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But in the long run, even more detrimental to the operation of economy-wide effect, which ultimately makes the system unusable free market, is that the distorted price structure creates inefficient use of resources by diverting laborbuyer first home kansas mortgage time and other factors of production (especially capital ) in the areas of remaining profitable only in the context of accelerating inflation. National economy of the country like colossus on clay legs. . The result of the devaluation - to end 70-ies of XX century the dollar has lost half the value relative to the deutsche mark and the third - the Japanese yen. Of course, true that this practice will eliminate the most flagrant injustices arising from the inflation and soften the most severe suffering directly caused by it. . A careful look at the long-term changes in monetary circulation reveals that during the period beginning with the establishment of the National Banking System (National Banking System), and until 1900, in America there was a tendency, quite specific in comparison with the emissions in those countries where the deposit Bond is not practiced. citizens to hand over their gold bullion and coins. But although I am one of the first pointed to this difficulty (FR Hayek [25] p. . Secretary of the Treasury Gelletin some time later, expressed the view that there is in 1814 the First Bank, while the riots took place in the banking sector could be avoided [ "Considerations on the Currency and Banking System in the United States", p. And, to the delight of opponents saw the Act, within the next thirty years in Scotland, broke out the two worst banking disaster in the history of this country, comparable perhaps to the bankruptcy of Air Bank, took place a century before. Almost principal damage done over the explanation of Keynesian economic process, is that understanding the factors that determine how the value of money, and influence of monetary changes on the cost of goods, was mostly lost. We described those features in the background which expanded discussion of free banking in France.