Henry Dampier

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March 20, 2015 by henrydampier 3 Comments

Hülsmann on Fiat Money Distortions

Guido Hülsmann speaks capably here about how fiat money banking corrupts society as a whole.

If you don’t have the time or the inclination to go through more texts on economics, this speech explains the profound and pervasive corrupting influence that central banking tends to have on countries. It also helps to explain its attraction to states. When a small number of financial institutions hold most of the wealth in a society in the form of financial titles, it’s trivial for the state to confiscate assets if it needs to.

It also helps to explain why the modern elite tends to be characterized by such an overweening greed to enhance their relative position relative to the rest of society. Central banks are often portrayed as guarantors of societal equality, but they instead tend to encourage a small, hyperactive group to domineer over the rest, owing to their loss aversion. Since everyone is continually being expropriated by the expansion of the supply of money and credit, it pushes people with the most monetary wealth to compete much harder than they would otherwise.

Even if you have no interest in this issue in particular, it’s a good introduction to the topic of banking and finance in general.

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Filed Under: Economics

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  1. Hülsmann on Fiat Money Distortions | Reaction Times says:
    March 20, 2015 at 12:30 pm

    […] Source: Henry Dampier […]

    Reply
  2. This Week in Reaction (2015/03/20) | The Reactivity Place says:
    March 20, 2015 at 4:20 pm

    […] Friday, Henry closes out the week with yet another Property & Freedom Society conference video: Hülsmann on Fiat Money Distortions and astute commentary […]

    Reply
  3. Expropriation and Elite Insecurity | Neoreactive says:
    May 28, 2015 at 7:00 am

    […] post is partly cribbed from a talk given by Guido Hülsmann at the Property and Freedom society which I linked to a while […]

    Reply

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