The consequences of this short-lived paradise [inflation] are malinvestment, waste, a wanton redistribution of wealth and income, the growth of speculation and gambling, immorality and corruption, disillusionment, social resentment, discontent, upheaval and riots, bankruptcy, increased governmental controls, and eventual collapse. — Hazlitt, Henry. Man vs. The Welfare State (LvMI) (p. 136). Ludwig von Mises Institute. Kindle Edition.“A few months, at most.” This was the prevailing view of how long the fighting would last when Austria-Hungary declared war on Serbia on July 28, 1914. As Dr. Robert P. Murphy tells us in his incisive Understanding Money Mechanics, quoting Melchior Palyi:All involved would go “bankrupt” shortly and be forced to come to terms, perhaps without a decision on the
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