Saturday, August 15, 2009

The Ethics of Money Production, Conclusion

1. If capitalism is to be judged, then it should be pointed out, that there are two conceptions to consider. One is the free market model of respect to private property rights. Here, says Hülsmann, is the Catholic church positively inclined to capitalism. And here is also a link to Austrian economists, that have for long held, that as an economical system it provides the best chances for the full development of man and society.

Then there is the other, 'actual' capitalism of the West, that markedly differs from the ideal. Both groups are again in accord, that many of its aspects are worthy of critique - not the least in the production of money. There is no justification for the current system of paper money and fractional reserve banking, be it economical, legal, moral, or spiritual. They affect the lives of millions, and cause excesses for which is capitalism too often blamed.

These institutions were made not out of necessity, but because they gave politicians and bankers an easy income source, tapping the wealth of others. This is not a matter of conspiracy, but of a relentless drive to gain more money for the states - and paper money with fractional reserve banking merely turned out to be very efficient ways to do so.

2. A reform of our monetary institutions is badly needed and this book tried to present one alternative. Despite all the possible objections, the return of sound money is in the end a matter of will. It has been done before and can be achieved again.

Let us hope we won't have to wait too long.

No comments: