The Week in Review: August 20, 2016

by Mises Institute

Monday marked the 45th anniversary of Richard Nixon’s closing of the gold window. As Paul-Martin Foss noted, the result since has been dramatic inflation as central bankers loss the last remaining shackles imposed by the Bretton-Woods gold-exchange standard. It was this action that helped usher in the modern age of economic hedonism, as central bankers have become enablers to debt-addicted government. Of course, the same politicians who fundraise from “low info voters” using the boogeyman of income inequality are often the biggest cheerleaders for the inflation that helps drive it. As long as policy decisions are driven by politicians who desire a “third way,” instead of understanding the unique insights of Ludwig von Mises and the Austrian school, we’ll continue to see disastrous policy.

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