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Re:Bizarre Shadowy Paper-Based Payment System Being Rolled O... by notahacker on Tuesday February 18, 2014 @05:35PM (#7261344)
Frankly, Rothbard's book is not particularly likely to change the mind of anyone with a good grasp of economics or finance because it's basically an extended political pamphlet which doesn't actually address the arguments economists make against the gold standard. Economists, for example, believe that hoarding is detrimental to investment because [some more] individuals will be rationally inclined to hoard rather than invest in a noninflationary environment, resulting in fewer real goods and services being produced. Rothbard manages to write an entire chapter claiming that "hoarding never brings any loss to society" without any reference to investment, or the effects of expected zero inflation (or deflation) on propensity to invest. He even describes the beginning of a credit crunch "suppose, for whatever reason--perhaps growing apprehension--people's demand for cash balances increases" as a good thing which it would be a "positive social benefit to satisfy"! Let them eat coins! What happens to the people who want to make stuff to sell at a profit and face both increasing borrowing costs and decreasing prices isn't discussed...
Re:Bizarre Shadowy Paper-Based Payment System Being Rolled O... by lukifer on Tuesday February 18, 2014 @10:55PM (#7261705)
There is a practical example where the incentive to hoard has not stopped transactions: the technology industry. Since the dawn of computers and personal electronics, the purchasing power of the dollar for technology products increases drastically year-by-year, and yet transactions continue to occur.

If a currency or commodity accumulates value, the seller's incentive to acquire it is mathematically equal to the buyer's incentive to hoard it. Eventually, they meet in the middle and find a mutually agreeable price, because people will always want goods and services.