Quote

Unlike the days of the gold standard, it is impossible for the Federal Reserve to go bankrupt it holds the legal monopoly of counterfeiting (of creating money out of thin air) in the entire country.

Murray Rothbard

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Murray Rothbard
Age: 68 †
Born: 1926
Born: March 2
Died: 1995
Died: January 7
Activist
Economist
Essayist
Historian
Philosopher
Professor
University Teacher
Writer
The Bronx
New York City
Murray Newton Rothbard
Murray N. Rothbard
Impossible
Holds
Bankrupt
Money
Standard
Reserve
Country
Entire
Monopoly
Standards
Reserves
Air
Unlike
Gold
Thin
Creating
Legal
Days
Federal
Counterfeiting

More quotes by Murray Rothbard

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Capitalism is the fullest expression of anarchism and anarchism is the fullest expression of capitalism.
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There can be no truly moral choice unless that choice is made in freedom similarly, there can be no really firmly grounded and consistent defense of freedom unless that defense is rooted in moral principle.
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Who wants good people in government? Good people should be in the private sector. Helping us out, helping themselves out in the private sector. We want schmoes in government. We want people who can't find the doorknob. Why waste productive people, as well as looting the taxpayer?
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The more the government intervenes to delay the market's adjustment, the longer and more grueling the depression will be, and the more difficult will be the road to complete recovery.
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To those advocates of independent paper moneys who also champion the free market, I would address this simple question: Why don't you advocate the unlimited freedom of each individual to manufacture dollars? If dollars are really and properly things-in-themselves, why not let everyone manufacture them as they manufacture wheat and baby food?
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I define anarchist society as one where there is no legal possibility for coercive aggression against the person or property of any individual.
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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.
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I see a great future for gold and silver coins as the currency people may increasingly turn to when paper currencies begin to disintegrate.
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The State is a gang of thieves writ large - the most immoral, grasping and unscrupulous individuals in any society.
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On the free market, everyone earns according to his productive value in satisfying consumer desires. Under statist distribution, everyone earns in proportion to the amount he can plunder from the producers.
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Essentially, I mean the almost self-evident fact that individuals, ethnic groups, and races differ among themselves in intelligence and in many other traits, and that intelligence, as well as less controversial traits of temperament, are in large part hereditary.
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Minimum wage laws tragically generate unemployment, especially so among the poorest and least skilled or educated workers... Because a minimum wage, of course, does not guarantee any worker's employment it only prohibits, by force of law, anyone from being hired at the wage which would pay his employer to hire him.
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The greatest danger to the State is independent intellectual criticism.
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Scratch an egalitarian, and you will inevitably find a statist.
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I want to make it clear what I am not saying. I am not saying that fiat money, once established on the ruins of gold, cannot then continue indefinitely on its own.
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If we look around, then, at the crucial problem areas of our society - the areas of crisis and failure - we find in each and every case a “red thread” marking and uniting them all: the thread of government. In every one of these cases, government either has totally run or heavily influenced the activity.
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States have always needed intellectuals to con the public into believing that its rule is wise, good, and inevitable
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Absolute freedom need not be lost as the price we must pay for the advent of civilization men are born free, and need never be in chains. Man may achieve liberty and abundance, freedom and civilization.
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If we look at the black record of mass murder, exploitation, and tyranny levied on society by governments over the ages, we need not be loath to abandon the Leviathan State and . . . try freedom.
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Only the State legally obtains its revenue by coercion.
Murray Rothbard