By Gary North
An try to set forth the biblical presuppositions in numerous sector of economics, yet essentially within the box on financial thought.
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Additional info for An Introduction to Christian Economics
It was easier just to leave the gold in the vault, and use the IOU instead. Thus, the man issuing the IOUS learned a neat trick: he could issue more IOUS to gold than he actually possessed to redeem the paper bills. These bills would circulate as money just as well as the “100 percent reserve” IOU’s circulated. They all looked the same. These new bills could be loaned out to businessmen for investment purposes; they, in turn, would pay the lender interest on the money. So long as the banker did not issue too many of the unbacked IOU’s he was safe; people did not grow suspicious, and the value of the individual bills did not fall enough to call their validity into question.
The costs of the war in Vietnam and other massive government expenditures are contributing factors in this increase. The loss of purchasing power of the dollar is the invisible tax that pays for the increase of expenditures. The inflation tends to hide the actual burden of taxation; what we do not pay for on April 15 we pay for in higher prices. The government cannot get something for nothing; when it increases expenditures, the public must reduce its consumption or investment. Higher prices accomplish this goal: the citizens reduce their purchases as the government increases its purchases.
No analogy can claim to be so rigorously exact as to rival the accuracy of the original concept to which it is supposed to be analogous. It is, however, an excellent teaching device, and while it is no substitute for carefully reasoned economic analysis, it is still a surprisingly useful supplement which can aid an individual in grasping the implications of the economic argument. Before beginning the comparison, it is mandatory that a definition of inflation be presented, one which can serve as a workhg basis for the development of the analogy.