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The book was assembled by Joseph Salerno from pieces that Rothbard had published over decades, and other comments that he left only in manuscript form. The ‘Introduction’ by Salerno describes and ... Read full review
Aldrich America’s Great Depression American bank notes Bank of England bankers Benjamin Strong bimetallism boom Britain British cartel central bank Chase Chicago circulation city banks Colonial Commission committee Company Conant conference Congress country banks currency Deal debt Democratic depreciated dollar Eccles economists Era to World Eugene Meyer expansion exports Federal Reserve Board Federal Reserve System foreign France German gold standard Gold Standard Act gold-exchange standard greenbacks hard-money historian Hoover House of Morgan increase industry inflation inflationary inflationist interest international monetary investment banking issue J.P. Morgan Jacksonians loans ment million monetary system money supply Montagu Norman Morgan partner national banking system notes and deposits overvalued paper money percent political pound president pyramid Railroad ratio redeem Republican Reserve Bank return to gold Rockefeller Roosevelt Rothbard secretary silver coins specie payments sterling tion Treasury U.S. government United Wall Street Warburg World World War II York Fed
Page 464 - Let me be frank in saying that the United States seeks the kind of dollar which a generation hence will have the same purchasing and debt-paying power as the dollar value we hope to attain in the near future.
Page 64 - Cited in J. Laurence Laughlin, The History of Bimetallism in the United States, 4th ed. (New York: D. Appleton and Co., 1901), p. 11n. 30 governments were prohibited, in Article I, section 10, from coining money, emitting paper money, or making anything but gold and silver coin legal tender in payment of debts.
Page 277 - Milton Friedman and Anna J. Schwartz, A Monetary History of the United States 1867-1960...
Page 392 - In countries where there is no central Bank of Issue, one should be established...
Page 482 - Washington that a majority of the directors of the Bank of England are opposed to the Bretton Woods program. ... It is argued by those in opposition that if the plan is adopted financial control will leave London and sterling exchange will be replaced by dollar exchange.
Page 464 - It is for this reason that reduced cost of government, adequate government income, and ability to service government debts are all so important to ultimate stability. So, too, old fetishes of so-called international bankers are being replaced by efforts to plan national currencies with the objective of giving to those currencies a continuing purchasing power which does not greatly vary in terms of the commodities and need of modern civilization.
Page 101 - Well who cares if they don't? We are now as a community heels over head in debt and can scarcely pay the interest."81 The implication was that the disappearance of foreign credit to the states would have the healthy effect of cutting off their wasteful spending — as well as avoiding the imposition of a crippling tax burden to pay for the interest and principal. There was in this response an awareness by the public that they and their government "See Reginald C.
Page 145 - ... system was in place, plunged in with a will. Not only did he sell the national banks their required bonds, he also set up new national banks which would have to buy his government securities. His agents formed national banks in the smaller towns of the South and West. Furthermore, he set up his own two large national banks, the First National Bank of Philadelphia and the First National Bank of Washington, DC...
Page 169 - Paul Kleppner, The Cross of Culture: A Social Analysis of Midwestern Politics, 1850-1900 (New York: Free Press, 1970); J.
Page 376 - The burden of this readjustment must fall more largely upon us than upon them. It will be difficult politically and socially for the British Government and the Bank of England to force a price liquidation in England beyond what they have already experienced In face of the fact that their trade is poor and they have over a million unemployed people receiving government aid