Rothbard shows how money must originate from a commodity. In an ideal system, a dollar would be a unit of weight, and paper money would operate strictly as warehouse receipts for the stock of the monetary metal. There would be no fractional reserve banking. Rothbard offers a rebuttal to the objections to a 100 percent gold dollar raised by Professor Leland Yeager.
Murray N. Rothbard made major contributions to economics, history, political philosophy, and legal theory. He combined Austrian economics with a fervent commitment to individual liberty.
Public works as a cure for unemployment: proposed, debated, and defended with arguments that would sound familiar a century later.
Years before the English currency school made it famous, Americans were arguing for one hundred percent reserves, and some wanted banking abolished outright.
They borrowed when prices were high and had to repay when prices were low. Should the legislature rescue them, or would rescue only deepen the ruin?
Mises Institute, 2001
