The Real Solution To The Problem Of

In A Free Enterprise System, With An Honest And Stable Money, There Is Dominantly A Close Link Between Effort And Productivity, On The One Hand, And Economic Reward On The Other. Inflation Severs This Link. Reward Comes To Depend Less And Less On Effort And Production, And More And More On Successful Gambling And Luck.

Once The Premise Is Accepted That Poverty Is Never The Fault Of The Poor But The Fault Of 'society,' Or Of 'the Capitalist System, Then There Is No Definable Limit To Be Set On Relief, And The Politicians Who Want To Be Elected Or Reelected Will Compete With Each Other In Proposing New 'welfare' Programs To Fill Some Hitherto 'unmet Need.'

The First Requisite Of A Sound Monetary System Is That It Put The Least Possible Power Over The Quantity Or Quality Of Money In The Hands Of The Politicians.

In Practice [monetary Management] Is Merely A High-sounding Euphemism For Continuous Currency Debasement. It Consists Of Constant Lying In Order To Support Constant Swindling. Instead Of Automatic Currencies Based On Gold, People Are Forced To Take Managed Currencies Based On Guile. Instead Of Precious Metals They Hold Paper Promises Whose Value Falls With Every Bureaucratic Whim. And They Are Suavely Assured That Only Hopelessly Antiquated Minds Dream Of Returning To Truth And Honesty And Solvency And Gold.

The System Of Capitalism, Of The Market Economy, Is A System Of Freedom, Of Justice, Of Productivity. But These Three Virtues Cannot Be Separated. Each Flows Out Of The Other.