{"id":28995,"date":"2011-10-28T01:10:41","date_gmt":"2011-10-28T01:10:41","guid":{"rendered":"http:\/\/127.0.0.1\/site\/2017\/2\/1985\/robert_sirico-the_vaticans_monetary_wisdom\/"},"modified":"2011-10-28T01:10:41","modified_gmt":"2011-10-28T01:10:41","slug":"robert_sirico-the_vaticans_monetary_wisdom","status":"publish","type":"post","link":"https:\/\/kendallharmon.net\/?p=28995","title":{"rendered":"Robert Sirico&#8211;The Vatican&#39;s Monetary Wisdom"},"content":{"rendered":"<p>&#8230;rare is the analysis that traces all these problems back to the structural change in money that was brought about in the early 1970s.<\/p>\n<p>We went from a hard-money regime, in which there were restrictions on the power of central banks and financial institutions to create money and credit, to one where money became purely paper. There were no restrictions remaining on the power of governments to finance unlimited debt. Banks could create credit seemingly without limit. Central banks became the real power in the world economy.<\/p>\n<p>None of this was true under a gold standard. That system limits the expansion of credit by an indelible physical fact. There was a limit, a check, a rule that went beyond the whim of financial masters and politicians. The Vatican seems to understand this.<\/p>\n<p><a href=\"http:\/\/online.wsj.com\/article\/SB10001424052970203554104576655052604890180.html\">Read it all<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8230;rare is the analysis that traces all these problems back to the structural change in money that was brought about in the early 1970s. We went from a hard-money regime, in which there were restrictions on the power of central<span class=\"ellipsis\">&hellip;<\/span><\/p>\n<div class=\"read-more\"><a href=\"https:\/\/kendallharmon.net\/?p=28995\">Read more &#8250;<\/a><\/div>\n<p><!-- end of .read-more --><\/p>\n","protected":false},"author":794,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[39,40,42,582,589,595,592,149,168,590,671,133,600,597,154,151,636,364,599,585,596,584,34],"tags":[],"class_list":["post-28995","post","type-post","status-publish","format-standard","hentry","category-culture-watch","category-economics-politics","category-religion-news-commentary","category-consumerconsumer-spending","category-corporationscorporate-life","category-credit-markets","category-currency-markets","category-economy","category-ethics-moral-theology","category-european-central-bank","category-federal-reserve","category-history","category-housingreal-estate-market","category-laborlabor-unionslabor-market","category-other-churches","category-politics-in-general","category-pope-benedict-xvi","category-roman-catholic","category-stock-market","category-the-banking-systemsector","category-the-credit-freeze-crisis-of-fall-2008the-recession-of-2007","category-the-u-s-government","category-theology"],"_links":{"self":[{"href":"https:\/\/kendallharmon.net\/index.php?rest_route=\/wp\/v2\/posts\/28995","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/kendallharmon.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/kendallharmon.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/kendallharmon.net\/index.php?rest_route=\/wp\/v2\/users\/794"}],"replies":[{"embeddable":true,"href":"https:\/\/kendallharmon.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=28995"}],"version-history":[{"count":0,"href":"https:\/\/kendallharmon.net\/index.php?rest_route=\/wp\/v2\/posts\/28995\/revisions"}],"wp:attachment":[{"href":"https:\/\/kendallharmon.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=28995"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/kendallharmon.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=28995"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/kendallharmon.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=28995"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}