In this weekend report, from London on Sunday, July 7th, 2019 I review a section of Murray N. Rothbard's book entitled "What Has Government Done to Our Money". Rothbard was an economist and proponent of the Austrian School of Economics which espouse free markets, sound money and small government.
Today I look at Rothbard's explanation of how Central Banking leads to inflation of the currency. Rothbard shows how this process is only possible by the government giving the Central Bank monopoly of the note of issue. He also shows how the Central Bankers have over time weaned the commercial banks and the public away from gold and silver coinage.
I also note that the current talk of institutions like Facebook and even Central Banks creating their own cryptocurrencies or digital currencies is an oxymoron and would never work as the main purpose for the creation of bitcoin and cryptocurrencies in the first place was to fight the power of the current Central Banking regime.
My conclusion is that unless we go back to a system of free-market money and no Central Banking there is no way except through precious metals and other alternative currencies like cryptocurrencies to protect one's monetary savings from inflation or fiat currency debasement.
"What Has Government Done to Our Money" by Murray N. Rothbard: https://mises.org/library/what-has-government-done-our-money
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