Darwin's most famous quote comes from On the Origin of Species: 'It is not the strongest of the species that survive, nor the most intelligent, but the one most responsive to change.'
For money to have meaning it needs to have a relationship to energy. The energy used to produce money becomes a physical representation of the time required to earn it. When money requires no energy to produce, it has no relationship to time.
In a monetary system where money is no longer backed by a tangible asset (as was the case with the gold standard) but controlled by the authorities through legal tender laws and a monopoly on money creation, this is, according to the author, a form of counterfeiting on a massive scale.
Mainstream economic teaching still pushes the basic belief that inflation occurs when the aggregate quantity of goods demanded at any particular price level rises more quickly than the aggregate quantity of goods supplied at that price level.
It is not weird that various religions have gained a foothold in the minds of man when we realize that each and every one of us comes into being by some very improbable means. You are a descendant from a very long lineage of happenstances.
With the word ‘inflation’ consistently in the news and part of our daily conversation, let’s explore the policy of Fiat currencies and a well-documented historical account of good old-fashioned currency debasement.