For more than a century, the Austrian School has warned that once money is severed from market discipline, every institution built upon it begins to deteriorate. Government expands without meaningful constraint. Savings are silently siphoned away. Investment becomes distorted by artificially cheap credit. War becomes politically easy. And political power gradually migrates from the productive class to those who control the printing press. Ludwig von Mises captured this dynamic in a simple but profound chain of logic: civilization requires rational economic calculation; calculation requires accurate prices; prices require free markets; free markets require voluntary exchange; and voluntary exchange requires secure … Continue reading
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