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Taking Money Back - Murray N. Rothbard - Mises Institute


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This is one of the most important articles I've posted. It ought to get people's blood boiling. There ought to be a mob in the streets with clubs and axes. So much of what is going on in the US has been hidden by the media's inept coverage of non-issues. Read this and spread the message.
Libertas

8 responses // Taking Money Back - Murray N. Rothbard - Mises Institute

  • People vote down but don't say why.
    Libertas
  • http://goldsilver.com/video_player.php?video_id=22&cat_...
    Thanks again, Libertas. Rothbard, as usual, hitting it out of the park! The video I've posted above is a little clip of Richard Daughty summarizing the problem. He's got a good sense of humor and some intelligence (nice combo.) There's another interesting two part interview with him in the videos section on the site.

    I don't know if you've already read them, but here are two other great Rothbard pieces (the books are available for purchase but I've linked to the free e-books with printable PDFs :-) from Mises.org):

    The Case for a 100 Percent Gold Dollar
    http://mises.org/story/1829

    The Case Against the Fed
    http://mises.org/books/fed.pdf

    Here's a nice excerpt from the excellent article that you linked to :-):
    "New money injected into the economy has an inevitable ripple effect; early receivers of the new money spend more and bid up prices, while later receivers or those on fixed incomes find the prices of the goods they must buy unaccountably rising, while their own incomes lag behind or remain the same. Monetary inflation, in other words, not only raises prices and destroys the value of the currency unit; it also acts as a giant system of expropriation of the late receivers by the counterfeiters themselves and by the other early receivers. Monetary expansion is a massive scheme of hidden redistribution.

    When the government is the counterfeiter, the counterfeiting process not only can be "detected"; it proclaims itself openly as monetary statesmanship for the public weal. Monetary expansion then becomes a giant scheme of hidden taxation, the tax falling on fixed income groups, on those groups remote from government spending and subsidy, and on thrifty savers who are naive enough and trusting enough to hold on to their money, to have faith in the value of the currency.

    Spending and going into debt are encouraged; thrift and hard work discouraged and penalized. Not only that: the groups that benefit are the special interest groups who are politically close to the government and can exert pressure to have the new money spent on them so that their incomes can rise faster than the price inflation. Government contractors, politically connected businesses, unions, and other pressure groups will benefit at the expense of the unaware and unorganized public."
    Hawkmang
    2 responses to this
  • By the way, I just wanted to let you know that thanks to your article, when I'm not referring to Bernanke as "Helicopter" Ben I will bestow the title of "Grand Counterfeiter" upon him. lol
    Hawkmang
  • I had to bookmark this thread because of the vital info here to read when I get home from work.

    I don't know why anyone would vote this down, but I know that the average American doesn't have the attention span to read such a long article.
    maasanova
  • That is one awesome article! Admittedly I took break half way through so I could process all the info in my head. A little skateboarding, Franz Liszt and some role play as a central banker helped me to compile everything I read.

    So when I came back to the article I was able to appreciate everything the author was trying to say. I swear when I read the paragraph below I wanted to jump out of my seat, grab an American flag and go on a spur of the moment dollar burning parade.

    “In the long run, politics, culture, and the economy are indivisible. The restoration of the Old Republic requires an economic system built solidly on the inviolable rights of private property, on the right of every person to keep what he earns, and to exchange the products of his labor. To accomplish that task, we must once again have money that is produced on the market, that is gold rather than paper, with the monetary unit a weight of gold rather than the name of a paper ticket issued ad lib by the government. We must have investment determined by voluntary savings on the market, and not by counterfeit money and credit issued by a knavish and State-privileged banking system. In short, we must abolish central banking, and force the banks to meet their obligations as promptly as anyone else.”
    Ricky84
  • Finally!

    I had posted it in several other places and got no response.

    Seems to me that people should be up in arms over this.
    Libertas

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