Aug

21

Sean Corrigan:

(John Law) also held, like all of his ilk that have succeeded him, that the panacea for a nation groaning under an unsupportable burden of debt and famished for a lack of productive capital was the emission of more and more money. This age old error of confusing the medium of exchange with the object of exchange is one we continue to commit. It's as if a man's thirst can be slaked by giving him a box of drinking straws or his appetite sated by kitting him out with a shopping basket.


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  1. Alec Misra on August 22, 2011 1:09 pm

    Except who decides what the right ammount of money is? Law was right to increase the supply of money, but he over did it.

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