Money and Banking

If anyone is to take the blame for the current mess in which European countries find themselves, it should not be the bearers of bad news but those who steered the affected economies in the unsustainable direction.

"The discount of future goods as against present goods is a necessary and eternal category of human action."

The British Currency School did not criticize the multifarious projects to lower or abolish interest by means of a banking reform.

This is embarrassing. Here we have a textbook on money, banking, and financial markets, where, presumably, interest-rate theory should play a central role. But there is no theory of interest here.

From Part I of A History of Money and Banking in the United States: The Colonial Era to World War II: “The History of Money and Bank

From Part I of A History of Money and Banking in the United States: The Colonial Era to World War II: “The History of Money and Bank

From Part I of A History of Money and Banking in the United States: The Colonial Era to World War II: “The History of Money and Bank

When an economy is on the ropes, the last thing in the world it needs is for politicians to squander more resources and for the central bank to print up more green pieces of paper.

"The Bank of England has been reduced to the position of a part of the machinery for the manufacturing of political money in any quantity that may be required."

Recorded at The Mises Circle in Manhattan, on May 22nd, 2010.