Rothbard on Money

Many people—many economists—usually devoted to the free market stop short at money. Money, they insist, is different; it must be supplied by government and regulated by government. They never think of state control of money as interference in the free market; a free market in money is unthinkable to them. Governments must mint coins, issue paper, define “legal tender,” create central banks, pump money in and out, “stabilize the price level,” etc.

Murray N. Rothbard – What Has Government Done to Our Money? Ludwig von Mises Institute, Auburn 2008, p. 8.

Seidman on Deposit Insurance

A deposit insurance system is like a nuclear power plant. If you build it without safety precautions, you know it’s going to blow you off the face of the earth. And even if you do, you can’t be sure it won’t.

L. William Seidman, as quoted in Clifford F. Thies & Daniel A. Gerlowski – Deposit Insurance: A History of Failure. Cato Journal 8 (1989), p. 677.

Seidman on Deposit Insurance

My friends, there is good news and bad news.

The good news is that the full faith and credit
of the FDIC and the U.S. government stands
behind your money in the bank.

But the bad news is that you,
my fellow taxpayers,
stand behind the U.S. government.

L. William Seidman – Full Faith and Credit. The Great S&L Debacle and Other Washington Sagas. Beard Books, Washington D.C. 2000, p. XIII.