Rothbard shows how money must originate from a commodity. In an ideal system, a dollar would be a unit of weight, and paper money would operate strictly as warehouse receipts for the stock of the monetary metal. There would be no fractional reserve banking. Rothbard offers a rebuttal to the objections to a 100 percent gold dollar raised by Professor Leland Yeager.
Meet the Author
Murray N. Rothbard
View Murray N. Rothbard bio and works
Murray N. Rothbard made major contributions to economics, history, political philosophy, and legal theory. He combined Austrian economics with a fervent commitment to individual liberty.
New York was the toughest nut for the Federalists to crack. For here was one state where not only was the population overwhelmingly opposed to the Constitution, but the opposition was also in firm and...
Originally published September 1977 in Libertarian Review. In any debate between a socialist and a free-market capitalist, all too often the socialist quickly puts the free-market advocate on the...
[A selection from Left and Right: A Journal of Libertarian Thought, Spring-Autumn 1967.] The chronic Middle East crisis goes back – as do many crises – to World War I. The British, in return for...
References
Mises Institute, 2001