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This slim book (just 119 pages of main text in this edition) was originally published in 1963 when the almighty gold-backed United States dollar was beginning to crack up under the pressure of relentless deficit spending and money printing by the Federal Reserve. Two years later, as the crumbling of the edifice accelerated, amidst a miasma of bafflegab about fantasies such as a “silver shortage” by Keynesian economists and other charlatans, the Coinage Act of 1965 would eliminate sliver from most U.S. coins, replacing them with counterfeit slugs craftily designed to fool vending machines into accepting them. (The little-used half dollar had its silver content reduced from 90% to 40%, and would be silverless after 1970.) In 1968, the U.S. Treasury would default upon its obligation to redeem paper silver certificates in silver coin or bullion, breaking the link between the U.S. currency and precious metal entirely.
All of this was precisely foreseen in this clear-as-light exposition of monetary theory and forty centuries of government folly by libertarian thinker and Austrian School economist Murray Rothbard. He explains the origin of money as societies progress from barter to indirect exchange, why most (but not all) cultures have settled on precious metals such as gold and silver as a medium of intermediate exchange (they do not deteriorate over time, can be subdivided into arbitrarily small units, and are relatively easy to check for authenticity). He then describes the sorry progression by which those in authority seize control over this free money and use it to fleece their subjects. First, they establish a monopoly over the ability to coin money, banning private mints and the use of any money other than their own coins (usually adorned with a graven image of some tyrant or another). They give this coin and its subdivisions a name, such as “dollar”, “franc”, “mark” or some such, which is originally defined as a unit of mass of some precious metal (for example, the U.S. dollar, prior to its debasement, was defined as 23.2 grains [1.5033 grams, or about 1/20 troy ounce] of pure gold). (Rothbard, as an economist rather than a physicist, and one working in English customary units, confuses mass with weight throughout the book. They aren’t the same thing, and the quantity of gold in a coin doesn’t vary depending on whether you weigh it at the North Pole or the summit of Chimborazo.)... [Read More]
(Note: This is novel is the first of an envisioned four volume series titled Aristillus. It and the second book, Causes of Separation, published in May, 2018, together tell a single story which reaches a decisive moment just as the first book ends. Unusually, this will be a review of both novels, taken as a whole. If you like this kind of story at all, there’s no way you’ll not immediately plunge into the second book after setting down the first.)
Around the year 2050, collectivists were firmly in power everywhere on Earth. Nations were subordinated to the United Nations, whose force of Peace Keepers (PKs) had absorbed all but elite special forces, and were known for being simultaneously brutal, corrupt, and incompetent. (Due to the equality laws, military units had to contain a quota of “Alternatively Abled Soldiers” who other troops had to wheel into combat.) The United States still existed as a country, but after decades of rule by two factions of the Democrat party: Populist and Internationalist, was mired in stagnation, bureaucracy, crumbling infrastructure, and on the verge of bankruptcy. The U.S. President, Themba Johnson, a former talk show host who combined cluelessness, a volatile temper, and vulpine cunning when it came to manipulating public opinion, is confronted with all of these problems and looking for a masterstroke to get beyond the next election.... [Read More]
Richard A. Epstein is not usually very excitable, speaking, albeit quickly and at great length, in the form of a legal argument. Fair enough: he is one of the most cited legal scholars in the United States. In the most recent episode of his Hoover Institution podcast, “The Libertarian”, however, he goes into a full-on rant about the “Green New Deal”. The first part, where he discusses the bogus connection between carbon dioxide and climate, is especially valuable. It’s only twenty-six minutes and well worth your time.
It is often said, “libertarians favour open borders.” The reality is more complex. Few people are more libertarian than Lew Rockwell, who today posted on his blog an article based on a 2015 speech which explains why open borders are incompatible with property rights and hence should be opposed by libertarians.
This is number two in my series. Click here for Part 1: Liberty Requires Responsibility
Let me open with my disclaimer: I understand the first thing libertarians do when someone talks about libertarians is to say, “We are not all like that”. The vocal ones fit the profile outlined. These people are the face of libertarians to the rest of the world. It is not up to me, or anyone else outside the group, to work on the image of libertarians.... [Read More]