He who places his hope on thee, O Virgin all-glorious, will prosper in all he does.

Inscription on Byzantine coin during reign of Romanus III

Friday, August 14, 2009

Monetary Economics 101

The Russian Church Primate again called the crisis a consequence of 'sin that penetrated in modern economics,' and stated that today, 'people of honest labor pay for those who made millions and milliards [sic] out of air, pay for deception, for those who seeking easy profits lost human face in economic relations.' [Emphasis mine]

Alan Greenspan's easy monetary policy manufactured money out of thin air. The newly-created money stole value from previously-existing money. This is the shameful mechanism of monetary inflation. Patriarch Kyrill is right on the money.

No comments: