An Introduction to Christian Economics by Gary North

By Gary North

An try and set forth the biblical presuppositions in different region of economics, yet essentially within the box on financial concept.

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A new round of inflation begins. There has been a’ change, however. ” The addict’s body develops a tolerance for the drug, and if the same amount of it is injected into his system, he will begin to lose the old euphoria, and eventually he will experience physical discomfort. In the market, forecasters expect further inflation, and they prepare their plans more carefully, watching for rising costs and more ready to increase prices. The paper profits are smaller unless largf r quantities of the counterfeit claims are injected into the money su~ply.

Thus, we tend to price ourselves out of European markets. This reduces one of the options available to Europeans who hold our dollars. Foreigners spend fewer of their dollars on our goods. Simple? Here is where the trouble begins. In order to encourage foreigners to buy our securities and bonds (and thus to discourage them from buying our gold), we have to offer them high rates of return for their money. This means we have to pay out high. interest rates. But high interest rates adversely affect the rate of growth in our economy.

240. Inflation: The E&onomics of Aa2iiction 31 to keep prices low while fir nly committed to a policy which must necessariJ y make them seas. 3 What about the inflation c~used by increases in the supply of money metals? How does this come about? There are at least two ways. this could happen: ( 1 ) new sources of gold and silver might be discovered; (2) a new and more efficient technical process for producing one of the metals more cheaply could be found. This would tend to inject new supplies of circulating media into the economy, but the use of the metals as noney could be offset through their consumption in industrial use (silver, for example, is widely used in the photography industry), and as jewelry and ornamentation.

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