According to popular thinking, the sharp decline in money velocity since June 2008 is likely to neutralize recent strong money supply increases’ effect on price inflation ahead. This is a fallacy.
As Mark Thornton has shown, the big legislative change that FDR made at the start of his presidency, the decision that affected every single American citizen from one coast to the other, was the repeal of the thirteen-year hell of Prohibition.
These regulations have a clear message: "You don't know what is good for you so you must be forced to do what the government thinks is good for you."
These regulations have a clear message: "You don't know what is good for you so you must be forced to do what the government thinks is good for you."
When liberty and capitalism were born over a millennium ago, states were small, decentralized, and weak. By restoring natural rights and civil society, the state will recede once again.
Rothbard: "At the outset of every step forward on the road to a more plentiful existence is saving….Without saving and capital accumulation there could not be any striving toward nonmaterial ends."
Rothbard: "At the outset of every step forward on the road to a more plentiful existence is saving….Without saving and capital accumulation there could not be any striving toward nonmaterial ends."
Jeff Deist details the good, bad, and ugly of a book on the history of the Austrian school, written by a left-progressive historian from a critical perspective.
Marx and Engels denied that the individual played a role in historical evolution, and the idea of “individualism” remains an important antidote to Marxism today.
The American economy could not recover from legislative onslaughts by both the Republican and then the Democratic administrations. Individual enterprise, the mainspring of unprecedented wealth, didn't have a chance.
