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“[T]he gold standard did not collapse.  Governments abolished it in order to pave the way for inflation.”  Ludwig von Mises, The Theory of Money and Credit, 1953. <Buy>  <Read>

"[Inflation] often makes it more profitable to speculate than to produce." Henry Hazlitt, Economics in One Lesson, 1946  <Buy>  <Read>

“What makes it possible for a government to increase its funds by inflation is the ignorance of the public.” Ludwig von Mises, Economic Freedom and Interventionism, 1951  <Buy>  <Read>

“[T]he U.S. government has a technology, called a printing press (or, today, its electronic equivalent), that allows it to produce as many U.S. dollars as it wishes at essentially no cost.” Ben Bernanke, speech, 2002

“In the absence of the gold standard, there is no way to protect savings from confiscation through inflation.”  Alan Greenspan, “Gold and Economic Freedom,” 1966  <Buy>  <Read>

“ No one is in a position to restrain the president, the Congress, or the courts so long as the dollar is as printable as paper.” Lew Rockwell, “The Cause That Won’t Go Away,” 6-3-2008, <Read>

“You can line up 100 professional war historians and political scientists and talk about the twentieth century, and not one is likely to mention the role of the Fed in funding U.S. militarism. And yet it is true: the Fed is the institution that has created the money to fund the wars.” Lew Rockwell, “War and Inflation,” June 9, 2008, <Read>

“My objection is that the [proposed Federal Reserve Act] permits a vast inflation of our currency . . .”  Senator Elihu Root, in Congress, December 13, 1913

“There is no subtler, no surer means of overturning the existing basis of society than to [inflate] the currency.”  John Maynard Keynes, Economic Consequences of the Peace, 1919 <Buy>  <Read>

“A central bank is not a natural product of banking development.  It is imposed from outside or comes into being as the result of Government favours.”  Vera C. Smith, The Rationale of Central Banking and the Free Banking Alternative, p. 169, 1936.  <Buy>  <Read>

“[T]he evils of paper money have no end. Its uncertain and fluctuating value is continually awakening or creating new schemes of deceit.” Thomas Paine, 1786

“In the United States, After World War II, it took about two decades for the message to slowly seep in that inflation was going to be a permanent fact of the American way of life.” Murray Rothbard, The Mystery of Banking (PDF), 1983

“[World War I] was the war that ended liberty as we knew it. What made it possible was the Federal Reserve. And not only the U.S. central bank; it was also its European counterparts.”  Lew Rockwell, “War and Inflation,” June 9, 2008, <Read>

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What’s New - July 18, 2008