Money and Banks

The Economist, May 11, 1935

The only chance to prevent the exchange value of fiat money from collapsing altogether is a return to sound money — a way that would start by reanchoring fiat monies to gold, as outlined most prominently by Mises, Rothbard, and Sennholz.

Rothbard shows that Gresham’s law was introduced not by Sir Thomas Gresham but by the “arrogant, boorish, and feisty” Sir Thomas

This is the sense in which our fiat-money, fractional-reserve system uses "debt-based money."

Recorded at FreedomFest, 10 July 2010.

Recorded at FreedomFest, 10 July 2010. Includes an introduction by Douglas E. French.

"Deflation is one of the great scarecrows of present day economic policy and monetary policy in particular,"

"The Rothbardians level an objection, saying the free bankers are ignoring an important real-world consideration; then Woolsey assumes away the problem and declares that he has met the Rothbardian objection."

Advanced lecture on the origins of fiat money systems, explaining the transition from commodity money to commercial bank notes and deposits, and fr

Contrast Austrian Welfare Economics with alternative approaches including Pareto Optimality and Kaldor-Hicks. Recorded at Mises Universi