After weeks of reading, I finally finished the nearly 1400 page tome written in 1962, Man, Economy, and State (with Power and Market) by Murray Rothbard. It is a remarkable work, but allow me to share one small morsel with you:
With the establishment of fiat money by a State or by a World State, it would seem that all limitations on credit expansion, or on any inflation, are eliminated. The central bank can issue limitless amounts of nominal units of paper, unchecked by any necessity of digging a commodity out of the ground. They may be supplied to banks to bolster their credit at the pleasure of the government. No problems of internal or external drain exist. And if there existed a World State, or a co-operating cartel of States, with a world bank and world paper money, and gold and silver money were outlawed, could not the World State then expand the money supply at will with no foreign exchange or foreign trade difficulties, permanently redistributing wealth from the market’s choice to its own favorites, from voluntary producers to the ruling castes?
(pages 1018-1019), emphasis added by Tim
This was written nearly 60 years ago. Does any of the above sound familiar?
