J.P. Koning Goes Wrong on Money
This is so rare that I have to note it : "Even more interesting, in a few rare cases the precious metal content of a famous coin of a previous era that no longer existed was used as the link coin. Monetary historians such as Munro call these 'ghost monies'. The advantage of having a ghost link coin rather than a current coin is that it the unit-of-account would stay constant over time, preserving the real value of debts and contracts." Here is what Mises had to say about the idea of trying to create "constant" money thus "preserving the real value of debts and contracts" (all quotes from Human Action , in the "Sphere of Economic Calculation" section): "Stability, the establishment of which the program of stabilization aims at, is an empty and contradictory notion. The urge toward action, i.e., improvement of the conditions of iife, is inborn in man... "If all human conditions were unchangeable, if all people were always...