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" The very essence of political philosophy is the carving out of an ethical system - strictly, a subset of ethics dealing with political ethics. Ethics is the one rational discipline that demands the establishment of a rational set of value judgments; political ethics is that subset applying to matters of State. "

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" Now judicial review, beloved by conservatives, can, of course, fulfill the excellent function of declaring government interventions and tyrannies unconstitutional. But it can also validate and legitimize the government in the eyes of the people by declaring these actions valid and constitutional. "

Murray Rothbard

Government

Now

Eyes

" The Panic of 1819 exerted a profound effect on American economic thought. As the first great financial depression, similar to a modern expansion-depression pattern, the panic heightened interest in economic problems, and particularly those problems related to the causes and cures of depressed conditions. "

" All action is an attempt to exchange a less satisfactory state of affairs for a more satisfactory one. "

Murray Rothbard

Less

Action

" The important desideratum is freedom of the market; a country or region will often best develop, depending on conditions of resources or the market, by concentrating on one or two items and then exchanging them for other items produced elsewhere. "

" 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. "

" If government wishes to see a depression ended as quickly as possible and the economy returned to normal prosperity, what course should it adopt? The first and clearest injunction is: Don't interfere with the market's adjustment process. "

" The 'boom-bust' cycle is generated by monetary intervention in the market, specifically bank credit expansion to business. "

" 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. "

" Nature is simply the environment on earth in which man finds himself, and to treat it as a separate being in the image of man is sheer nonsense. "

" Commercial banks - that is, fractional reserve banks - create money out of thin air. Essentially, they do it in the same way as counterfeiters. "

" Play, as a consumers' good, is subject to the law of marginal utility, as are all goods, and the time spent in play will be balanced against the utility to be derived from other obtainable goods. "

" If taxes and government spending are both slashed, then the salutary result will be to lower the parasitic burden of government taxes and spending upon the productive activities of the private sector. "

" Keynes was scarcely a 'revolutionary' in any real sense. He possessed the tactical wit to dress up ancient statist and inflationist fallacies with modern, pseudoscientific jargon, making them appear to be the latest findings of economic science. "

" 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. "

" 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. "

" 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. "

" 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. "

" 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. "

" I do not go so far as the extreme male 'sexists' who contend that women should confine themselves to the home and children and that any search for alternative careers is unnatural. On the other hand, I do not see much more support for the opposite contention that domestic-type women are violating their natures. "

" Only individuals can desire and act. The existence of an institution such as government becomes meaningful only through influencing the actions of those individuals who are and those who are not considered as members. "

" It is important to realize that gold and silver are international commodities and that, therefore, when not prohibited by government decree, foreign coins are perfectly capable of serving as standard moneys. "

" The natural law is, in essence, a profoundly 'radical' ethic, for it holds the existing status quo, which might grossly violate natural law, up to the unsparing and unyielding light of reason. "

" In the panic of 1819, the protectionists stressed the lack of consumer markets abroad and the necessity for building up a market at home. The inflationists, on the other hand, stressed the shortage of money capital available to manufacturers as a cause of the crisis. "

" In the United States, after World War II, it took about two decades for the message to slowly seep in that inflation was going to be a permanent fact of the American way of life. "

" Originally, Congress provided in 1793 that all foreign coins circulating in the United States be legal tender. Indeed, foreign coins have been estimated to form 80 percent of American domestic specie circulation in 1800. "

" The State thrives on war - unless, of course, it is defeated and crushed - expands on it, glories in it. "

" Subjectivism is not an absolute principle; it is a necessary but not sufficient condition for sound methodology. "

" In his second Inaugural Address, on March 5, 1821, Monroe admitted at last to a general depression of prices, but only as a means of explaining the great decline in the federal revenue. Despite this, he asserted that the situation of America presented a 'gratifying spectacle.' "

" Reagonomics - a blend of monetarism and fiscal Keynesianism swathed in classical liberal and supply-side rhetoric - is in no way going to solve the problem of inflationary depression or of the business cycle. "

" While deficits are often inflationary and always pernicious, curing them by raising taxes is equivalent to curing an illness by shooting the patient. "