BooksOctober 29, 2007Albert Jay NockIn these lectures, Nock goes to the heart of the matter of what is wrong with the structure of education in the United States: the policy, imposed by government, of universal admissions on the theory that everyone is equally educable.
Mises DailyAugust 23, 2007Mark SunwallIn Nock's view, the usurpation of social power by state power went hand in glove with a rise in war, intra-social conflict, arbitrary authority, indebtedness, and many other injustices...
BooksNovember 22, 2007Albert Jay NockYes, that's right: The Freeman . This was the original, as edited by Albert Jay Nock in the early 1920s. It was radical, far-reaching, topical, and bracing in every way...
The world was now back to the monetary chaos of World War I, except that now there seemed to be little hope for a restoration of gold. The international economic order had disintegrated into the chaos clean and dirty floating exchange rates, competing devaluations, exchange controls, and trade barriers; international economic and monetary warfare raged between currencies and currency blocs.
How to return to the Golden Age? The sensible thing to do would have been to recognize the facts of reality, the fact of the depreciated pound, franc, mark, etc., and to return to the gold standard at a redefined rate: a rate that would recognize the existing supply of money and price levels. The British pound, for example, had been traditionally defined at a weight which made it equal to $4.86. But by the end of World War I, the inflation in Britain had brought the pound down to approximately $3.50 on the free foreign exchange market. Other currencies were similarly depreciated.
The struggle between the two systems of social organization, freedom and totalitarianism, will be decided in the democratic nations at the polls. As things are today, the outcome in the United States will determine the outcome for all other peoples too. As long as this country does not go socialist, socialist victories in other parts of the world are of minor relevance.
Some people?among them very keen minds?expect either a revolutionary upheaval of the communists, a war with Russia and its satellites, or a combination of both events.
The Civil War wrought an even more momentous change in the nation’s banking system than had the War of 1812. The early years of the war were financed by printing paper money—greenbacks—and the massive printing of money by the Treasury led to a universal suspension of specie payments by the Treasury itself and by the nation’s banks, at the end of December 1861. For the next two decades, the United States was once again on a depreciating inconvertible fiat standard.