Sunday, May 15, 2016

How Central Banks Affect Culture
Mises Institute video .. Jeff Deist & John O'Donnell discuss central banking and culture. We tend to think of central banking as a dry subject for professional economists, rather than a cultural & even moral issue. But the Federal Reserve & other central banks create huge moral hazards, degrade longstanding social mores like hard work & thrift, and encourage economic hedonism today at the expense of tomorrow. Every healthy society is built on capital accumulation & building for a future beyond lives, whereas central banks encourage consumption & turn us into zombie debtors. What happens to the future when ultra-low interest rates mean saving is for chumps? .. 19 minutes

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