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.
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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.
Just as, for them, liberty must be the highest political end, peace must be the highest end of foreign policy.
"It is legitimate to use violence against criminals in defense of one's rights of person and property; it is completely impermissible to violate the rights of other innocent people."
The problem is not the inefficiency of a conscript army; the problem is the gross immorality — indeed, the massive criminality — of drafting young men ... to kill or be killed against their will.
Mises Institute, 2001
