| Fiat money? That is what was used to bail out Chrysler, wasn't it?
The Austrian critique of fiat money has not held up. They are obviously correct that capital goods are the basis of economic strenght but they haven't made the case that money, the unit of transaction, needs to be tied directly to a commodity.
Rick
"When fascism comes to America, it will be wrapped in the flag and carrying a cross." Sinclair Lewis |