--- title: "4 Feds Quotes By Murray Rothbard" description: "4 Feds quotes by Murray Rothbard. Plus more from Murray Rothbard and more Feds sayings from other authors." image: "https://sms4smile.com/quotes/i/fa9/murray-rothbard-1563_being-responsible_the-drum-fire-of-propaganda-that-the-fed_257804.jpg" --- > [The drum-fire of propaganda that the Fed is manning the ramparts against the menace of inflation brought about by others is nothing…](https://sms4smile.com/quotes/murray-rothbard/the-drum-fire-of-propaganda-that-the-fed-is-manning-the-ramparts/) [Murray Rothbard](https://sms4smile.com/quotes/author/murray-rothbard/) [Image](https://sms4smile.com/quotes/i/fa9/murray-rothbard-1563_being-responsible_the-drum-fire-of-propaganda-that-the-fed_257804.jpg) > [So: if the chronic inflation undergone by Americans, and in almost every other country, is caused by the continuing creation of new…](https://sms4smile.com/quotes/murray-rothbard/so-if-the-chronic-inflation-undergone-by-americans-and-in-almost/) [Murray Rothbard](https://sms4smile.com/quotes/author/murray-rothbard/) [Image](https://sms4smile.com/quotes/i/dcd/murray-rothbard-1563_blight_so-if-the-chronic-inflation-undergone-by_600800.jpg) > [At the base of the Fed pyramid, and therefore of the bank system's creation of "money" in the sense of deposits, is…](https://sms4smile.com/quotes/murray-rothbard/at-the-base-of-the-fed-pyramid-and-therefore-of-the-bank-system-s/) [Murray Rothbard](https://sms4smile.com/quotes/author/murray-rothbard/) [Image](https://sms4smile.com/quotes/i/58f/murray-rothbard-1563_air_at-the-base-of-the-fed-pyramid-and-there_2806601.jpg) > [Having examined the nature of fractional reserve and of central banking, and having seen how the questionable blessings of Central Banking were…](https://sms4smile.com/quotes/murray-rothbard/having-examined-the-nature-of-fractional-reserve-and-of-central/) [Murray Rothbard](https://sms4smile.com/quotes/author/murray-rothbard/) [Image](https://sms4smile.com/quotes/i/e22/murray-rothbard-1563_america_having-examined-the-nature-of-fractional_3189276.jpg) ## Other authors on Feds - [ ![](https://sms4smile.com/quotes/wp-content/uploads/sms4s/authors/processed/b010/author-gerald-epstein-38195.jpg) Gerald Epstein 11 quotes ](https://sms4smile.com/quotes/about/feds/gerald-epstein/) - [ ![](https://sms4smile.com/quotes/wp-content/uploads/sms4s/authors/processed/b021/author-rush-limbaugh-81741.jpg) Rush Limbaugh 10 quotes ](https://sms4smile.com/quotes/about/feds/rush-limbaugh/) - [ ![](https://sms4smile.com/quotes/wp-content/uploads/sms4s/authors/processed/b021/author-ron-paul-81013.jpg) Ron Paul 7 quotes ](https://sms4smile.com/quotes/about/feds/ron-paul/) - [ ![](https://sms4smile.com/quotes/wp-content/uploads/sms4s/authors/processed/b024/author-william-shakespeare-95899.jpg) William Shakespeare 6 quotes ](https://sms4smile.com/quotes/about/feds/william-shakespeare/) - [ ![](https://sms4smile.com/quotes/wp-content/uploads/sms4s/authors/processed/b022/author-sharon-gannon-84548.jpg) Sharon Gannon 6 quotes ](https://sms4smile.com/quotes/about/feds/sharon-gannon/) - [ ![](https://sms4smile.com/quotes/wp-content/uploads/sms4s/authors/processed/b008/author-donald-trump-30060.jpg) Donald Trump 6 quotes ](https://sms4smile.com/quotes/about/feds/donald-trump/) - [ ![](https://sms4smile.com/quotes/wp-content/uploads/sms4s/authors/processed/b017/author-michael-pollan-67386.jpg) Michael Pollan 5 quotes ](https://sms4smile.com/quotes/about/feds/michael-pollan/) - [ ![](https://sms4smile.com/quotes/wp-content/uploads/sms4s/authors/processed/b011/author-henry-david-thoreau-41473.jpg) Henry David Thoreau 5 quotes ](https://sms4smile.com/quotes/about/feds/henry-david-thoreau/) ## More by Murray Rothbard > [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…](https://sms4smile.com/quotes/murray-rothbard/i-think-one-of-the-most-important-directions-to-be-pursued-in-the/) [Murray Rothbard](https://sms4smile.com/quotes/author/murray-rothbard/) > [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…](https://sms4smile.com/quotes/murray-rothbard/since-the-state-necessarily-lives-by-the-compulsory-confiscation-of/) [Murray Rothbard](https://sms4smile.com/quotes/author/murray-rothbard/) > [Falling prices through increased production is a wonderful long-run tendency of untrammeled capitalism.](https://sms4smile.com/quotes/murray-rothbard/falling-prices-through-increased-production-is-a-wonderful-long-run/) [Murray Rothbard](https://sms4smile.com/quotes/author/murray-rothbard/) > [To deprecate human reason by saying that none of us is or can be omniscient is absurd, for it takes an impossible standard as…](https://sms4smile.com/quotes/murray-rothbard/to-deprecate-human-reason-by-saying-that-none-of-us-is-or-can-be/) [Murray Rothbard](https://sms4smile.com/quotes/author/murray-rothbard/) > [Cops must be unleashed, and allowed to administer instant punishment, subject of course to liability when they are in error.](https://sms4smile.com/quotes/murray-rothbard/cops-must-be-unleashed-and-allowed-to-administer-instant-punishment/) [Murray Rothbard](https://sms4smile.com/quotes/author/murray-rothbard/) > [Subjectivism is not an absolute principle; it is a necessary but not sufficient condition for sound methodology.](https://sms4smile.com/quotes/murray-rothbard/subjectivism-is-not-an-absolute-principle-it-is-a-necessary-but-not/) [Murray Rothbard](https://sms4smile.com/quotes/author/murray-rothbard/) > [We must therefore turn to history for enlightenment; here we find that none of the proclaimed anarchist groups correspond to the libertarian position, that…](https://sms4smile.com/quotes/murray-rothbard/we-must-therefore-turn-to-history-for-enlightenment-here-we-find-that/) [Murray Rothbard](https://sms4smile.com/quotes/author/murray-rothbard/) > [John Stuart was the quintessence of soft rather than hardcore, a woolly minded man of mush in striking contrast to his steel-edged father.](https://sms4smile.com/quotes/murray-rothbard/john-stuart-was-the-quintessence-of-soft-rather-than-hardcore-a/) [Murray Rothbard](https://sms4smile.com/quotes/author/murray-rothbard/) > [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,…](https://sms4smile.com/quotes/murray-rothbard/what-do-intellectuals-and-opinion-makers-get-from-big-government-an/) [Murray Rothbard](https://sms4smile.com/quotes/author/murray-rothbard/) > [The major reason for Keynes's rejection of communism was simply that he could scarcely identify with the grubby proletariat.](https://sms4smile.com/quotes/murray-rothbard/the-major-reason-for-keynes-s-rejection-of-communism-was-simply-that/) [Murray Rothbard](https://sms4smile.com/quotes/author/murray-rothbard/) > [Liberty and morality had to win their way slowly over many centuries, until finally expanding liberty made possible the great technological advance of the…](https://sms4smile.com/quotes/murray-rothbard/liberty-and-morality-had-to-win-their-way-slowly-over-many-centuries/) [Murray Rothbard](https://sms4smile.com/quotes/author/murray-rothbard/) > [The State has invariably shown a striking talent for the expansion of its powers beyond any limits that might be imposed upon it.](https://sms4smile.com/quotes/murray-rothbard/the-state-has-invariably-shown-a-striking-talent-for-the-expansion-of/) [Murray Rothbard](https://sms4smile.com/quotes/author/murray-rothbard/) > [Absolute freedom need not be lost as the price we must pay for the advent of civilization; men are born free, and need never…](https://sms4smile.com/quotes/murray-rothbard/absolute-freedom-need-not-be-lost-as-the-price-we-must-pay-for-the/) [Murray Rothbard](https://sms4smile.com/quotes/author/murray-rothbard/) > [Absolute freedom need not be lost as the price we must pay for the advent of civilization. Man may achieve liberty and abundance, freedom…](https://sms4smile.com/quotes/murray-rothbard/absolute-freedom-need-not-be-lost-as-the-price-we-must-pay-for-the-2/) [Murray Rothbard](https://sms4smile.com/quotes/author/murray-rothbard/) > [The underconsumptionist of 1819 believed that consumption would be stimulated by tariffs, while the underconsumptionist of a later day urged monetary expansion as the…](https://sms4smile.com/quotes/murray-rothbard/the-underconsumptionist-of-1819-believed-that-consumption-would-be/) [Murray Rothbard](https://sms4smile.com/quotes/author/murray-rothbard/) ```json { "@context": "https://schema.org", "@graph": [ { "@type": "ItemList", "@id": "https://sms4smile.com/quotes/about/feds/murray-rothbard/#itemlist", "name": "4 Feds Quotes By Murray Rothbard", "numberOfItems": 4, "itemListElement": [ { "@type": "ListItem", "position": 1, "item": { "@type": "Quotation", "text": "The drum-fire of propaganda that the Fed is manning the ramparts against the menace of inflation brought about by others is nothing less than a deceptive shell game. The culprit solely responsible for inflation, the Federal Reserve, is continually engaged in raising a hue-and-cry about 'inflation,' for which virtually everyone else in society seems to be responsible. What we are seeing is the old ploy by the robber who starts shouting 'Stop, thief!' and runs down the street pointing ahead at others.", "creator": { "@type": "Person", "name": "Murray Rothbard" }, "url": "https://sms4smile.com/quotes/murray-rothbard/the-drum-fire-of-propaganda-that-the-fed-is-manning-the-ramparts/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/fa9/murray-rothbard-1563_being-responsible_the-drum-fire-of-propaganda-that-the-fed_257804.jpg", "contentUrl": "https://sms4smile.com/quotes/i/fa9/murray-rothbard-1563_being-responsible_the-drum-fire-of-propaganda-that-the-fed_257804.jpg", "url": "https://sms4smile.com/quotes/i/fa9/murray-rothbard-1563_being-responsible_the-drum-fire-of-propaganda-that-the-fed_257804.jpg", "width": 1080, "height": 1080, "caption": "“The drum-fire of propaganda that the Fed is manning the ramparts against the menace of inflation brought…” — Murray Rothbard", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 2, "item": { "@type": "Quotation", "text": "So: if the chronic inflation undergone by Americans, and in almost every other country, is caused by the continuing creation of new money, and if in each country its governmental \"Central Bank\" (in the United States, the Federal Reserve) is the sole monopoly source and creator of all money, who then is responsible for the blight of inflation? Who except the very institution that is solely empowered to create money, that is, the Fed (and the Bank of England, and the Bank of Italy, and other central banks) itself?", "creator": { "@type": "Person", "name": "Murray Rothbard" }, "url": "https://sms4smile.com/quotes/murray-rothbard/so-if-the-chronic-inflation-undergone-by-americans-and-in-almost/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/dcd/murray-rothbard-1563_blight_so-if-the-chronic-inflation-undergone-by_600800.jpg", "contentUrl": "https://sms4smile.com/quotes/i/dcd/murray-rothbard-1563_blight_so-if-the-chronic-inflation-undergone-by_600800.jpg", "url": "https://sms4smile.com/quotes/i/dcd/murray-rothbard-1563_blight_so-if-the-chronic-inflation-undergone-by_600800.jpg", "width": 1080, "height": 1080, "caption": "“So: if the chronic inflation undergone by Americans, and in almost every other country, is caused by the…” — Murray Rothbard", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 3, "item": { "@type": "Quotation", "text": "At the base of the Fed pyramid, and therefore of the bank system's creation of \"money\" in the sense of deposits, is the Fed's power to print legal tender money. But the Fed tries its best not to print cash but rather to \"print\" or create demand deposits, checking deposits, out of thin air, since its demand deposits constitute the reserves on top of which the commercial banks can pyramid a multiple creation of bank deposits, or \"checkbook money.\"", "creator": { "@type": "Person", "name": "Murray Rothbard" }, "url": "https://sms4smile.com/quotes/murray-rothbard/at-the-base-of-the-fed-pyramid-and-therefore-of-the-bank-system-s/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/58f/murray-rothbard-1563_air_at-the-base-of-the-fed-pyramid-and-there_2806601.jpg", "contentUrl": "https://sms4smile.com/quotes/i/58f/murray-rothbard-1563_air_at-the-base-of-the-fed-pyramid-and-there_2806601.jpg", "url": "https://sms4smile.com/quotes/i/58f/murray-rothbard-1563_air_at-the-base-of-the-fed-pyramid-and-there_2806601.jpg", "width": 1080, "height": 1080, "caption": "“At the base of the Fed pyramid, and therefore of the bank system's creation of \"money\" in the sense of…” — Murray Rothbard", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 4, "item": { "@type": "Quotation", "text": "Having examined the nature of fractional reserve and of central banking, and having seen how the questionable blessings of Central Banking were fastened upon America, it is time to see precisely how the Fed, as presently constituted, carries out its systemic inflation and its control of the American monetary system.", "creator": { "@type": "Person", "name": "Murray Rothbard" }, "url": "https://sms4smile.com/quotes/murray-rothbard/having-examined-the-nature-of-fractional-reserve-and-of-central/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/e22/murray-rothbard-1563_america_having-examined-the-nature-of-fractional_3189276.jpg", "contentUrl": "https://sms4smile.com/quotes/i/e22/murray-rothbard-1563_america_having-examined-the-nature-of-fractional_3189276.jpg", "url": "https://sms4smile.com/quotes/i/e22/murray-rothbard-1563_america_having-examined-the-nature-of-fractional_3189276.jpg", "width": 1080, "height": 1080, "caption": "“Having examined the nature of fractional reserve and of central banking, and having seen how the…” — Murray Rothbard", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } } ] }, { "@type": "CollectionPage", "@id": "https://sms4smile.com/quotes/about/feds/murray-rothbard/#webpage", "url": "https://sms4smile.com/quotes/about/feds/murray-rothbard/", "name": "Feds Quotes by Murray Rothbard", "isPartOf": { "@id": "https://sms4smile.com/quotes/#website" }, "mainEntity": { "@id": "https://sms4smile.com/quotes/about/feds/murray-rothbard/#itemlist" }, "primaryImageOfPage": { "@id": "https://sms4smile.com/quotes/i/fa9/murray-rothbard-1563_being-responsible_the-drum-fire-of-propaganda-that-the-fed_257804.jpg" }, "description": "4 Feds quotes by Murray Rothbard. Plus more from Murray Rothbard and more Feds sayings from other authors.", "breadcrumb": { "@id": "https://sms4smile.com/quotes/about/feds/murray-rothbard/#breadcrumb" } }, { "@type": "BreadcrumbList", "@id": "https://sms4smile.com/quotes/about/feds/murray-rothbard/#breadcrumb", "itemListElement": [ { "@type": "ListItem", "position": 1, "name": "Home", "item": "https://sms4smile.com/" }, { "@type": "ListItem", "position": 2, "name": "Quotes", "item": "https://sms4smile.com/quotes/" }, { "@type": "ListItem", "position": 3, "name": "Topics", "item": "https://sms4smile.com/quotes/categories/" }, { "@type": "ListItem", "position": 4, "name": "Feds", "item": "https://sms4smile.com/quotes/about/feds/" }, { "@type": "ListItem", "position": 5, "name": "Murray Rothbard", "item": "https://sms4smile.com/quotes/about/feds/murray-rothbard/" } ] }, { "@type": "WebSite", "@id": "https://sms4smile.com/quotes/#website", "name": "SMS4Smile Quotes", "url": "https://sms4smile.com/quotes/", "publisher": { "@id": "https://sms4smile.com/quotes/#organization" } }, { "@type": "Organization", "@id": "https://sms4smile.com/quotes/#organization", "name": "SMS4Smile Quotes", "url": "https://sms4smile.com/quotes/", "logo": { "@type": "ImageObject", "url": "https://sms4smile.com/quotes/wp-content/themes/sq/assets/icons/icon-512.png", "width": 512, "height": 512 } } ] } ```