Get QuoteDark Inspirational Quotes App

" 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. "

Related Quotes:

" 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. "

Murray Rothbard

Reason

Natural

Light

" 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. "

" The contemporary political scientist believes that he can avoid the necessity of moral judgments and that he can help frame public policy without committing himself to any ethical position. "

" The most famous and one of the most thoroughgoing opponents of bank credit was Thomas Jefferson. Jefferson reacted to the panic of 1819 as a confirmation of his pessimistic views on banks. "

" 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. "

" 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. "

" Declines in specific industries can never ignite a general depression. Shifts in data will cause increases in activity in one field, declines in another. "

" As 'Austrian' business cycle theory has pointed out, any bank credit inflation sets up conditions for boom-and-bust; there is no need for prices actually to rise. "

" 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. "

" Praxeology - economics - provides no ultimate ethical judgments: it simply furnishes the indispensable data necessary to make such judgments. "

" The expansionary operations of the Second Bank of the United States, coupled with its laxity toward insisting on specie payment by the state banks, impelled a further inflationary expansion of state banks on top of the spectacular enlargement of the central bank. Thus, the number of incorporated state banks rose from 232 in 1816 to 338 in 1818. "

" The major reason for Keynes's rejection of communism was simply that he could scarcely identify with the grubby proletariat. "

" All government wars are unjust. "

" 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. "

" Out of the bitter experiences of the panic of 1819 emerged the beginnings of the Jacksonian movement, dedicated to hard money, the eradication of fractional reserve banking in general, and of the Bank of the United States in particular. "

" The proper governmental policy in a depression is strict laissez-faire, including stringent budget slashing, and coupled perhaps with positive encouragement for credit contraction. "

" I think one of the most important directions to be pursued in the 'sciences of human action' is to develop a natural-law ethics based on nature rather than, or at least to supplement, ethics based on theological revelation. "

" 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.' "

" 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. "

" On the market, all is harmony. But as soon as intervention appears and is established, conflict is created, for each may participate in a scramble to be a net gainer rather than a net loser - to be part of the invading team instead of one of the victims. "

" The majority is not society, is not everyone. Majority coercion over the minority is still coercion. "

" 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. "

" 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. "

" 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. "

" 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. "

" Every man must have freedom, must have the scope to form, test, and act upon his own choices, for any sort of development of his own personality to take place. He must, in short, be free in order that he may be fully human. "

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

" 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. "

" 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 in war that the State really comes into its own: swelling in power, in number, in pride, in absolute dominion over the economy and the society. "