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I often hear the time-interest theory of credit. Real credit is based on savings rather than fraction reserve banking and the interest rate depends on the amount of savings in an economy. It is simple economics and I don't see why it takes so much time for society to understand this. But there is...
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National Review Online has the policy of monitoring the comments posted by readers. One of its senior editors (Ramesh Ponnuru) wrote a long article about the economy that was published on April 6. This was my comment: I told the following true story to Murray Rothbard, a famous economist, who expressed...
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My knowledge of Austrian Economics is limited to Rothbard's works The Ethics of Liberty , For a New Liberty , and sections of Power & Market . I know he was highly influenced my Mises and I would like to start tackling some of his works. I just want to get a general feel for his theory of economic...
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According to Murray Rothbard, in his History of Money and Banking in the United States the economy actually revived in 1838 (p 100). This is backed up by Milton Friedman (1960 p 10). Historical records, however, record the depression returning in 1839. Professor Temin disagrees; in his Jacksonian Economy...
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I have thus far found the Mystery of Banking to be an amazing book on the dynamics of the money system. But Rothbard's description of the fractional reserve system does not jive with what I have been taught and this definition becomes essential later on when he explains why fractional reserve banking...
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[quote user="Nathyn"]If Rothbard, through his sophistry, happens to come to the conclusion that a holocaust is justified for his own liberty's sake, his entire argument falls apart because his basic assumptions about the value of humanity contradict that of just about everyone.[/quote]Wow...
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A couple days ago, I wrote a small piece about a small problem I had with an otherwise good essay titled "Anarcho-Communism" by Murray Rothbard. Essentially, the point I make is that in a laissez-faire society, we anarcho-communists would have no ethical objection to allowing those-who-wished...