How I spend my mornings… reading LewRockwell.com. It’s my idea of how best to start one’s day, putting my remaining brain cells to work.
This one was written by Murray N. Rothbard (1926–1995), dean of the Austrian School of Economics, founder of modern libertarianism, and academic vice president of the Mises Institute. First published in Inquiry, November 12, 1979.
This is a particularly pertinent article in the wake of the most egregious global run of currency inflation in history, and the market distortions thus created. Although first published back in 1979, it explains the culpability of today’s central banks in our faltering economy (not to mention today’s blooming world-wide currency war) via bankster manipulations and a repudiation of free-market, classical-liberal (not to be confused with today’s disastrous neo-liberal) economic principles.
Parenthetically, also explains to some degree why arbitrarily forcing a higher minimum wage on the economy will only increase market distortion and accelerate the rising cost of living. I swear, modern Democrats understand nothing about economics… but then, Republicans never did.
The Great Depression sucked, but it needn’t have happened nor lasted so long. It was caused by the fledgling Federal Reserve in a futile attempt to bolster the dwindling economic power of England, then prolonged and exacerbated by Hoover’s proto-New Deal policies.
BTW: nothing substantial regarding monetary or fiscal policy has changed since then, so hang onto your teacups, Rosemary, we’re in for a helluva ride.
Source: Reliving the Crash of ‘29 – LewRockwell.com
