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.
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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.
Into the heart of the peasant and nomadic Arab world of the Middle East there came, on the backs and on the bayonets of British imperialism, a largely European colonizing people.
Are we emphasizing “the negative”? In a sense, yes, but what else are we to stress when our values, our principles, our very being are under attack from a relentless foe?
The Bill of Rights transformed the Constitution from one of supreme and total national power to a partially mixed polity where the liberal anti-nationalists at least had a fighting chance.
Mises Institute, 2001
