Sublime

fiat money even really is: It is a fungible pan-bank liability.

Every hyperinflation looked the same. “Hyperinflations are always caused by public budget deficits which are largely financed by money creation.” But even more interestingly, Bernholz identified the level at which hyperinflations can start. He concluded that “the figures demonstrate clearly that deficits amounting to 40 percent or more of expenditu

For Turgot, the world of finance was a mirror held up to the world, with real and financial assets exchangeable for each other. Since land, buildings and factories produce income, so money must yield interest. This important insight is too often overlooked by modern economists.

In the Information Age, it will be technologically feasible to impose tolls, including congestion fees, that accurately price access to highways, runways, and other infrastructure without interrupting traffic flow. Thus the provision transportation infrastructure could be discretely privatized and financed directly by those who use the service. Eco

assessments.principles.com.

In the words of Bill Gross, who runs the world’s largest bond fund at the Pacific Investment Management Company (PIMCO), ‘bond markets have power because they’re the fundamental base for all markets. The cost of credit, the interest rate [on a benchmark bond], ultimately determines the value of stocks, homes, all asset classes.’

Ludwig von Mises, a pioneer in the Austrian School of economics, called this sudden loss of faith in a fiat currency a “crack-up boom,” and historically it has spelled the end of the currency in question.