In the first of a projected irregular series on Traditionalist Economics, I draw from the writings of John Lane, Pius XI and other Catholic economic thinkers to consider the first question of political economy: who is responsible for the money supply?

I consider: the fundamental causes of inflation; the sovereignty of money creation; fractional reserve banking; the gold standard; the nature of our current usury money versus Medieval economic stability and leisure, before proposing some initial Catholic solutions to these essential problems.

With particular thanks to John Lane for his insights.

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