By Ludwig Von Mises; Percy L Greaves, Jr.; Bettina Bien Greaves
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Extra info for On the manipulation of money and credit : three treatises on trade-cycle theory
Thus, inflation proved itself an excellent psychological aid to the prowar policy, leading to destruction and annihilation. What the war began, the revolution continues. A socialistic or semisocialistic government needs money to operate unprofitable enterprises, to subsidize the unemployed and to provide the people with cheap food supplies. Yet, it cannot raise the funds through taxes. It dares not tell the people the truth. The pro-statist, pro-socialist doctrine calling for government operation of the railroads would lose its popularity very quickly if a special tax were levied to cover the operating losses of the government railroads.
First Steps The bedrock and cornerstone of the provisional new monetary system must be the absolute prohibition of the issue of any additional notes not completely covered by gold. The maximum limit for German notes in circulation [not completely covered by gold] will be the sum of the bank notes, Loan Bureau Notes (Darlehenskassenscheinen), emergency currency (Notgeld) of every kind, and small coins, actually in circulation at the instant of the monetary reform, less the gold stock and supply of foreign bills held in the reserves of the Reichsbank and the private banks of issue.
However, they will certainly not hold more domestic currency in place of foreign exchange. In any case, this behavior reduces total exports. The demand for foreign exchange for hoarding disappears and, at the same time, the supply of foreign exchange coming into the country in payment of exports declines. Incidentally, it may be mentioned that making it more difficult to amass foreign exchange hampers the accumulation of a reserve fund that could help the economy weather the critical time which immediately follows the collapse of a paper monetary standard.