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Monetary policy is in turmoil. Ever since the financial crisis erupted eight years ago, * major central banks have fundamentally reformed the way they create and absorb money.
Their activism has failed to extinguish the fires. There are already plans to equip monetary policy with new tools, such as the elimination of cash and “helicopter money” in order to face the challenges of the moment and the near future. One thing seems to be clear: the monetary policy of tomorrow will still be very different from that of today. The monetary system and the economy of tomorrow will be profoundly different from those of today. Can we predict this future?
The future is the result of the previous choices. Where there are choices, the future is in principle uncertain. But this matter of fact needs to be put into perspective. Monetary history has been forged under the impact of certain forces that tirelessly push for an inflation of the money supply. These forces are at work today as at the dawn of time, and they will not disappear tomorrow. It is therefore interesting to identify them, to imagine their extension into the future and to assess them in the light of economic analysis.
This is what we propose to do in this article. In the first part, we will study the main forces at work in the production of money, as well as the resulting trends. Part two will be devoted to analysing the current situation and shorter-term trends. In conclusion, we will contrast two interpretations of this evolution: the classical vision, anchored in the conviction that the production of money is not a cause of the wealth of nations, and the mercantilist-Keynesian vision, based on the opposite conviction. Causes and Finality of Inflation
The word inflation is today commonly defined as a sustained increase in the level of money prices (price-inflation). But its etymological root refers to an artificial expansion of the money supply which results most notably from state interventions (see Hülsmann, The Ethics of Money Production , chaps 5 and 7). It is this phenomenon that is at […]
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When I left my cushy corporate job in 2017, I did so knowing that my family would have to make sacrifices. But I couldn’t continue to watch the nation slip into oblivion and was inspired by President Trump’s willingness to fight the good fight even at his own personal expense. What I didn’t realize then is that conservative media would be so heavily attacked, canceled, and defunded that the sacrifices would be extreme.
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