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| 10 of 10 results found for - "Murray Rothbard" | [Quote No.55190] Need Area: Money > Tax
"[Government fiscal - tax and spend - and central bank monetary - interest - policy:] A robber who justified his theft by saying that he really helped his victims, by his spending giving a boost to retail trade, would find few converts; but when this theory is clothed in Keynesian equations and impressive references to the 'multiplier effect,' it unfortunately carries more conviction." - Murray Rothbard
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| [Quote No.42380] Need Area: Money > Invest
"[Why do we get boom and bust business cycles? In a nut-shell because of excessive credit at too low rates, that encourages malinvestment, according to the Austrian economic school. Now why does that happen? Because...] Under a fiat money standard, governments (or their central banks) may obligate themselves to bail out, with increased issues of standard money, any bank or any major bank in distress. In the late nineteenth century, the principle became accepted that the central bank must act as the 'lender of last resort,' which will lend money freely to banks threatened with failure. Another recent American device to abolish the confidence limitation on bank credit is 'deposit insurance,' whereby the government guarantees to furnish paper money to redeem the banks' demand liabilities. These and similar devices remove the market brakes on rampant credit expansion." - Murray Rothbard
American economist and libertarian social philosopher. Quote from his book, 'Man, Economy, and State', published 1962.
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| [Quote No.49398] Need Area: Money > Invest
"Under a fiat money standard, governments (or their central banks) may obligate themselves to bail out, with increased issues of standard money, any bank or any major bank in distress. In the late nineteenth century, the principle became accepted that the central bank must act as the 'lender of last resort,' which will lend money freely to banks threatened with failure. Another recent American device to abolish the confidence limitation on bank credit is 'deposit insurance,' whereby the government guarantees to furnish paper money to redeem the banks' demand liabilities. These and similar devices remove the market brakes on rampant credit expansion [which the Austrian School of economics sees as the cause of the mal-investment inherent in any extreme boom bust business cycle]." - Murray Rothbard
'Man, Economy, and State', 1962.
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| [Quote No.67687] Need Area: Money > Invest
"[Booms and busts:] Why do booms, historically, continue for several years? What delays the reversion process? The answer is that as the boom begins to peter out from an injection of credit expansion, the banks inject a further dose. In short, the only way to avert the onset of the depression-adjustment process is to continue inflating money and credit. For only continual doses of new money on the credit market will keep the boom going and the new stages profitable. Furthermore, only ever increasing doses can step up the boom, can lower interest rates further, and expand the production structure, for as the prices rise, more and more money will be needed to perform the same amount of work. Once the credit expansion stops, the market ratios are reestablished, and the seemingly glorious new investments turn out to be malinvestments, built on a foundation of sand. [It] is clear that prolonging the boom by ever larger doses of credit expansion will have only one result: to make the inevitably ensuing depression longer and more grueling.... The way to prevent a depression, then, is simple: avoid starting a boom. [For instance do not keep interest rates too low for too long!]" - Murray Rothbard
Man, Economy, and State [1962]
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| [Quote No.36184] Need Area: Money > General
"Gold is the money of the people while [fiat] currency is the money of the government." - Murray Rothbard
Economist.
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| [Quote No.37055] Need Area: Money > General
"Historically, governments have fostered and encouraged credit expansion to a great degree [for greater political power]. They have done so by weakening the limitations that the market places on bank credit expansion. One way of weakening is to anesthetize the bank against the threat of bank runs. In nineteenth-century America, the government permitted banks, when they got into trouble in a business crisis, to suspend specie payment while continuing in operation. They were temporarily freed from their contractual obligation of paying their debts, while they could continue lending and even force their debtors to repay in their own bank notes. This is a powerful way to eradicate limitations on credit expansion, since the banks know that if they overreach themselves, the government will permit them blithely to avoid payment of their contractual obligations." - Murray Rothbard
Economist. Quote from his book, 'Man, Economy, and State', 1962.
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| [Quote No.42727] Need Area: Money > General
"[Mercantilism is] a system of statism which employed economic fallacy to build up a structure of imperial state power, as well as special subsidy and monopolistic privilege to individuals or groups favored by the state." - Murray Rothbard
Quote from his book, 'The Logic of Action', Vol. II [1997].
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| [Quote No.47426] Need Area: Money > General
"Under a fiat money standard, governments (or their central banks) may obligate themselves to bail out, with increased issues of standard money, any bank or any major bank in distress. In the late nineteenth century, the principle became accepted that the central bank must act as the 'lender of last resort,' which will lend money freely to banks threatened with failure. Another recent American device to abolish the confidence limitation on bank credit is 'deposit insurance,' whereby the government guarantees to furnish paper money to redeem the banks' demand liabilities. These and similar devices remove the market brakes on rampant credit expansion." - Murray Rothbard
'Man, Economy, and State', 1962.
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| [Quote No.44092] Need Area: Friends > General
"[Libertarian individual liberty and choice:] Anyone who wishes is entitled to make the personal decision of 'better dead than Red' or 'give me liberty or give me death.' What he is not entitled to do is to make these decisions for others, as the pro-war policy of conservatism would do. What conservatives are really saying is: 'Better them dead than Red,' and 'give me liberty or give them death' — which are the battle cries not of noble heroes but of mass murderers." - Murray Rothbard
[1926–1995], an American author and economist of the Austrian School who helped define modern libertarianism. Quote from his book, 'For A New Liberty: The Libertarian Manifesto'
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| [Quote No.56010] Need Area: Friends > General
"[In a conflict or war government, the military, politicians and bureaucrats must be watched carefully, lest they use the crisis for their own needs rather than those of the people they are supposed to serve:] 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." - Murray Rothbard
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