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" The proper governmental policy in a depression is strict laissez-faire, including stringent budget slashing, and coupled perhaps with positive encouragement for credit contraction. "
Murray Rothbard
Encouragement
Depression
Positive
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" Lacking the direct test of success or failure, the voter tends to turn, not to those politicians whose measures have the best chance of success, but to those with the ability to 'sell' their propaganda. Without grasping logical chains of deduction, the average voter will never be able to discover the error that the ruler makes. "
Murray Rothbard
Test
Chance
Best
" While the seeming independence of the federal judiciary has played a vital part in making its actions virtual Holy Writ for the bulk of the people, it is also and ever true that the judiciary is part and parcel of the government apparatus and appointed by the executive and legislative branches. "
Murray Rothbard
Government
Independence
People
" Fractional reserve banks are sitting ducks and are always subject to contraction. When the banks' state of inherent bankruptcy is discovered, for example, people will tend to cash in their deposits, and the contractionary, deflationary pressure could be severe. "
Murray Rothbard
Pressure
Always
Sitting
" The successful entrepreneurs on the free market will be the ones most adept at anticipating future business conditions. Yet, the forecasting can never be perfect, and entrepreneurs will continue to differ in the success of their judgments. If this were not so, no profits or losses would ever be made in business. "
Murray Rothbard
Business
Success
Perfect
" Keynes eliminated economic theory's ancient role as spoilsport for inflationist and statist schemes, leading a new generation of economists on to academic power and to political pelf and privilege. "
Murray Rothbard
Privilege
Power
Political
" Praxeology - economics - provides no ultimate ethical judgments: it simply furnishes the indispensable data necessary to make such judgments. "
Murray Rothbard
Ethical
Ultimate
Make
" Economics has revealed a great truth about the natural law of human interaction: that not only is production essential to man's prosperity and survival, but so also is exchange. "
Murray Rothbard
Man
Law
Human
" The great fact of individual difference and variability (that is, inequality) is evident from the long record of human experience: hence, the general recognition of the antihuman nature of a world of coerced uniformity. "
Murray Rothbard
Experience
Great
World
" In a sense, the market, by expecting a fall in prices, discounts that fall and makes it happen right away instead of later. Expectations speed up future price reactions. "
Murray Rothbard
Fall
Future
Speed
" War has generally had grave and fateful consequences for the American monetary and financial system. We have seen that the Revolutionary War occasioned a mass of depreciated fiat paper, worthless Continentals, a huge public debt, and the beginnings of central banking in the Bank of North America. "
Murray Rothbard
War
Debt
America
" Where did Keynes stand on overt fascism? From the scattered information now available, it should come as no surprise that Keynes was an enthusiastic advocate of the 'enterprising spirit' of Sir Oswald Mosley, the founder and leader of British fascism, in calling for a comprehensive 'national economic plan' in late 1930. "
Murray Rothbard
Stand
Surprise
Information
" Hoover had prevented 'an immediate attack upon wages as a basis of maintaining profits,' but the result of wiping out profits and maintaining artificial wage rates was chronic, unprecedented depression. "
Murray Rothbard
Depression
Out
Result
" As Ludwig von Mises conclusively demonstrated in 1912, money does not and cannot originate by order of the State or by some sort of social contract agreed upon by all citizens; it must always originate in the processes of the free market. "
Murray Rothbard
Free
Money
Social
" In order to conquer the world of economics with his new theory, it was critical for Keynes to destroy his rivals within Cambridge itself. In his mind, he who controlled Cambridge controlled the world. "
Murray Rothbard
Conquer
World
New
" The politician and the government expert receive their revenues, not from service voluntarily purchased on the market, but from a compulsory levy on the populace. These officials, therefore, wholly lack the pecuniary incentive to care about serving the public properly and competently. "
Murray Rothbard
Care
Serving
Service
" By the 1890s, the leading Wall Street bankers were becoming increasingly disgruntled with their own creation, the National Banking System... while the banking system was partially centralized under their leadership, it was not centralized enough. "
Murray Rothbard
Creation
Street
Enough
" Ultimately, there is no entity called 'government'; there are only people forming themselves into groups called 'governments' and acting in a 'governmental' manner. "
Murray Rothbard
Acting
Entity
Government
" The Keynesian prescription for unemployment rests on the persistence of a 'money illusion' among workers, i.e., on the belief that while, through unions and government, they will keep money wage rates from falling, they will also accept a fall in real wage rates via higher prices. "
Murray Rothbard
Fall
Persistence
Money
" An attempt by the Mongols to introduce paper money in Persia in the twelfth and thirteenth centuries flopped because no one would accept it. The public had no confidence in the paper money despite the awesomely coercive decrees that always marked Mongol rule. "
Murray Rothbard
Money
Always
Confidence
" Tied up with his dismissal of natural law is Hayek's continuous, and all-pervasive, attack on reason. Reason is his bete noire, and time and time again, from numerous and even contradictory standpoints, he opposes it. "
Murray Rothbard
Up
Time
Reason
" The majority is not society, is not everyone. Majority coercion over the minority is still coercion. "
Murray Rothbard
Still
Over
Minority
" While deficits are often inflationary and always pernicious, curing them by raising taxes is equivalent to curing an illness by shooting the patient. "
Murray Rothbard
Them
Shooting
Patient
" In the market, the fittest are those most able to serve the consumers; in government, the fittest are those most adept at wielding coercion and/or those most adroit at making demagogic appeals to the voting public. "
Murray Rothbard
Serve
Government
Voting
" There is no need for government to intervene in money and prices because of changing population or for any other reason. The 'problem' of the proper supply of money is not a problem at all. "
Murray Rothbard
Money
Need
Problem
" What is so terrible about transaction costs? On what basis are they considered the ultimate evil, so that their minimization must override all other considerations of choice, freedom, and justice? "
Murray Rothbard
Choice
Evil
Freedom
" It should be clear that modern fractional reserve banking is a shell game, a Ponzi scheme, a fraud in which fake warehouse receipts are issued and circulate as equivalent to the cash supposedly represented by those receipts. "
Murray Rothbard
Banking
Game
Fraud
" Savings and investment are indissolubly linked. It is impossible to encourage one and discourage the other. "
Murray Rothbard
Impossible
Savings
Other
" In order to continue in office, any government (not simply a 'democratic' government) must have the support of the majority of its subjects. This support, it must be noted, need not be active enthusiasm; it may well be passive resignation as if to an inevitable law of nature. "
Murray Rothbard
Need
Support
Government
" Only individuals have ends and can act to attain them. There are no such things as ends of or actions by 'groups,' 'collectives,' or 'States,' which do not take place as actions by various specific individuals. "
Murray Rothbard
Take
Only
Place
" If a man's free will to adopt ideas and values is inalienable, his freedom of action - his freedom to put these ideas into effect in the world - is not in such a fortunate condition. "
Murray Rothbard
World
Action
Free