Forty years have passed since the first German-language edition of this volume was
published. In the course of these four decades the world has gone through many
disasters and catastrophes. The policies that brought about these unfortunate events
have also affected the nations' currency systems. Sound money gave way to
progressively depreciating fiat money. All countries are today vexed by inflation
and threatened by the gloomy prospect of a complete breakdown of their
currencies.
There is need to realize the fact that the present state of the world and especially the
present state of monetary affairs are the necessary consequences of the application
of the doctrines that have got hold of the minds of our contemporaries. The great
inflations of our age are not acts of God. They are man-made or, to say it bluntly,
government-made. They are the offshoots of doctrines that ascribe to governments
the magic power of creating wealth out of nothing and of making people happy by
raising the "national income."......
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