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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
Country
Entire
Monopoly
Standards
Reserves
Air
Unlike
Gold
Thin
Creating
Legal
Days
Federal
Counterfeiting
Impossible
Holds
Bankrupt
Money
Standard
Reserve

More quotes by Murray Rothbard

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Monetary expansion is a massive scheme of hidden redistribution.
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The natural tendency of the state is inflation. This statement will shock those accustomed to viewing the state as a committee of the whole nation ardently dispensing the general welfare, but I think it nonetheless true.
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The necessary consequence of an egalitarian program is the decidedly inegalitarian creation of a ruthless power elite.
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Libertarians regard the state as the Supreme, the eternal, the best organized aggressor against the persons and property of the mass of the public. All states everywhere, whether democratic, dictatorial, or monarchical, whether red, white, blue or brown.
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The State thrives on war - unless, of course, it is defeated and crushed - expands on it, glories in it.
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Liberty and morality had to win their way slowly over many centuries, until finally expanding liberty made possible the great technological advance of the Industrial Revolution and the flowering of modern capitalism.
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Behind the honeyed but patently absurd pleas for equality is a ruthless drive for placing themselves (the elites) at the top of a new hierarchy of power.
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Governmental subsidy systems promote inefficiency in production and efficiency in coercion and subservience, while penalizing efficiency in production and inefficiency in predation.
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The State is, and always has been, the great single enemy of the human race, its liberty, happiness, and progress.
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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.
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All government operation is wasteful, inefficient, and serves the bureaucrat rather than the consumer.
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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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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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Briefly, the State is that organization in society which attempts to maintain a monopoly of the use of force and violence in a given territorial area in particular, it is the only organization in society that obtains its revenue not by voluntary contribution or payment for services rendered but by coercion.
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[Professional politicians] don't mind if price controls cause shortages of health care. In fact, they welcome the prospect, because then they can impose rationing they can impose priorities, and tell everyone how much of what kind of medical care they can have. And besides, ... there's that deeply satisfying rush of power.
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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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We libertarians are not the spokesmen for any ethnic or economic class we are the spokesmen for all classes, for all of the public we strive to see all of these groups united, hand-in-hand, in opposition to the plundering and privileged minority that constitutes the rulers of the State.
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It is easy to be conspicuously 'compassionate' if others are being forced to pay the cost.
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The concept of life and perfection is incompatible. BUT so is death and perfection
Murray Rothbard
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Monetary inflation not only raises prices and destroys the value of the currency unit it also acts as a giant system of expropriation.
Murray Rothbard