On Money

Human cooperation means that everybody tries to contribute to the improvement of human conditions. It is in the market that I give something in order that you give something. Exchange leads to higher standards of living. Voluntary exchanges create civilization.

Inflation and unsound money destroy civilization. Changes in the purchasing power of money affect everybody.  They benefit some people and not others. Inflation brings about higher prices. Inflation harms the creditors who are the masses. The richer who own corporate stock have borrowed money and are the debtors who benefit by inflation.

The quantity of money should not be manipulated by government.

Recorded April 3,1969. Special thanks to Bettina Bien Greaves for making this important recording available. [1:17:06]