Wednesday, October 24, 2012

Murray Rothbard on Federal Reserve Money Printing

1 comment:

  1. While watching this full-length vid, I was interested in discovering who Stephen O. Morrell is (the man who introduces Murray).

    Turns out he is a business professor at Barry University in Florida.Prior to joining Barry in 1993, their website states that he was "Senior Vice President and Chief Economist for Southeast Banking Corporation, and as a Financial Economist for the Federal Reserve System. Currently, he serves as a member of the Council of Economic Advisors to Governor Jeb Bush, and a Senior Research Fellow to Florida TaxWatch, a Tallahassee, Florida based public policy research institute."

    So, looks like he is just any other minor player in the revolving door of corporate and state: a defector from any free-market leanings he may still disingenuously possess.

    It makes me marvel at just how special Austrian economists are, Murray Rothbard in particular. The hard-core does not sell out for political gain. Yes, many operate within the mainstream world of academia, but their positions are sometimes threatened as Walter Block and Han Hoppe can attest. They continue to keep the purity of their scientific and moral doctrine alive, without bowing to gain positions in molding public policy that empowers and extends the status quo.

    Austrians realize that opening up the state's "bottle-neck" to the free-market would have positive effects for everyone in the long-term, with even very positive immediate improvements in the economy. With that, I immensely enjoyed watching Marc Faber tell some talking heads that the U.S. government should be reduced by minimum, 50%. This, he said, would provide those immediate improvements. Unfortunately, he cited Friedman's Capitalism and Freedom as a source of this proof. Yet, Faber is an ally, even if he is not telling youngsters to read Rothbard's works.

    Rothbard is one of the most refreshing and intelligent practitioners of freedom anyone could encounter. He lives on like many great men, his ideas spreading and having far more influence now, than in his lifetime.