quote · Legacy record
When the value of money is increased, then those are enriched who at the time possess credit money or claims to credit money. Their enrichment must be paid for by debtors, among them the State (i.e., the tax-payers). Yet those who are enriched by the increase in the value of money are not the same as those who were injured by the depreciation of money in the course of the inflation; and those who must bear the cost of the policy of raising the value of money are not the same as those who benefited by its depreciation. To carry out a deflationary policy is not to do away with the consequences of inflation. You cannot make good an old breach of the law by committing a new one.
When the value of money is increased, then those are enriched who at the time possess credit money or claims to credit money. Their enrichment must be paid for by debtors, among them the State (i.e., the tax-payers). Yet those who are enriched by the increase in the value of money are not the same as those who were injured by the depreciation of money in the course of the inflation; and those who must bear the cost of the policy of raising the value of money are not the same as those who benefited by its depreciation. To carry out a deflationary policy is not to do away with the consequences of inflation. You cannot make good an old breach of the law by committing a new one.
Approximate author period: c. 1927 AD · modern
Meaning not yet available
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- Author or tradition
- Ludwig von Mises
Attribution: attributed - Country attributed
- Not established
A country attribution does not establish the earliest origin. - Historical period
- Approximate author period: c. 1927 AD · modern
Approximate author-period anchor from life dates 1881 to 1973; Wikidata Q84233, https://www.wikidata.org/wiki/Q84233 (accessed 2026-10-08). Not a quotation composition date.
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Supplied reference C; CSV row 119589; supplied attribution, independently unverified
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