The Fed

Don't be among those who believe that the government has discovered the secret of prosperity in the offices of the Bureau of Engraving and Printing.

Rothbard and a handful of Misesian economists were virtually alone in maintaining that Hoover's interventionist policies were mainly responsible for what we now know as the "Great Depression." 

Clearly, one of the top priorities of every libertarian should be ending the legal tender laws.

That phony money creates a false boom is not an unknown fact in history.

The possibility of an insolvent central bank, however, bypasses the question of whether the central bank should be abolished and concludes that it will, in certain instances, abolish itself as insolvency renders it helpless.

Nicholas Biddle was the president of the American central bank that preceded the Fed.

Over time, a situation can emerge where, as a result of persistent loose monetary and fiscal policies, there are not enough wealth generators left.

The mathematical economists are therefore framing assumptions which are admittedly false or partly false, but which they hope can serve as useful approximations, as they would in physics. The important thing is not to be intimidated by the mathematical trappings.

Presented by Douglas E. French at “Recovery or Stagnation?,” the Mises Circle in San Francisco; sponsored by Mark L.