Denationalisation of Money: The Argument Refined by F. A. Hayek

By F. A. Hayek

During this groundbreaking paintings, first released in 1976, Friedrich von Hayek argues that the govt. monopoly of cash needs to be abolished to prevent habitual bouts of inflation and deflation. Abolition can also be the therapy for the extra deep-seated affliction of the habitual waves of melancholy and unemployment attributed to 'capitalism'.

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We used to worry what people would do to fill up their added life span. In the case of American women, Alexander Graham Bell's useful invention resolved that problem, just as Rupert Murdoch's Sky Sports relieves all such worries for British men. Be that as it may, the choice between work and leisure is little understood, perhaps little studied, by economists. Large segments of society, including our own academic community, are working harder and more hours now than we would have done 20 or 40 years ago, and that is so despite an income level that is much higher in real terms, even if we academics are racing down the comparative income ladder with a speed reminiscent of the clergy's relative decline in the previous century.

The great French palaeontologist and philosopher Pierre Teilhard de Chardin once said: 'The magnitude of a river cannot be gauged at its source but only at its estuary, where it flows into the sea'. Well, we have almost reached that estuary where the OM will flow into the great ocean known as the Euro. But looking back, one can see all the more clearly what a respectable heritage it is that the OM will bequeath. Besides comprising the largest share of the capital and reserves of the European Central Bank, the OM will contribute something more: its international reputation in the markets, the independent central bank as a reference model, important monetary policy traditions, above all, the culture of stability among the population.

OstenSibly the American representatives considered the proposal to print in Leipzig a security problem, and insisted that all printing should be carried out in Berlin under strict four-power contro1. 30 There was no agreement on the matter by the end of 1946, and in any case no progress had been made on the future structure of the German banking system.

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