The 'boom-bust' cycle is generated by monetary intervention in the market, specifically bank credit expansion to business. — Murray Rothbard Copy Share Image
The proper governmental policy in a depression is strict laissez-faire, including stringent budget slashing, and coupled perhaps with positive encouragement for credit… — Murray Rothbard Copy Share Image
In a sense, the market, by expecting a fall in prices, discounts that fall and makes it happen right away instead of… — Murray Rothbard Copy Share Image
Fractional reserve banks are sitting ducks and are always subject to contraction. When the banks' state of inherent bankruptcy is discovered, for… — Murray Rothbard Copy Share Image
Investment bankers do much of their business underwriting government bonds, in the United States and abroad. Therefore, they have a vested interest… — Murray Rothbard Copy Share Image
Unlike the days of the gold standard, it is impossible for the Federal Reserve to go bankrupt; it holds the legal monopoly… — Murray Rothbard Copy Share Image
Having examined the nature of fractional reserve and of central banking, and having seen how the questionable blessings of Central Banking were… — Murray Rothbard Copy Share Image
By the 1890s, the leading Wall Street bankers were becoming increasingly disgruntled with their own creation, the National Banking System... while the… — Murray Rothbard Copy Share Image
The expansionary operations of the Second Bank of the United States, coupled with its laxity toward insisting on specie payment by the… — Murray Rothbard Copy Share Image
The Panic of 1819 exerted a profound effect on American economic thought. As the first great financial depression, similar to a modern… — Murray Rothbard Copy Share Image
In the panic of 1819, the protectionists stressed the lack of consumer markets abroad and the necessity for building up a market… — Murray Rothbard Copy Share Image
At the base of the Fed pyramid, and therefore of the bank system's creation of "money" in the sense of deposits, is… — Murray Rothbard Copy Share Image
So: if the chronic inflation undergone by Americans, and in almost every other country, is caused by the continuing creation of new… — Murray Rothbard Copy Share Image
If government manages to establish paper tickets or bank credit as money, as equivalent to gold grams or ounces, then the government,… — Murray Rothbard Copy Share Image
The drum-fire of propaganda that the Fed is manning the ramparts against the menace of inflation brought about by others is nothing… — Murray Rothbard Copy Share Image
As the greatest and last major crisis before 1836, the panic of 1819 holds considerable interest for the study of business cycles… — Murray Rothbard Copy Share Image
I think one of the most important directions to be pursued in the 'sciences of human action' is to develop a natural-law ethics based… — Murray Rothbard Copy Share Image
Since the State necessarily lives by the compulsory confiscation of private capital, and since its expansion necessarily involves ever-greater incursions on private individuals and… — Murray Rothbard Copy Share Image
Falling prices through increased production is a wonderful long-run tendency of untrammeled capitalism. — Murray Rothbard Copy Share Image
To deprecate human reason by saying that none of us is or can be omniscient is absurd, for it takes an impossible standard as… — Murray Rothbard Copy Share Image
Cops must be unleashed, and allowed to administer instant punishment, subject of course to liability when they are in error. — Murray Rothbard Copy Share Image
Subjectivism is not an absolute principle; it is a necessary but not sufficient condition for sound methodology. — Murray Rothbard Copy Share Image
We must therefore turn to history for enlightenment; here we find that none of the proclaimed anarchist groups correspond to the libertarian position, that… — Murray Rothbard Copy Share Image
John Stuart was the quintessence of soft rather than hardcore, a woolly minded man of mush in striking contrast to his steel-edged father. — Murray Rothbard Copy Share Image
What do intellectuals and opinion makers get from big government? An increasing number of cushy jobs in the bureaucracy, or in the government-subsidized sector,… — Murray Rothbard Copy Share Image
The major reason for Keynes's rejection of communism was simply that he could scarcely identify with the grubby proletariat. — Murray Rothbard Copy Share Image
Liberty and morality had to win their way slowly over many centuries, until finally expanding liberty made possible the great technological advance of the… — Murray Rothbard Copy Share Image
The State has invariably shown a striking talent for the expansion of its powers beyond any limits that might be imposed upon it. — Murray Rothbard Copy Share Image
