The ability of a business to maintain accurate and meaningful accounts is undermined by the debasement of the accounting medium, fiat currency. Understand this and you understand the corrosive effects of weak money.
This important subject receives almost no attention. Instead it is argued that a weak currency can stimulate exports and therefore business. Cynical neo-classical economists see monetary debasement as a means of robbing savers and wage-earners without them noticing, to achieve a statist objective without apparent pain. The self-interested justification for this theft of individuals’ property has been elevated to an art-form involving obfuscating statistics, as well as clouding economic issues with concepts of fairness, morality and politics.
The result is to render accounts meaningless. The currency unit of today is…
Read the complete article at GoldMoney here.
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