Author

In his second Inaugural Address, on March 5, 1821, Monroe admitted at last to a general depression of prices, but only as a means of explaining the great decline in the federal revenue. Despite this, he asserted that the situation of America presented a 'gratifying spectacle.'

From Murray Rothbard

In the panic of 1819, the protectionists stressed the lack of consumer markets abroad and the necessity for building up a market at home. The inflationists, on the other hand, stressed the shortage of money capital available to manufacturers as a cause of the crisis.

From Murray Rothbard

The underconsumptionist of 1819 believed that consumption would be stimulated by tariffs, while the underconsumptionist of a later day urged monetary expansion as the remedy. On the other hand, the remedy proposed for the shortage of money capital was monetary inflation in 1819, encouragement of savings and thrift in the 1930s.

From Murray Rothbard

The most famous and one of the most thoroughgoing opponents of bank credit was Thomas Jefferson. Jefferson reacted to the panic of 1819 as a confirmation of his pessimistic views on banks.

From Murray Rothbard

The Panic of 1819 exerted a profound effect on American economic thought. As the first great financial depression, similar to a modern expansion-depression pattern, the panic heightened interest in economic problems, and particularly those problems related to the causes and cures of depressed conditions.

From Murray Rothbard

It is important to realize that gold and silver are international commodities and that, therefore, when not prohibited by government decree, foreign coins are perfectly capable of serving as standard moneys.

From Murray Rothbard

If you wish to know how libertarians regard the State and any of its acts, simply think of the State as a criminal band, and all of the libertarian attitudes will logically fall into place.

From Murray Rothbard

Libertarians regard the state as the Supreme, the eternal, the best organized aggressor against the persons and property of the mass of the public. All states everywhere, whether democratic, dictatorial, or monarchical, whether red, white, blue or brown.

From Murray Rothbard

Subjectivism is not an absolute principle; it is a necessary but not sufficient condition for sound methodology.

From Murray Rothbard

The politician and the government expert receive their revenues, not from service voluntarily purchased on the market, but from a compulsory levy on the populace. These officials, therefore, wholly lack the pecuniary incentive to care about serving the public properly and competently.

From Murray Rothbard

Murray Rothbard

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