by George F. Smith

Economics is the discipline that supposedly sheds light on this process.  As Rothbard tells us, “It deals in general with the action of men to satisfy their desires,” focusing on the exchange of goods as the means by which this is accomplished.  A social organization based on the inviolability of private property fosters the best outcomes for all its members.  Yet, it would be next to impossible to find an economist who would agree with this view, in part because most of them are on the state’s payroll.

The idea of protecting lives and property is thought by some to provide a justification for the state and for acceding to its claim of a legal monopoly on force within its territorial area.  The state, though, has never shown much interest in preserving the liberty of its citizens.  Especially today, the state sees them as objects to plunder and sacrifice, with the usual exceptions made for the well-connected.

Inflation camouflages scarcity

People need a sound currency to prosper.  States need an inflatable currency to rule with a heavy hand.  States try to capture the best of both by inflating judiciously.  It hasn’t worked; the mere existence of fiat money creates moral hazard, as Guido Hulsmann has written.  Central banks inflated to paper-over earlier recessions, and the long-run effects have caught up.

With the world’s economies run by monopoly printing presses, there is a serious disconnect with reality.  An ally needs a few billion to fight a war?  Will it to happen, and it is done.

Money, which once had real value whose supply could not be changed on command, can be created in any amount by state appointees.  This is inflation.  It has ruined other countries.  It is a juggernaut of destruction.  It’s what every administration counts on to sustain the racket.

https://www.lewrockwell.com/2025/12/george-f-smith/a-juggernaut-of-destruction/