Monday, November 29, 2010

World Currency Crisis

The world is in permanent monetary crisis, but once in a while, the crisis flares up acutely, and we noisily shift gears from one flawed monetary system to another.  We go back and forth from fixed paper rates to fluctuating rates, to some inchoate and aborted blend of the two.  Each new system, each basic change, is hailed extravagantly by economists, bankers, the financial press, politicians, and central banks, as the final and permanent solution to our persistent monetary woes.
Dr. Murray Rothbard (February 1986, The World Currency Crisis)

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