Economics 101 (Lecture 7: Banking and the Business Cycle) Murray N. Rothbard |
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A collection of eight lectures by Murray N. Rothbard, spanning from the 1970s to the early 1990s. He is speaking in a small classroom setting, explaining economics from the ground up, and systematically in the manner of a classic 101 course on the topic—but with a revolutionary approach.
One of the most difficult things to understand about banking is how money is created out of thin air. Current commercial bank liabilities are immediate. The banks do not have the reserves to redeem all demand notes. Thus, banks are inherently insolvent. But, government has eliminated runs on banks. Banks are not allowed to fail when they are mismanaged. Central banks are sold to the public as restraining inflation, but central banking was created to allow inflation. The inflationary process generates the boom and bust business cycle. The Bank of England was a great racket. The public accepted new money that was created out of thin air. The King had given the Bank a monopoly on money creation. Playlist link for complete lecture series: http://tinyurl.com/y8c5av6v * * * * * Murray N. Rothbard (1926-1995) was America's greatest radical libertarian author -- writing authoritatively about ethics, philosophy, economics, American history, and the history of ideas. He presented the most fundamental challenge to the legitimacy of government, and he refined thinking about the self-ownership and non-coercion principles. Links to online books and essays by Murray Rothbard: For a New Liberty: The Libertarian Manifesto http://tinyurl.com/qgt9xqf Audio version: http://tinyurl.com/ph9k2zu The Ethics of Liberty http://tinyurl.com/pekmz3j Audio version: http://tinyurl.com/pwt6pzz Man, Economy, and State: A Treatise on Economics http://tinyurl.com/y8zg569h Audio version: http://tinyurl.com/axhdzg3 Economic Thought Before Adam Smith: An Austrian Perspective on the History of Economic Thought, Volume I http://tinyurl.com/ngqzfup Audio version: http://tinyurl.com/a3obfgu Classical Economics: An Austrian Perspective on the History of Economic Thought, Volume II http://tinyurl.com/np6a898 Audio version: http://tinyurl.com/bd44b6s The Case Against the Fed http://tinyurl.com/qbr9twj Audio version: http://tinyurl.com/na9ds33 What Has Government Done to Our Money? http://tinyurl.com/p3mkr6z Audio version: http://tinyurl.com/pku6eyp A History of Money and Banking in the United States http://tinyurl.com/ot23t9p Audio version: http://tinyurl.com/o8xj73s Economic Depressions: Their Cause and Cure http://tinyurl.com/ogo5ku2 Audio version: http://tinyurl.com/ycyjqqah Education: Free and Compulsory http://tinyurl.com/ldwfyaz Audio version: http://tinyurl.com/ybyve6d3 Science, Technology, and Government http://tinyurl.com/phufghy Audio version: http://tinyurl.com/yc6w3xn3 Conceived in Liberty, Volume 1 http://tinyurl.com/prrc32p Audio version: http://tinyurl.com/nhv65at Conceived in Liberty, Volume 2 http://tinyurl.com/nh8bst5 Audio version: http://tinyurl.com/pdo4xup Conceived in Liberty, Volume 3 http://tinyurl.com/qj9dfhm Audio version: http://tinyurl.com/q5kw4ke Conceived in Liberty, Volume 4 http://tinyurl.com/pkhlb2p Audio version: http://tinyurl.com/ns5gkuv Anatomy of the State http://tinyurl.com/odvnhyc Ten Great Economic Myths http://tinyurl.com/nnr9dh9 The Betrayal of the American Right http://tinyurl.com/o3avmhe The Economics of War http://tinyurl.com/otzpgct Left, Right, and the Prospects for Liberty http://tinyurl.com/pdxlthg Kingdom Come: The Politics of the Millennium http://tinyurl.com/nhps5vo Egalitarianism as a Revolt Against Nature http://tinyurl.com/oqxsjl3 Murray N. Rothbard vs. The Philosophers http://tinyurl.com/kv8eeup America's Great Depression http://tinyurl.com/p7wqfgx Wall Street, Banks, and American Foreign Policy http://tinyurl.com/qgnc7ra World War I as Fulfillment: Power and the Intellectuals http://tinyurl.com/pyzyfzb Ludwig von Mises: Scholar, Creator, Hero http://tinyurl.com/obyk7yp Related online resources: Biography of Murray N. Rothbard (1926-1995) http://tinyurl.com/oagfjw5 Man, Economy, and Liberty: Essays in Honor of Murray N. Rothbard http://tinyurl.com/oevl64l Murray Rothbard: Mises's True Heir http://tinyurl.com/ybj2nskx Rothbard Vindicated http://tinyurl.com/q3yos7x Murray N. Rothbard: Mr. Libertarian http://tinyurl.com/o7v6zgj Murray Rothbard's Favorite Books http://tinyurl.com/q7p2swy Why Austrian Economics Matters http://tinyurl.com/ycqwjzt7 Human Action: A Treatise on Economics http://tinyurl.com/yapklreq Audio version: http://tinyurl.com/ab8wx88 Praxeology: The Methodology of Austrian Economics http://tinyurl.com/pf46rtk * * * * * DISCLAIMER: This audio presentation is owned by the Ludwig von Mises Institute and is protected under Creative Commons license (CC BY-NC-ND 3.0). http://creativecommons.org/licenses/by-nc-nd/3.0/ This YouTube channel is in no way endorsed by or affiliated with the Mises Institute, any of its scholars or staff members. |