State-issued money, as the "critical command post," serves to subtly reinforce the authority of the state, insidiously plunder the savings and purchasing power of its subjects, and massively manipulate the economy.
"And it is here — let's pinpoint the exact date at Greenspan's 'irrational-exuberance' call in December 1996 — where the Austrian men separate themselves from the Keynesian and Friedmanite boys."
Finally, the most interesting aspect of the giant credit-card industry is the simple fact that it works.
Presented by Rothbard at New York Polytechnic University in 1972.
Congress decreed that gold and silver dollars should be interchangeable and put upon the Treasury a mandate to keep them equal in value. How?
"Naïve trust in the power of words to command reality is found in all mass delusions."
John Calvin’s main contribution to the usury question was in having the courage to dump the prohibition altogether.
In areas of normative economics, this event [Becker receiving Prize]will give a sharp boost to many of the free-market views held by Austrians. But, as far as positive economic analysis is concerned, there is no help here for the praxeological school.
What we need is something else: the establishment of a different kind of monetary system, one that uses competitive markets in the area of money and banking, and that eliminates the currency monopoly of the state.
