What Has Government Done to Our Money? By Murray N. Rothbard

Description

Innumerable economists, investors, commentators, and authors have learned from this book through the decades. After fifty years, it remains the best book in print on the topic, a real manifesto of sound money.

Rothbard boils down the Austrian theory to its essentials. The book also made huge theoretical advances. Rothbard was the first to prove that the government, and only the government, can destroy money on a mass scale, and he showed exactly how they go about this dirty deed. But just as importantly, it is beautifully written. He tells a thrilling story because he loves the subject so much.

The passion that Murray feels for the topic comes through in the prose and transfers to the reader. Readers become excited about the subject, and tell others. Students tell professors. Some, like the great Ron Paul of Texas, have even run for political office after having read it.

Rothbard shows precisely how banks create money out of thin air and how the central bank, backed by government power, allows them to get away with it. He shows how exchange rates and interest rates would work in a true free market. When it comes to describing the end of the gold standard, he is not content to describe the big trends. He names names and ferrets out all the interest groups involved.

Since Rothbard’s death, scholars have worked to assess his legacy, and many of them agree that this little book is one of his most important. Though it has sometimes been inauspiciously packaged and is surprisingly short, its argument took huge strides toward explaining that it is impossible to understand public affairs in our time without understanding money and its destruction.

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  • Profile photo of Jeffrey Tucker Jeffrey Tucker

    What Has Government Done to Our Money?

    What Has Government Done to Our Money? Rothbard explains the long decline of market money rooted in gold to government money based on paper. This classic monograph taught millions to distrust the government and central bank system. It also instilled a pro-gold perspective that might have blinded people to other possibilities such as cryptocurrency. The hoped for reform from the top never came but we are seeing real reform from the bottom and it has nothing to do with gold. Kick off the discussion! Questions, comments, observations or elaborations? Either reply here or create a new discussion using the tag Library_what-has-government-done-to-our-money

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