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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

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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

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