By Gary North
An try to set forth the biblical presuppositions in numerous sector of economics, yet basically within the box on financial concept.
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An try to set forth the biblical presuppositions in numerous quarter of economics, yet essentially within the box on financial conception.
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Additional info for An Introduction to Christian Economics
On the other hand, if we keep interest rates low by pumping new paper money and credit into the eeonomy, foreign central banks demand their gold. Make no mistake about it, it is their gold. We promised them the right to redeem dollars for gold, and they own those dollars. The inflation reduces the purchasing power value of their dollars, and simultaneously it reduces interest rates, thus reducing the profitability of their investments in American stocks and bonds. They are just like all of us; they are not happy about being paid off in cheap dollars.
7 percent rise in the cost of living. The costs of the war in Vietnam and other massive government expenditures are contributing factors in this increase. The loss of purchasing power of the dollar is the invisible tax that pays for the increase of expenditures. The inflation tends to hide the actual burden of taxation; what we do not pay for on April 15 we pay for in higher prices. The government cannot get something for nothing; when it increases expenditures, the public must reduce its consumption or investment.
Business would price their products too high, and the public would shift to their competitors. No, the wage-price spiral is only a symptom of the inflation; it is a direct result, not the cause, of intlation. Admittedly, govel nment coercion backing up labor’s demands have made the uniors a major source of the pressures keeping costs rising continually, as Henry Hazlitt argues in chapter 5. ; Boston: Little, Brown, 1867), Diagram 1, p. 162a. 6. , p. 162. 34 An introduction to Christian Economics 42 of his little book, What You Should ‘Know About In@tion.