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“One of the most enduring and troublesome mysteries in economics is money: how it is created, what sorts of institutions initiate the process, what kinds of mystique and priestcraft central bankers use in managing monetary systems, and what rules, laws, or customs limit their actions.

Perhaps the common ignorance about money is harmless. After all, the millions of people who use this money drive sophisticated automobiles and manipulate complex computers without knowing much about the technical properties of either. As long as cars, computers, and money behave themselves, can we perhaps ignore them? The answer is that we can for cars and computers but we should not for money.” Read more.

 “Money in the 1920s and 1930s”
Richard H. Timberlake
The Freeman, April 1999, Vol. 49, Issue 4.
Via the Foundation for Economic Education.

Tom Duncan

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