An Introduction to Christian Economics by Gary North PDF

By Gary North

An try and set forth the biblical presuppositions in numerous region of economics, yet essentially within the box on financial conception.

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1~ The coinage power must be left to private citizens who are subject to competition from other citizens and to the enforcement by the government of the private coins’ stated weights and fineness. Logically, one might argue, this would hold true for government enforcement of 100 percent reserves in banking, too. Perhaps so, but in any case, the benefits of free banking, with or without the 100 percent reserve law, would provide a remarkably sound monetary system. And either way, the “withdrawal” pains-depression+ould not be avoided.

People demanded cash for their deposit entries, and many banks folded under the pressure [9,000 of them]. It is at this point that we discover the central flaw of all inflationary policies. By voluntary agreement, citizens decided to trade certain money metals for scarce consumer goods and services. They later consented to use paper claims to money metals as convenient substitutes. But paper and ink are in large supply, unlike gold and silver; it is far easier to print an IOU for a thousand silver dollars than it is to mine the silver, smelt it, and form it into the actual thousand coins.

Prices rise spasmodically, in response to the inflated money injected into certain points of the economy, Money is “easy,” and profits appear to be available in certain favored industries, those industries in which, prior to the inflation, further investment would have produced losses. The entrepreneurs pour capital in the form of money and credit, into these newly profitable vent ~es. The inevitable happens: good, 7. Mises, Money and Credit, pp. 361-364. 36 An Introduction to Christian Economics solid, formerly profitable businesses that had been beneficial to both buyers and owners in the pre-inflation period now begin to lose money.

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An Introduction to Christian Economics by Gary North

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