In this review of The Birth of the Transfer Society, by economists Terry Anderson and Peter Hill, Eduard Bucher looks at the origins of transfer policies in the US and how they developed into the monster they are today.
Economics textbooks describe monetary policy as though it were administered by experts who know how to fix problems in the economy. In truth, there is no such thing as “monetary policy”; what we have if the Federal Reserve engaging in wealth transfers.
A state without money or a state that must tax its citizens to raise money for its wars is necessarily limited in its imperial ambitions. Keep in mind that this is only a problem for the state.