Mises knew it a long time ago

The greatest economist of the 20th century, Ludwig von Mises, wrote one of his many great works back in 1934. The title: The Theory of Money and Credit. This book is especially important now because of the devastation of American wealth caused by the inflating central bank, the Federal Reserve. An excerpt:

"Native inflationism demands an increase in the quantity of money without suspecting that this will diminish the purchasing power of money. It wants more money because in its eyes the mere abundance of money is wealth. Fiat money! Let the state "create" money, and make the poor rich, and free them from the bonds of the capitalists! How wrong to forgo it simply because this would run counter to the interests of the rich! How wicked of the economists to assert that it is not within the power of the state to create wealth by means of the printing press! - You statesmen want to build railways and complain about the low state of the exchequer? Well, then, do not beg loans from the capitalists and anxiously calculate whether your railways will bring in enough to enable you to pay interest and amortization on your debt. Create money, and help yourselves."

Mises knew back then that the creation of money backed by nothing leads to disaster. As we watch the economy collapse this year and next, we can only hope that Mises' works catch on so we can finally abandon Keynesianism, that economic crap they teach in public schools.