Dear Friends,
April 15th is a horrible day, because it sums up all the wealth destruction called taxation that we are subjected to all year long.
As Murray Rothbard pointed out, taxation is the worst method of looting us. Inflation is destructive, of course, and it might make a loaf of bread cost $10. But at least you get a loaf of bread. With taxation, you get nothing—except theft and other violations of our civil liberties.
Click the image for the event page.
I have recently written that there are certain key indexes and ratios derived from Austrian business cycle theory that help us discern the development of bubbles in various sectors. As Mises wrote: “Only theory, business cycle theory, permits us to detect the wavy outline of a cycle in the tangled confusion of events.”
Robert Higgs advises us Don’t Rely on a Quack Doctor as a parable about government intervention in the economy.
Rothbard in AGD documents the effects of a visits with Dr. Hoover on the economy. This week‘s quote is from the conclusion of AGD (pp. 336-37):
Dear Murray: I need a copy of your book, The Panic of 1819 to send to my son so he can understand panics and similar phenomena. Sincerely yours, Howard Buffett
Letter of Howard Buffett to Murray Rothbard
I guess the book must have got lost in the mail.
HT: AH & RW @ EPB
