It is possible to conceive of a world where fractional reserve banking is understood by both banker and depositor and involves no deception or fraud. But in that world, deposits cease to be money and become complex credit securities.
Rothbard has explained how it is wrong to equate what would be reasonable for a private protection agency with what is permissible for the state.
Faced with declining city budgets, harsh future COVID lockdowns, and more riots, many residents and business owners in America's core cities will likely decide the cities aren't worth the trouble anymore.
The history of bailouts in the United States is a record of broken promises and growing moral hazard.
Contrary to what many modern economists say, increased saving is not a problem for the economy. The real problem stems from declines in production and saving, and these often result from central banks' monetary policy.
After the Great War, Austrian cities and towns began issuing their own money. The Germans tried something similar, but without the voluntary and decentralized aspects of the Austrian model. German disaster ensued.
Federal judges invented the notion of "qualified immunity" to protect police from lawsuits. So now Colorado has done an end run around the federal courts and removed qualified immunity as a defense.
Providing the opening for Mises’s great methodological work gave Rothbard the opportunity to set down his perspective on the importance of the praxeological method.
The largest fiscal and monetary support plan since WW II has been instigated with two dangerous collateral effects: the rise of zombie companies and the collapse of small businesses and startups.
The deadliest virus consists of the deification of human reason and the systematic use of coercion, which the state embodies.
