We just passed the largest stimulus bill in American history by a long shot. And while people may celebrate their $1,200 check or complain about the pending bailouts, I think it’s important to get to the basics of money and why government spending is an issue.
“The Keynesian prescription for unemployment rests on the persistence of a ‘money illusion’ among workers, i.e., on the belief that while, through unions and government, they will keep money wage rates from falling, they will also accept a fall in real wage rates via higher prices.”–Murray Rothbard
Here are the topics we’ll cover today:
- What is money?
- Federal Reserve
- Fractional reserve banking
- Interest rate control
- Government influence on money
- Mis-signaling the market
What is money?
Money is a commodity like any other. The difference is that the purpose of money is to be a means of exchange. It is a good that is highly exchangeable and fractionable to make buying and selling easy.
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