"The intellectual leaders of the people have produced and propagated the fallacies which are on the point of destroying liberty and Western civilization. The intellectuals alone are responsible for t...
Mises asks for common sense and moral courage, and that was the honest answer for his time. What we have now asks for less. A fixed supply cannot be inflated by a majority vote, or by a clever argument, or by a moment of weakness on a committee. Sound money becomes a rule the machine keeps instead of a virtue each generation has to re-earn. The fallacies he names still circulate. They just no longer decide the supply.