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On The Matter Of Money In Circulation, Economists Are Profound Excess
Key takeaways
- Policy On The Matter Of Money In Circulation, Economists Are Profound Excess By John Tamny,
- circa 1969: Still-life of bundles of American paper currency.
- The beggar’s response a little over 100 years ago makes evident two truths that still elude economists.
Policy On The Matter Of Money In Circulation, Economists Are Profound Excess By John Tamny,
circa 1969: Still-life of bundles of American paper currency. The bundles include five, ten, twenty, and fifty dollar bills. (Photo by Lambert/Getty Images)Getty Images“You can keep that crap for yourself.” That’s how a beggar in 1920s Germany reacted after a passerby handed him several 100-mark notes.
The beggar’s response a little over 100 years ago makes evident two truths that still elude economists. For one, there’s nothing “stealth” about inflation. Since we all pursue not money, but what money can be exchanged for, we know intimately when currencies are being devalued.
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