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It is vital that the "extreme" goal of libertarianism - no State - be held aloft at all times. We should be abolitionists, in every case. This is the only way we can remain truthful, logical and consistent. We should be proud to be anarchists, and ready to beat down any argument in favour of a State. Having said that, we should emphasise those
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I doubt that Hayek's plan would work. Mises' regression theorem shows that new paper tickets - "ducats" or "Hayeks" - won't be accepted as money. Even if a new paper ticket was backed by a commodity, it is unlikely to replace the dollar, just because people are so familiar with the name "dollar". A complete
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Suppose Murray Rothbard's plan to restore the link between the dollar and gold was carried out. What would be the effect on the markets? The dollar will be redefined as a weight in gold. The banks would be capitalized with Fed gold and allowed to print bank notes, and Federal Reserve Notes would be redeemable in gold, and then the Fed would be abolished
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[quote user="Stranger"] [quote user="Truth and Liberty"]OK, suppose my end is to create a piece of art. My artwork is going to be an obelisk sitting in the middle of an unspoilt island. The island being unspoilt is a crucial part of the artwork. If somebody turns up on my island and builds themselves a hut, do I have the right to
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OK, suppose my end is to create a piece of art. My artwork is going to be an obelisk sitting in the middle of an unspoilt island. The island being unspoilt is a crucial part of the artwork. If somebody turns up on my island and builds themselves a hut, do I have the right to evict them on the grounds that they are on my island, which I used as a means
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Rothbard very briefly mentions (in The Ethics of Liberty) why the Columbus claim to own the entirety of a newly discovered land was invalid; he could only own land he homesteaded, or mixed his labour with. But what does this mean exactly? If Columbus built a fence round the whole island would it be legitimate? If not, what exactly would he have to do
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Why would anybody want to own a road, unless they intend to make it a toll road? Would this mean that all roads become toll roads? Only one highway exists between my town and my nearest city. Won't the owner of this highway then have a virtual monopoly and be able to charge as much as he likes? What if the owner of a major highway wanted to prevent
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I'm trying to understand the effect of the recent bailouts and 'liquidity injections' on the money supply and ultimately price levels. Presumably, the central banks have or will be creating money out of thin air for all this. But the money supply (whatever measure) has not increased suddenly. I'm guessing that's because they've