1. The German Rejection of Classical Economics The hostility that the teachings of Classical economic theory encountered on the European continent was primarily caused by political prepossessions.
Well, currency debasement is pretty bad, as a few key statistics will reveal, but first some background. At the Bretton Woods Conference in 1944 the US agreed that it would redeem dollars for gold at $35 per ounce. If the US conducted a disciplined and honest monetary system, this would mean that the dollar was "as good as gold"; i.e., the US would not create more dollars
Last week I wrote about Ludwig von Mises’s important letter to the New York Times in June 1942 about the Nazi economy. In the letter, Mises says that foreign trade poses a difficult problem for a socialist economy.