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Ron, You are quite right about both Rothschild's quote and your statement that Britain does not have a 100% reserve system. Private banks played an extremely important role in financing nations and issuing their currencies in the 19th Century, and the Rothschild's among others profited greatly...
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As far as I can tell, his argument centered around that if prices did not rise (due to inflation), but instead fell (due to deflation), than employers would need to cut wages. This would cause mass unemployment, as workers would be fired. Another argument he had was that there was mass deflation during...
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I was having a look at "What Has Government Done to Our Money" by Rothbard, and got thinking about the problem of hoarding, or increasing one's cash balances. This may be relevant in the current economic climate if people are losing faith in the banking system and yet trying to rebuild...
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> Without government intervention into the economy, can wages rise naturally? < Wages rise naturally after the floor is above subsistence. Disposable income is the key that allows labor to get specialized. As long as the vast majority of consumers have zero disposable income, there can be no healthy...