{"id":49867,"date":"2019-11-28T19:27:05","date_gmt":"2019-11-29T00:27:05","guid":{"rendered":"https:\/\/olduvai.ca\/?p=49867"},"modified":"2019-11-28T19:27:10","modified_gmt":"2019-11-29T00:27:10","slug":"doug-casey-on-the-destruction-of-the-dollar","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=49867","title":{"rendered":"Doug Casey on the Destruction of the Dollar"},"content":{"rendered":"\n

Doug Casey on the Destruction of the Dollar<\/a><\/h3>\n\n\n\n
\"Dollar\"\/<\/figure>\n\n\n\n

\u201cInflation\u201d occurs when the creation of currency outruns the creation of real wealth it can bid for\u2026 It isn\u2019t caused by price increases; rather, it causes price increases.<\/p>\n\n\n\n

Inflation is not caused by the butcher, the baker, or the auto maker, although they usually get blamed. On the contrary, by producing real wealth, they fight the effects of inflation. Inflation is the work of government alone, since government alone controls the creation of currency.<\/p>\n\n\n\n

In a true free-market society, the only way a person or organization can legitimately obtain wealth is through production. \u201cMaking money\u201d is no different from \u201ccreating wealth,\u201d and money is nothing but a certificate of production. In our world, however, the government can create currency at trivial cost, and spend it at full value in the marketplace. If taxation is the expropriation of wealth by force, then inflation is its expropriation by fraud.<\/p>\n\n\n\n

To inflate, a government needs complete control of a country\u2019s legal money. This has the widest possible implications, since money is much more than just a medium of exchange. Money is the means by which all other material goods are valued. It represents, in an objective way, the hours of one\u2019s life spent in acquiring it. And if enough money allows one to live life as one wishes, it represents freedom as well. It represents all the good things one hopes to have, do, and provide for others. Money is life concentrated.<\/p>\n\n\n\n

As the state becomes more powerful and is expected to provide more resources to selected groups, its demand for funds escalates. Government naturally prefers to avoid imposing more taxes as people become less able (or willing) to pay them. It runs greater budget deficits, choosing to borrow what it needs. As the market becomes less able (or willing) to lend it money, it turns to inflation, selling ever greater amounts of its debt to its central bank, which pays for the debt by printing more money.<\/p>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

Doug Casey on the Destruction of the Dollar \u201cInflation\u201d occurs when the creation of currency outruns the creation of real wealth it can bid for\u2026 It isn\u2019t caused by price increases; rather, it causes price increases. Inflation is not caused by the butcher, the baker, or the auto maker, although they usually get blamed. On […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[6227,426,6228,1309,839],"class_list":["post-49867","post","type-post","status-publish","format-standard","hentry","category-economics","tag-doug-casey","tag-inflation","tag-international-man","tag-state","tag-us-dollar"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/49867","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=49867"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/49867\/revisions"}],"predecessor-version":[{"id":49868,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/49867\/revisions\/49868"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=49867"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=49867"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=49867"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}