Quote by Friedrich A. Hayek

With the exception only of the period of the gold standard, practically all governments of history have used their exclusive power to issue money to defraud and plunder the people.

With the exception only of the period of the gold standard,

Summary

This quote suggests that throughout history, governments have frequently misused their authority to control and create currency in order to exploit and deceive the population, except during the time when the gold standard was in place. The gold standard refers to a monetary system where the value of currency is based on a fixed amount of gold. By implying that governments tend to manipulate their ability to issue money, the quote depicts a skeptical view of the state's role in managing monetary affairs, implying a potential abuse of power at the expense of the people.

Topics

Economics

By Friedrich A. Hayek

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