The Fed

Rather than plunging the taxpayers even deeper into debt, the government would do well to cut its own spending and return resources to private hands. Only then can true economic recovery begin.

"So it is quite likely that in a free-market economy the threat of bankruptcy will bring to a minimum the practice of fractional-reserve banking."

Finally, the freedom of wage rates and prices to fall must be established through the repeal of pro-union and minimum-wage legislation, and more fundamentally, the education of the public concerning the errors of the Marxian exploitation theory and their replacement with actual knowledge of what determines wages and the general standard of living.

The efficient-markets hypothesis is actually a tautology, or a way of viewing the world.

Recorded at the Mises Circle in Newport Beach, California, on November 14th, 2009. Sponsored by Louis E. Carabini.

Recorded at the Mises Circle in Newport Beach, California, November 14th, 2009. Sponsored by Louis E. Carabini, Saturday.

Krugman explained that the horrible trade wars of the early 1930s were the fault of — you guessed it — the gold standard.

"The gold-exchange standard establishes a system, in the name of gold, which in reality manages to install coordinated, international, inflationary, paper money."

Eventually, every aspect of productive life will be so controlled that capitalist drive and ingenuity will become relics of the past.

Bailouts cause malinvestments that lower real output, beginning the cycle again. This cannot continue forever: it will eventually result in a runaway-inflationary depression.