collapse inflation policy carried extreme — United States 1781 France — Ludwig von Mises, Theory Money Credit

Credit Ludwig von Mises The Theory of Money

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The collapse of an inflation policy carried to its extreme — as in the United States in 1781 and in France in 1796 — does not destroy the monetary system, but only the credit money or fiat money of the State that has overestimated the effectiveness of its own policy. The collapse emancipates commerce from etatism and establishes metallic money again.

Ludwig von Mises, The Theory of Money and Credit

Related Authors: Ludwig von Mises | The Theory of Money | Credit

Related Topics: capitalism, economics, freedom, money

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