Money and Banking

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.

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

"Keynes argues as if the government — or rather, 'forces outside the classical scheme of thought' — could control the volume without affecting any other aspect of the market economy. What sort of powers would government have to wield to be able to exert such a force?"

"The only possible solution to the inflation problem is an open opposition to the unions and to the idea that higher money wages are the only means for improving the condition of the masses."

"Mises's desideratum was thus not a 'neutral' money, or even a practical approximation of it; rather, it was the complete elimination of 'human influence' on the purchasing power of money."