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What has Government Done to Our Money - Murray Rothbard. Read it and you will understand money better than 99.9% of the population, including most economists.
by steve22209 4y ago
What has Government Done to Our Money - Murray Rothbard.
Read it and you will understand money better than 99.9% of the population, including most economists.
- imtringued 4y agoI can't find a summary of the contents but if I doesn't address liquidity preference, holding costs of different classes of assets, the fact that money abstracts over time and space and often is used to ignore the microscopic details of the real economy then I would say that someone like that has completely missed the point of money. "Murray N. Rothbard's most famous essay on monetary theory. Buffoonish and evil politicians, the banking cartel, the cabal that established the Federal Reserve, Lincoln's greenbacks, FDR's stealing of the gold, the Fed and the Great Depression, and so much more." is the only summary I have found so far and it doesn't it inspire confidence. Edit: "Fiat currency became the new star of the show. To Rothbard, the Fed is nothing more than a massive counterfeiting operation that forces Americans to pay ever-growing interest on money that continues to be worth less and less. In Rothbard’s opinion, the only way to stop this vicious cycle is “by the return to a free market commodity money such as gold, and by removing government totally from the monetary scene.”" Yep, completely missing the point. A reintroduction of the gold standard isn't going to stop either inflation nor the "interest spiral" because the real return on deflating money is still positive as if there was a debt spiral. It also doesn't get rid of the inflation deflation volatility.