Mises Daily

The way out of this mess is freedom.

It is interesting to see the psychology at play here: give the banks more money or else the massive stimulus will fail due to "instability."

"These false prophets of capitalism are the greatest friends that proponents of socialism have."

Lucas's view — namely, that the 1929 downturn would have been a run-of-the-mill depression, but the Fed's timidity turned it into the Great one — was popularized by Milton Friedman.

President Franklin D. Roosevelt's 1934 Gold Reserve Act was the greatest theft of wealth I'm aware of in American history:

I am suggesting here that a far-reaching cost of the war was the degradation of the autonomy of individuals and families in relation to their property.

"The government doesn't create any real wealth, so how can an increase in government outlays revive the economy?"

The economic power of private business organizations, even the so-called "private tyrannies," is justified by the fact that the use of economic power involves no initiation of force against any other person or their property.

The costs of the persecution of bingo operators are not limited to the financial burden on taxpayers but also include loss of individual liberty and the unintended consequences, which are difficult to quantify. Citizens, no matter how rich or poor, have the right to make bad decisions.

I conclude with an important final warning: naturally (and I must never tire of repeating it) the solution I propose is only valid in the context of an irrevocable decision to establish a free-banking system subject to a 100% reserve requirement on demand deposits.