Fiscal Theory

Money and wealth are distinct, and we should not assume that a fall in the stock indices necessarily means that "that money" has now been transferred someplace else.

Seeing the rise of effective new competition, the older artisans and manufacturers turned to the state apparatus to try to shackle the efficient up

The whole entrepreneurial class is in the position of a master builder whose task it is to erect a building out of a limited supply of building mat

A government which interferes with banking exposes itself to great danger of error, and such errors cost it popular confidence sooner than any others.

The chief objective of present-day government interference is to intensify further credit expansion. This policy is doomed to failure. Sooner or later it must result in a catastrophe.

"Taxing away a person's ability to fulfill his own wants and then providing him with things he may not care about makes him worse off."

We suggest that the threat of future crises will disappear once the Fed stops tampering with interest rates and the money supply. Furthermore we suggest that the act of money creation out of thin air is going to disappear once the present paper standard is replaced with a gold standard. If we allow a market-chosen money to fulfill the role of the medium of exchange, the issue of inflation will also disappear.

Being ill is not a phenomenon independent of conscious will and of psychic forces working in the subconscious.

"The central bank enters the negotiation between saver and borrower, and by counterfeiting money it destroys the negotiating base of the saver."

Securitization is a financial technique that permits the exchange of relatively nonmarketable credit claims for liquidities.