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.
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.
An opponent of gold describes the 100 percent standard better than its friends do.
Not a novelty but an inheritance: Jeffersonian, Jacksonian, and hard-money.
Deflate the dollars, or redefine the dollar’s weight—or some blend of the two.
Mises Institute, 2001
