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Against what is stupid, nonsensical, erroneous, and evil, liberalism fights with the weapons of the mind, and not with brute force and repression.
Catallactics does not ask whether or not the consumers are right, noble, generous, wise, moral, patriotic, or church-going. It is concerned not with why they act, but only with how they act.
But when States did debase the coinage, it was always from purely fiscal motives. The government needed financial help, that was all; it was not concerned with questions of currency policy.
History cannot teach us any general rule, principle, or law. There is no means to abstract from a historical experience a posteriori any theories or theorems concerning human conduct and policies. The
Inflation made it possible to divert the fury of the people to 'speculators' and 'profiteers'. Thus it proved itself an excellent psychological resource of the destructive and annihilist war policy.
The attempt to restrain prices within limits has to be given up. A government that sets out to abolish market prices is inevitably driven towards the abolition of private property.
The agents of etatism have certainly not been lacking in zeal and energy. But, for all this, economic affairs cannot be kept going by magistrates and policemen.
It is not the poverty of individuals and the community, not indebtedness to foreign nations, not the unfavourableness of the conditions of production, that force up the rate of exchange, but inflation.
It's important for me to treat a girlfriend with respect. My mum would be horrified if I behaved any differently - and I have sisters, and would hate for them to be treated badly by guys.