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

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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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The State provides a legal, orderly, systematic channel for predation on the property of the producers.
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Since 1933, New Deal farm policy has continued and expanded, pursuing its grisly logic at the expense of the nation's consumers, year in and year out, in Democrat or Republican regimes, in good times and in bad.
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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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Soaking the rich would not only be profoundly immoral, it would drastically penalize the very virtues: thrift, business foresight, and investment, that have brought about our remarkable standard of living. It would truly be killing the goose that lays the golden eggs.
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Capitalism is the fullest expression of anarchism and anarchism is the fullest expression of capitalism.
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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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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 more these readjustments are delayed ... the longer the depression will have to last, and the longer complete recovery is postponed.
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The state has typically been a device for producing affluence for a few at the expense of many.
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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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Monetary expansion is a massive scheme of hidden redistribution.
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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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All government operation is wasteful, inefficient, and serves the bureaucrat rather than the consumer.
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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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After the Volcker Fund collapsed, I got another grant from the Lilly Endowment to do a history of the U.S., which I worked on from 1962-66. The original idea was to take the regular facts and put a libertarian assessment on everything.
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Every man must have freedom, must have the scope to form, test, and act upon his own choices, for any sort of development of his own personality to take place. He must, in short, be free in order that he may be fully human.
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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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This, by the way, is the welfare state in action: Its a whole bunch of special interest groups screwing consumers and taxpayers, and making them think they're really benefiting.
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It is easy to be conspicuously 'compassionate' if others are being forced to pay the cost.
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