Karl Brunner Monetary affairs have preoccupied observers over the
ages. In the middle of the 14th century, the chaos in the French
currency system after many rounds of currency debasement attracted
comments expressing helpless confusion. Goethe's Mephistopheles
convinced the imperial court to inflate with paper money "for the
benefit of the public" and to satisfy all the demands on the
government's largesse. Our century is no exception. The massive
technological improvement in creating money has contributed to
hyperinflationary experiences never before recorded in history.
These events occurred, however, in the political disarray following
major wars. More important are the persistent pe ace time failures
of our monetary institutions. A massive worldwide deflation,
centered in the United States and Germany, imposed a tragic social
and political fate on Western societies. Similarly, the sequence of
a worldwide inflation followed by deflation observed over the past
15 years has fostered disruptive economic and political conditions.
The monetary disarray experienced throughout history was crucially
influenced by the prevailing monetary arrangements. These
arrangements determine the level and movement of the nation's money
stock over time. Under the circumstances, the political issue
confronting us bears on the useful choice of monetary arrangements.
This choice should involve institutions that prohibit both massive
deflation and persistent inflation.
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