Insane Inflation and the Global Central Bank

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Bob Murphy has a great interview by Scott Horton in which they discuss the coming price inflation and move toward monetary one-worldism. I recommend it, but it occurs to me now more than ever the enormity of the hurdle of public confusion that must be overcome for us to win the intellectual battle. Consider how much we have to back up to discuss this issue with mainstreamists.

We have to discuss the relationship between the money supply and prices, not even able to assume the relationship will be easily understood. I recall from my junior year at Berkeley an exchange with a young lady after a lecture we had both heard by a Keynesian historian (very good history educator, except where economics got in the way) on the Great Depression. She asked me, “Why don’t they just print money until it’s solved?”
In that split second, I wondered how a student in an upper division class at UC Berkeley could ask something like that. But soon enough, she answered herself:

“Oh wait, then money would be worth less, huh?”

Many people never ask the question outright, and even when they do, they would never come up with the answer. So this basic connection between fiat money and prices is not widely grasped.

But now there is serious talk of a global central bank. One more widely held piece of propaganda: More centralized is always better.

8:51 pm on March 23, 2009