By Murray N. Rothbard
In what's bound to turn into the normal account, Rothbard lines inflations, banking panics, and funds meltdowns from the Colonial interval throughout the mid-20th century to teach how government's systematic warfare on sound funds is the hidden strength in the back of approximately all significant monetary calamities in American historical past.
Never has the tale of cash and banking been advised with such rhetorical strength and theoretical energy. you are going to treasure this quantity.
From the advent by way of Joseph Salerno:
"Rothbard employs the Misesian method of fiscal historical past always and dazzlingly in the course of the quantity to solve the factors and results of occasions and associations ranging over the process U.S. financial background, from the colonial instances during the New Deal period. one of many very important advantages of Rothbard's new angle is that it evidently ends up in an account of the improvement of the U.S. financial procedure by way of a compelling narrative linking human explanations and plans that often-times are hidden, and devious, resulting in results that typically are tragic. And one will research even more approximately financial historical past from examining this fascinating tale than from poring over reams of statistical research. even though its 5 elements have been written individually, this quantity offers a relative built-in narrative, with little or no overlap, that sweeps throughout 3 hundreds of thousands years of U.S. financial history."
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Additional info for A History of Money and Banking in the United States: The Colonial Era to World War II
47So-called “neoconservatism,” which dominates the conservative movement and the Republican Party in the United States, is merely a variant of modern liberalism. Its leading theoreticians envision a slightly smaller and more efficient welfare state, combined with a larger and more actively interventionist global-warfare state. Introduction 31 increase State power in any way, their primary motivation is economic: to increase their plunder at the expense of the subject and taxpayer. The ideology that they profess and that is formulated and spread through society by the Court Intellectuals is merely an elaborate rationalization for their venal economic interests.
As early as February 1691, the Massachusetts government proclaimed that its issue had fallen “far short” and so it proceeded to emit £40,000 of new money to repay all of its outstanding debt, again pledging falsely that this would be the absolute final note issue. But Massachusetts found that the increase in the supply of money, coupled with a fall in the demand for paper because of growing lack of confidence in future redemption in specie, led to a rapid depreciation of new money in relation to specie.
4, 5 Massachusetts was accustomed to launching plunder expeditions against the prosperous French colony in Quebec. Generally, the expeditions were successful, and would return to Boston, sell their booty, and pay off the soldiers with the proceeds. This time, however, the expedition was beaten back decisively, and the soldiers returned to Boston in ill humor, grumbling for their pay. Discontented soldiers are ripe for mutiny, so the Massachusetts government looked around in concern for a way to pay the soldiers.