The theory of money and credit

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Not completely naive, I hope: "Human Action" and "The Theory of Money and Credit" by Ludwig Von Mises are excellent, extremely detailed and informative reads. bokonist presents a good overview of the Austrian case against inflation / monetary dilution elsewhere in this thread, so I won't repeat it. Good point that hard currency is not a guarantee against economic hardship - quite true. Nothing can provide that guarantee, but specie is often a better option than most: hard currencies like gold are impossible to counterfeit or produce out of thin air, and the supply is constrained by real-world production, which limits pricing fluctuations or sudden inflation/deflation. Prices have been relatively stable for centuries: an ounce of gold today and an ounce of gold 200 years ago could buy the same amount of physical goods, be it barrels of oil…