This collection brings together a number of different papers previously published in The Freeman over the last 25 years or so, with a new introduction by Hans Sennholz. Overall this is a strong collection of essays, particularly suitable for students or the economicary-inclined general reader. What is most remarkable about the essays is both how many common themes they touch upon and how the controversial issues they discuss continue to be at the heart of debates among classical liberal monetary theorists today.
Inflation is a political evil. In the United States it is perpetrated by the officials of the Federal Reserve System in cooperation with agents of the U.S. Treasury. At the very beginning of the country, the Constitution merely gave the Congress the power "to coin money, regulate the value thereof, and of foreign coin... (Article I., Section 8, (5)). In time, the U.S. Congress supported by the Supreme Court interpreted this power to be "legal tender power" in the hands of a monopolistic central bank, the Federal Reserve System.