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| Source: Reserve Bank of New Zealand. |
“In a world where central banks are actively assessing inflation, money is rotting.”~ Lionel Shriver, from the 2016 dystopian novel Mandibles [ Hayek's Cafe Hat]
Modernization:
Ludwig von Mises noted this in 1923 in his paper "Monetary Stability" (collected in "On the Manipulation of Money and Credit " [pdf], p. 43):
"However, inflation is not an isolated phenomenon. It is only part of the overall picture of the political, economic, social and philosophical visions of our time. Just as the sound monetary policy of the gold standardists went hand in hand ... with liberalism," free trade, capitalism and peace, as well as inflation, an integral part of imperialism, militarism, protectionism, the state and socialism.
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