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- The Underground Economy_3.pdf
There is a bustling and shadowy world where jobs, services, and business transactions are conducted by word of mouth and paid for in cash to avoid scrutiny by government officials. It is called the “underground economy,” which is as old as government itself. It springs from human nature that makes man choose between given alternatives. Facing the agents of government and their exactions, man will weigh the alternatives and may choose to go “underground.”
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Hans F. Sennholz (1922-2007) was Ludwig von Mises’s first PhD student in the United States. He taught economics at Grove City College, 1956–1992, having been hired as department chair upon arrival. After he retired, he became president of the Foundation for Economic Education, where he served from 1992-1997. He was an adjunct scholar of the Mises Institute, and in October 2004 was awarded the Gary G. Schlarbaum Prize for lifetime defense of liberty.
Few people are aware of what the Federal Reserve System, acting on behalf of the U.S. Government, is doing to their money, writes Hans Sennholz.
What the witch was to medieval man, what the capitalist is to socialists and communists, the speculator is to most politicians and statesmen: the embodiment of evil.
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.
