Mises and Hayek did, in fact, defend the legitimacy, and even the benefits, of mild deflation resulting from productivity gains. Mises argued that declining prices driven by expanding wealth and productivity are signals of rising living standards, not economic dysfunction. He explicitly stated, “when prices are declining in response to the expansion of wealth, this means that individuals’ living standards are rising,” and that such deflation is good for the economy. Hayek likewise favored letting prices fall when output expands, criticizing monetary policy aimed at artificially stabilizing prices. Hayek’s “neutral money criterion” held that prices should fall during real growth, and he opposed using monetary expansion to counteract such benign deflation. The historical record, and their writings, demonstrate that both thinkers supported, not feared, mild deflation booked to real progress, contrary to what you claim. Below are some links to prove this. Your intellectual dishonesty is obvious, pushing such disinformation to benefit your bias. On top of that, you are a bitter little person that doesn't deserve any further engagement. Why Deflation Is Good for the Economy | Mises Institute https://mises.org/mises-wire/why-deflation-good-economy Why Price Deflation Is Always Good News | Mises Institute https://mises.org/mises-wire/why-price-deflation-always-good-news Declining Prices Do Not Destroy Wealth; They Enable Its Creation https://mises.org/mises-wire/declining-prices-do-not-destroy-wealth-they-enable-its-creation

Inflation is theft.

But why do Mises consider central bank fiat currency capitalism? Yes, I'm asking.

Do you believe in the labor theory of value too? What is this, Calvinism where hard work is the good in itself, not efficient or effective work? Make up your mind about your value theory and metaphysics, man

Ludwig Von Mises?

Yes. They treat central banking as capitalism.

Mises did not treat central banking as capitalism; he firmly opposed central banks and any form of centrally controlled monetary policy, arguing that true capitalism requires free-market money. As he wrote in "Human Action": > “The gold standard is the world’s money. It is not the money of governments and kings, it is the money of the people... The government may destroy the gold standard system. But it cannot replace it.” Mises was clear that central banking represents government intervention, not a feature of capitalism.

A gold standard is still with central banks.

From AI Mises' Perspective on Central Banks and Capitalism 🏦 Central Banks and Monetary Policy Mises argued that central banks interfere with the natural functioning of the market by manipulating interest rates and controlling the money supply. He believed that such interventions lead to distortions in the economy, including malinvestment and economic cycles of boom and bust. 📉 Capitalism Defined For Mises, capitalism is characterized by private property, voluntary exchange, and minimal government intervention. He viewed central banking as a form of government intervention that undermines the principles of a free market. In his view, a true capitalist system would rely on a sound monetary system, ideally based on a commodity like gold, rather than a fiat currency managed by a central authority.

Why did he apply capitalism principles to central banking!?

Why can't the Mises people answer this?

Just a guess but central banks are major player in the market. So he considered them, had a perspective.

Many of the Mises reps advocate return to gold standard (ala central banking). Even Saife admitted this before he turned to orange coin. Even Tom Woods hasn't fully embraced free market money (Bitcoin).. Advocates central banking ..

Well but before Bitcoin there wasn't better money than Gold. I think Max Keiser has also leaned towards Gold, as a self store of value and hedge against fiat inflation. I think he has mentioned multiple times that he owned Gold. But then he swiftly became The High Priest of Bitcoin and as far as I know got rid of the Gold.

Agree. Pretty much only coinage would be free market money. .. Some say private banks, but their business would be fraud if they don't use 100% reserves. And who could verify?

Exactly. See the drama with Fort Knox. Bitcoin is audited every 10 minutes 🤙 No one can, and no one should trust central banks. Actually Saif is explaining how central banks fucked up before the two world wars in his The Fiat Standard. I listen to his lectures here: https://fountain.fm/show/TUXN4KOGC4uzLzxSqJLg

Nice. I've read the book. I was mind blown to see he was Mises and converted to orange coin.