The first condition of any monetary reform is to halt the printing pressess....[the Central Bank] should not create credit to increase the amount of its notes, not covered by gold or foreign money, or to raise the sum of its outstanding liabilities. Should it release any gold or foreign money from its reserves, then it must reduce to that same extent the circulation or the use of its obligations in transfers.
Absolutely no evasions of these conditions should be tolerated.
Ludwig von Mises, The Causes of The Economic Crisis and Other Essays Before and After teh Great Depression February 28, 1931
Hybrid Mode
