On the Manipulation of Money and Credit. Людвиг фон Мизес

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ON THE MANIPULATION OF MONEY AND CREDIT

      The Liberty Fund Library of the Works of Ludwig von Mises

      EDITED BY BETTINA BIEN GREAVES

      The Anti-capitalistic Mentality

      Bureaucracy

      Economic Freedom and Interventionism: An Anthology of Articles and Essays

      Economic Policy: Thoughts for Today and Tomorrow

      Human Action: A Treatise on Economics

      Interventionism: An Economic Analysis

      Liberalism: The Classical Tradition

      Nation, State, and Economy: Contributions to the Politics and History of Our Time

      Omnipotent Government: The Rise of the Total State and Total War

      On the Manipulation of Money and Credit: Three Treatises on Trade-Cycle Theory

      Planning for Freedom: Let the Market System Work A Collection of Essays and Addresses

      Socialism: An Economic and Sociological Analysis

      Theory and History: An Interpretation of Social and Economic Evolution

      The Theory of Money and Credit

      The Ultimate Foundation of Economic Science: An Essay on Method

      EDITED BY RICHARD M. EBELING

      Selected Writings of Ludwig von Mises

      Volume 1: Monetary, Fiscal, and Economic Policy Problems Before, During, and After the Great War

      Volume 2: Between the Two World Wars: Monetary Disorder, Interventionism, Socialism, and the Great Depression

      Volume 3: The Political Economy of International Reform and Reconstruction

      This book is published by Liberty Fund, Inc., a foundation established to encourage study of the ideal of a society of free and responsible individuals.

      The cuneiform inscription that serves as our logo and as a design element in Liberty Fund books is the earliest-known written appearance of the word “freedom” (amagi), or “liberty.” It is taken from a clay document written about 2300 B.C. in the Sumerian city-state of Lagash.

      New foreword and index © 2011 by Liberty Fund, Inc.

      On the Manipulation of Money and Credit was originally published in 1978 by Free Market Books.

      Front cover photograph of Ludwig von Mises used by permission of the Ludwig von Mises Institute, Auburn, Alabama.

      This eBook edition published in 2013.

      eBook ISBNs:

       Kindle 978-1-61487-612-0

       E-PUB 978-1-61487-236-8

       www.libertyfund.org

      CONTENTS

Foreword

STABILIZATION OF THE MONETARY UNIT—FROM THE VIEWPOINT OF THEORY (1923)

Introduction

CHAPTER I The Outcome of Inflation

1 Monetary Depreciation

2 Undesired Consequences

3 Effect on Interest Rates

4 The Run from Money

5 Effect of Speculation

6 Final Phases

7 Greater Importance of Money to a Modern Economy

CHAPTER II The Emancipation of Monetary Value from the Influence of Government

1 Stop Presses and Credit Expansion

2 Relationship of Monetary Unit to World Money—Gold

3 Trend of Depreciation

CHAPTER III The Return to Gold

1 Eminence of Gold

2 Sufficiency of Available Gold

CHAPTER IV The Money Relation

1 Victory and Inflation

2 Establishing Gold “Ratio”

CHAPTER V Comments on the “Balance of Payments” Doctrine

1 Refined Quantity Theory of Money

2 Purchasing Power Parity

3 Foreign Exchange Rates

4 Foreign Exchange Regulations

CHAPTER VI The Inflationist Argument

1 Substitute for Taxes

2 Financing Unpopular Expenditures

3 War Reparations

4 The Alternatives

5 The Government’s Dilemma

CHAPTER VII The New Monetary System