U.S. Economy

Recorded at The Mises Circle in Manhattan, on May 22nd, 2010.

Recorded at The Mises Circle in Manhattan, on May 22nd, 2010.

He offers a Kantian justification for political economy in the style of Buchanan; and he maintains that this view of things is at the root of the American Republic. Readers of a libertarian bent will not be fully satisfied; but Roth's carefully argued book deserves, and rewards, close study.

"The risk associated with loan obligations are shifted to the taxpayer. Consequently, the act removes obligation and creates a moral hazard with the creation of a virtual backstop."

"These guys weren't just taking a position and keeping their fingers crossed, they had to keep feeding their bets, even when the financial world (and their investors) thought they were nuts."

"There is no contradiction between doing good and doing well."

From Part I of A History of Money and Banking in the United States: The Colonial Era to World War II: “The History of Money and Bank

Recorded at The Mises Circle in Phoenix, Arizona, on April 10th, 2010. Sponsored by James M. Rodney.

Ultimately, the Keynesian's deficiency comes down to their lack of capital theory, which eventually leads them to believe in a very disjointed monetary theory.

"Yes, this is the mercantilist world of Paul Krugman. Peaceful private exchange is an act of aggression, and aggression will deliver us from an imaginary 'liquidity trap.' Indeed, war is peace, freedom is slavery, and ignorance is strength."