Chain of events Quote by Murray Rothbard
“In short, the early receivers of the new money in this market chain of events gain at the expense of those who receive the money toward the end of the chain, and still worse losers are the people (e.g., those on fixed incomes such as annuities, interest, or pensions) who never receive the new money.”
About This Quote
Source Essay: Man, Economy, and State, 1962
Early participants profit while later ones and especially fixed‑income earners, lose because new money circulates unevenly.
In simple terms: New money benefits early receivers, harms later and fixed‑income groups.
Key Takeaway
Beware of timing in financial systems.
Themes
economics
inequality
inflation
Mood
cautious
analytical
Type
theoretical
critical
When to use this quote
- investment strategy
- retirement planning
- policy advocacy
Key Concepts
monetary policy
distributional effects
financial cycles
Questions to Reflect On
- Who benefits most from monetary expansion?
- What safeguards protect fixed‑income earners?
A Different Perspective
The view assumes a static chain without accounting for policy interventions.
![“In one point of view, we, the abolitionists and colored people, should meet [the Dred Scott] decision, unlooked for and monstrous as it appears, in a cheerful spirit. This very attempt to blot out forever the hopes of an enslaved people may be one necessary link in the chain of events preparatory…” quote by Frederick Douglass](https://sms4smile.com/quotes/img-quotes/33c/frederick-douglass-859_abolitionist_in-one-point-of-view-we-the-abolitionist_2046976.jpg)
