For the etatist, money is a creature of the State, and the esteem in which money is held is the economic expression of the respect or prestige enjoyed by the State. The more powerful and the richer the State, the better its money. Thus, during the War, it was asserted that 'the monetary standard of the victors' would ultimately be the best money. Yet victory and defeat on the battlefield can exercise only an indirect influence on the value of money.
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About Ludwig von Mises
Ludwig von Mises was a 19th-century American austrian–american political economist. Ludwig Heinrich Edler von Mises was an Austrian and American political economist and philosopher of the Austrian school. Mises wrote and lectured extensively on the social contributions of classical liberalism and the central role of consumers in a market economy. Read more on Wikipedia →