By Gary North
An try to set forth the biblical presuppositions in numerous region of economics, yet basically within the box on financial concept.
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Extra resources for An Introduction to Christian Economics
The result is obvious. Prices go up. Now, we’ve all heard about the gold crisis. It is simple to explain, at least in the fundamentals (the actual operations are frighteningly complex ). The United States has been printing up more IOU’s to gold than it has gold to redeem them. ation 25 want at a price of $35 per ounce. It is because of that guarantee that Europe has been willing to take our dollars in trade for their goods and services. We have also given many billions away to the world through our foreign aid programs and military aid, over $122 billion, 1945-1966.
First, money must be durable. It would be hard to use ground beef as money, since it spoils too fast. Second, money must be transportable. Third, it should be divisible into equal parts for the purpose of accurate counting. Gold dust used to serve this purpose during the gold rush days in California and Alaska; bags of salt still function as money in some parts of Africa. Fourth, money must be relatively scarce. Thk is extremely important. If money were as plentiful as, for example, air, it would no longer function as money.
The unions blame management for the increasing costs of all manufactured goods, while business Names the unions as the cause of the price hikes, since added labor rests force management to pass along the wage increases to the consu ners. Both groups are wrong. Without the counterfeit, unbacked credit money produced by fractional reserve banking, and without t~e unbacked treasury notes, neither labor nor business could contir ually force up prices. Labor would price itself out of the market, fo -cing management to fire some of the laborers.