Where did Benjamin Strong - head of the Fed - come from? Rothbard continues to reveal the individuals who shaped our world and wars. Morgan's empire brought us the irrational and useless WWI. Foreign policy today rests upon this Morgan outlook.
When John T. Flynn has put the Roosevelt myth through his terrible wringer and thrown aside the empty sack, all that remains of it is — the myth.
How does government intervene in the economy? What are the consequences? What are the motivations behind passing these interventions? The lives of the people involved explain why they do these things.
The railroads experienced both enormous growth and enormous government intervention. Land was closed off from settlement, causing farmers to oppose the privileged railroads. Markets were skewed. Waste and inefficiencies were high.
The private property method of settlement was more successful than the public method. But, moving people to the new world was difficult while life in Europe was better. Thus, indentured servants were a large group second only to religious refugees.
The Virginia Resolves said Virginia citizens should not obey the Stamp Acts. Intimidation of the tax collectors effectively nullified the Act. Colonialists felt that the Crown had violated their relationship. The Intolerable Acts were the final straw. They stated their grievances in the Declaration of Independence on July 4, 1776.
Colonial governments tried to manipulate the Spanish peso when they couldn't control the commodity monies. They increased the supply of pesos (inflation) and encouraged exports. Prices increased until the process was banned.
The Americans successfully used the different tactic guerilla warfare against the staid and rigid British soldiers. War caused a large increase in the paper money supply - the Continental - triggering hyperinflation and loss of purchasing power.
Salutary neglect of the colonies spurred innovation and abundance in a spirit of freedom. Bitterness crept into the relationship after the French and Indian War when the British kept colonialists out of certain territories and began taxing them internally and increased tariffs.
