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Age of Inflation
Professor Hans F. Sennholz is the outstanding student of Ludwig von Mises whose lifetime work specialized in monetary and financial economics. This book is one of his great legacies to economic science. The title Age of Inflation reflects its subject matter and the date of original 1979, the year of the outbreak of double-digit inflation in the US. Sennholz addresses the burning question of inflation's causes, effects, and its future outlook, along with reform proposals. He saw what most all economists of that the Fed cannot and will not stop inflation because its institutional structure is designed to fuel it and the business cycle and declining purchasing power as its major result. Sennholz dares to question the conventional wisdom that the economy is inflation proof. It is not, he argues. In this, he is in sharp disagreement with the Chicago and Keynesian Schools, and he explains why in detail. Perhaps the greatest contribution of this volume appears
207 pages, Paperback
First published June 1, 1979
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August 27, 2021Quote: "There is no government wealth and income other than that taken from individuals. What government distributes to its beneficiaries it must first seize from its victims. The transfer or welfare society, with its millions of beneficiaries, is also a victim society that is torn by internal conflict."
-Hans Sennholz, Age of Inflation
In short, I would love to ask Mr Sennholz, How can a govt be indebted for trillions of dollars when it's currency is not backed by anything physical like gold? If what I write is fact, and if the dollars we possess are borrowed as we're are lied to about, the debt (allegedly) being repayed, can only be for 1) the ink and the paper 2) the concept of a currency having value that is owned by a small group of parasites!
How can the u.s. govt inc obtain it's wealth from the money it takes from the people, and it borrows from outside sources, when it is the ONE AND ONLY SOURCE of this country's currency? The u.s. govt inc doesn't borrow a penny from anywhere, not does it use collected taxes, to fund this country. It prints as much money as it deems necessary!!!!
We live in a resource based world. What is physically necessary to survive here. Air, water, food, shelter, etc. Money and taxation was created to control the people and who gets the resources.....PERIOD!!!!!
Countries, like the u.s. inc that are members of the IMF, must obey it's rules!!! One rule, if a govt runs a defecit it must print and sell bonds to raise money. Govts like in the u.s. are the ONLY source of it's currency so they will always run a defecit!!!!!
Inflation is price gouging......PERIOD!!!!!!!
-Hans Sennholz, Age of Inflation
In short, I would love to ask Mr Sennholz, How can a govt be indebted for trillions of dollars when it's currency is not backed by anything physical like gold? If what I write is fact, and if the dollars we possess are borrowed as we're are lied to about, the debt (allegedly) being repayed, can only be for 1) the ink and the paper 2) the concept of a currency having value that is owned by a small group of parasites!
How can the u.s. govt inc obtain it's wealth from the money it takes from the people, and it borrows from outside sources, when it is the ONE AND ONLY SOURCE of this country's currency? The u.s. govt inc doesn't borrow a penny from anywhere, not does it use collected taxes, to fund this country. It prints as much money as it deems necessary!!!!
We live in a resource based world. What is physically necessary to survive here. Air, water, food, shelter, etc. Money and taxation was created to control the people and who gets the resources.....PERIOD!!!!!
Countries, like the u.s. inc that are members of the IMF, must obey it's rules!!! One rule, if a govt runs a defecit it must print and sell bonds to raise money. Govts like in the u.s. are the ONLY source of it's currency so they will always run a defecit!!!!!
Inflation is price gouging......PERIOD!!!!!!!
August 3, 2023
7.5/10
gone-gave-away
March 22, 2024Von Mises, Austrian School guy.
Donate, though I agree with this bunch.
Donate, though I agree with this bunch.
July 26, 2013
Interesting Quotes:
"There is no government wealth and income other than that taken from individuals. What government distributes to its beneficiaries it must first seize from its victims. The transfer or welfare society, with its millions of beneficiaries, is also a victim society that is torn by internal conflict."
-Hans Sennholz, Age of Inflation
"Credit expansion misleads businessmen into costly errors of expansion and modernization for which there is no consumer demand. The fiscal deficits that are to stimulate economic recovery and full employment bolster some industries while depressing others. *If the housing industry becomes the recipient of federal largess it will prosper and expand so long as federal support is forthcoming. But when a few years later the injection of government funds is halted because other industries suffer from stagnation and now are clamoring for their share of the federal favors, the housing industry must fall into depression and unemployment.* The same will be true if the federal subsidies cease to grow, but are stabilized at certain levels to which the industry is quick to adjust. In short, each and every injection of government funds artificially and temporarily bolsters the recipient industries, and makes them dependent on ever larger stimulating injecting. As the government funds are obviously limited, and policies may necessitate a rotation of favors, a depression soon follows the stimulating injection."
Hans Sennholz, Age of Inflation, prophetically writing in 1979 (emphasis added)
"There is no government wealth and income other than that taken from individuals. What government distributes to its beneficiaries it must first seize from its victims. The transfer or welfare society, with its millions of beneficiaries, is also a victim society that is torn by internal conflict."
-Hans Sennholz, Age of Inflation
"Credit expansion misleads businessmen into costly errors of expansion and modernization for which there is no consumer demand. The fiscal deficits that are to stimulate economic recovery and full employment bolster some industries while depressing others. *If the housing industry becomes the recipient of federal largess it will prosper and expand so long as federal support is forthcoming. But when a few years later the injection of government funds is halted because other industries suffer from stagnation and now are clamoring for their share of the federal favors, the housing industry must fall into depression and unemployment.* The same will be true if the federal subsidies cease to grow, but are stabilized at certain levels to which the industry is quick to adjust. In short, each and every injection of government funds artificially and temporarily bolsters the recipient industries, and makes them dependent on ever larger stimulating injecting. As the government funds are obviously limited, and policies may necessitate a rotation of favors, a depression soon follows the stimulating injection."
Hans Sennholz, Age of Inflation, prophetically writing in 1979 (emphasis added)
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