Money and Banking

The problems involved will become discernible as soon as the wartime attitude in the United States toward financial and trade matters is replaced by a more realistic mentality.

In his meticulously researched two-volume work, Pieces of Eight, constitutional lawyer Edwin Vieira Jr. shows beyond any doubt that the constitutional dollar in the United States is an "historically determinate, fixed weight of fine silver."

The world already has the Great Depression as a warning. But governments and the bureaucrats who run them have decided to ignore the lesson. The new crisis of interventionism is fast approaching, and the market will not wait for governments to realize their errors.

"Since credit expansion is made possible by state action, the business cycle — so far from being a natural consequence of the free market and a heavy debit against it — is ultimately traceable to government…"

It is Rothbard and Hülsmann that know the way to prosperity: we must bring back failure and deflation.

Recorded at Jekyll Island, Georgia; 27 February 2010.

Recorded at Jekyll Island, Georgia; 26 February 2010.

The governments of almost all countries are engaged in a campaign against the capitalists.

The governments of almost all countries are engaged in a campaign against the capitalists. They are intent upon expropriating them by means of taxation and monetary measures.

But unlike today, the deflationists and hard-money men had the upper hand. As a result, the depression ended rather quickly (by 1821) when confidence in currency was restored and currency once again was redeemable in specie.