markets impression each other. during this dating, politics is the final word controlling strength. the types and costs of economic tools that get traded and the contributors and associations that get to exchange them, let alone the foundations below which everybody trades, are all concerns decisively encouraged by way of an array of political variables - occasionally for the higher, yet all too frequently for the more serious. The fault for this political skewing of the markets mainly lies with democracy. via its dedication to equality and its inclination in the direction of economic profligacy, democracy hinders the markets from performing as a better strength for social reliable. to mend this skewing of finance, democracy’s troubling trends has to be squarely confronted and curbed by means of a go back to its financial roots. Democracy needs to reinstall gold on the financial foundations of our monetary markets.
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Example text
5 %, beginning a series of debasements that over the next two centuries would see the silver content of Rome’s currency reduced to almost nothing (Fig. 43 Subsequently, when a desolated Europe began to revive out of the Dark Ages, currencies with names denoting the weight of precious metals embedded in them were established, such as the English pound and French livre. Well before the widespread adoption of paper currency reduced the commercial relevance 40 Ludwig von Mises, Human Action, 412–413.
With paper, an institution, usually a bank, will have an interest in maximizing the amount of notes it can issue through its lending activities so as to augment its interest income. That this does not necessarily align with the interests of the community is something that becomes evident where the amount of the note issuance reaches a point at which these cannot all be redeemed for species or the boom created by the excess lending turns into a bust. Another oft-cited justification for the state’s regulation of money is that it is uniquely positioned, by virtue of its legitimacy and authority, to certify that certain pieces of metal and paper are actually worth as much as indicated on the currency.
41 An analogous, though ultimately more destabilizing, depreciation took place later after Rome had become an empire. That political behemoth had to finance a growing bureaucracy, an extensive system of handouts and entertainments to mollify the populace, persistent trade deficits fueled by the import of luxuries from the East, and, most importantly, a considerable military force to defend its far-flung borders. To pay for all this, the Roman Empire continuously debased its denarii. At the time of Nero in the first century CE, these silver coins were made up of 99 % pure silver.