Antal Fekete: Blowing Up Modern Austrian Economics ... Fekete addresses the foundational economic work and understanding of “Real Bill” money by Carl Menger.Reviewing this subject, may be a new experience for most and for mainline economists a topic that is problematic.Understanding the real bills doctrine is essential to understanding why irredeemable currency cannot function as money.
Nor is the existence of a central bank a prerequisite for real bill circulation.
How is it possible for central banks to use the argument of real bills, when modern academics differ with the mechanics of their cherished monetary theory?
“An economic theory that surmises that when central banks loan money only for "productive" projects the loans will not be inflationary.
dominance has mastery over politics, laws and policies, how is it possible to create political critical mass to take over the power of the State?
As history attests, the debt-created money scheme is never replaced through political reforms.