The underconsumptionist of 1819 believed that consumption would be stimulated by tariffs, while the underconsumptionist of a later day urged monetary expansion… — Murray Rothbard Copy Share Image
It is important to realize that gold and silver are international commodities and that, therefore, when not prohibited by government decree, foreign… — 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
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
Gold and silver are always in demand, regardless of clime, century, or government in power. But public confidence in and, hence, demand… — Murray Rothbard Copy Share Image
It would be an instructive exercise for the skeptical reader to try to frame a definition of taxation which does not also… — Murray Rothbard Copy Share Image
“At any rate, the correct version of Gresham's law is simply an application of the theory of price control causing shortages to… — Murray Rothbard Copy Share Image
There is no need for government to intervene in money and prices because of changing population or for any other reason. The… — 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
All of the services commonly thought to require the State-from the coining of money to police protection to the development of law… — Murray Rothbard Copy Share Image
In short, the early receivers of the new money in this market chain of events gain at the expense of those who… — Murray Rothbard Copy Share Image
To those advocates of independent paper moneys who also champion the free market, I would address this simple question: "Why don't you… — Murray Rothbard Copy Share Image
Out of the bitter experiences of the panic of 1819 emerged the beginnings of the Jacksonian movement, dedicated to hard money, the… — Murray Rothbard Copy Share Image
Leading the boom of 1838 were state governments, who, finding themselves with the unexpected windfall of a distributed surplus from the federal… — Murray Rothbard Copy Share Image
Apart from medieval China, which invented both paper and printing centuries before the West, the world had never seen government paper money… — Murray Rothbard Copy Share Image
Money is different from all other commodities: other things being equal, more shoes, or more discoveries of oil or copper benefit society,… — Murray Rothbard Copy Share Image
As Ludwig von Mises conclusively demonstrated in 1912, money does not and cannot originate by order of the State or by some… — Murray Rothbard Copy Share Image
I want to make it clear what I am not saying. I am not saying that fiat money, once established on the… — Murray Rothbard Copy Share Image
An attempt by the Mongols to introduce paper money in Persia in the twelfth and thirteenth centuries flopped because no one would… — Murray Rothbard Copy Share Image
It is particularly odd that economists who profess to be champions of a free-market economy, should go to such twists and turns… — Murray Rothbard Copy Share Image
Money is the general medium of exchange. It is the thing for which all other goods are traded, the means of final… — Murray Rothbard Copy Share Image
Money ... is the nerve center of the economic system. If, therefore, the state is able to gain unquestioned control over the… — Murray Rothbard Copy Share Image
Soaking the rich would not only be profoundly immoral, it would drastically penalize the very virtues: thrift, business foresight, and investment, that… — Murray Rothbard Copy Share Image
Commercial banks - that is, fractional reserve banks - create money out of thin air. Essentially, they do it in the same… — Murray Rothbard Copy Share Image
Never have the world's moneys been so long cut off from their metallic roots. — 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
