News — MoneyAndCredit

As we saw in the previous posting on this subject, turning control of money and credit to the State does not seem to have been a good idea — ever.  In the crudest sense, it separates the people who produce from the benefits of production, mainly consumption.  This undermines the first principle of economics as stated by Adam Smith in The Wealth of Nations: “Consumption is the sole end and purpose of all production.”   In other words, allowing the State (which by its nature produces nothing in the way of marketable goods and services) to “create” consumption power by...