Smith on Banking

It is not unlikely that the bolstering up of banking systems by their Governments is a factor which makes for instability. [1]

Vera C. Smith

 

[1] Vera C. Smith – The Rationale of Central Banking and the Free Banking Alternative. LibertyPress, Indianapolis 1936, p. 7.

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Taleb on Non-Risk-Takers

At no point in history have so many non-risk-takers, that is, those with no personal exposure, exerted so much control. [1]

Nassim N. Taleb

 

[1] Nassim N. Taleb – Antifragile: Things that Gain from Disorder. Penguin, Kindle Edition, 2012, p. 6.

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.