George Osborne: UK Has Run Out Of Money - The Government 'Has Run Out Of Money' And Cannot Afford Debt-Fuelled Tax Cuts Or Extra Spending, George Osborne Has Admitted - By Rowena Mason (29/2/12) PDF Print E-mail
Rowena Mason   
Wednesday, 29 February 2012 09:53

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The Transition To Monetary Freedom - By Ron Paul (24/2/12) PDF Print E-mail
Ron Paul   
Friday, 24 February 2012 09:51

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Bailing Out Banks Is Inflationary - By Thorsten Polleit (23/2/12) PDF Print E-mail
Thorsten Polleit   
Thursday, 23 February 2012 10:48

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The Government And The Currency - By Ludwig von Mises (22/2/12) PDF Print E-mail
Ludwig von Mises   
Wednesday, 22 February 2012 08:53

Mises Daily

Media of exchange and money are market phenomena. What makes a thing a medium of exchange or money is the conduct of parties to market transactions. An occasion for dealing with monetary problems appears to the authorities in the same way in which they concern themselves with all other objects exchanged, namely, when they are called upon to decide whether or not the failure of one of the parties to an act of exchange to comply with his contractual obligations justifies compulsion on the part of the government apparatus of violent oppression. If both parties discharge their mutual obligations instantly and synchronously, as a rule no conflicts arise which would induce one of the parties to apply to the judiciary. But if one or both parties' obligations are temporally deferred, it may happen that the courts are called to decide how the terms of the contract are to be complied with. If payment of a sum of money is involved, this implies the task of determining what meaning is to be attached to the monetary terms used in the contract.

Thus it devolves upon the laws of the country and upon the courts to define what the parties to the contract had in mind when speaking of a sum of money and to establish how the obligation to pay such a sum is to be settled in accordance with the terms agreed upon. They have to determine what is and what is not legal tender. In attending to this task the laws and the courts do not create money. A thing becomes money only by virtue of the fact that those exchanging commodities and services commonly use it as a medium of exchange. In the unhampered market economy the laws and the judges in attributing legal tender quality to a certain thing merely establish what, according to the usages of trade, was intended by the parties when they referred in their deal to a definite kind of money. They interpret the customs of the trade in the same way in which they proceed when called to determine what is the meaning of any other terms used in contracts.



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Hiding The Elephant: Fort Knox’s Vanishing Act - By Kal Kotecha (22/2/12) PDF Print E-mail
Kal Kotecha   
Wednesday, 22 February 2012 08:52

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