Mondays With Murray: Rothbard On QE

"If you have the power to print money, you'll do it" - Murray RothbardMondays can be a bit rough on just about everyone, whether you're a nine-to-fiver or a freelance blogging Cowboy like myself.   I've decided to start a new feature here at Lions Of Liberty to make Mondays a little brighter for everyone.  Each week I'll find a YouTube video or an article (or maybe both!?) by one of the most influential libertarian philosophers and economists of all time, Murray Rothbard.  While it was Ron Paul that first got me interested in the ideas of liberty over a decade ago, it is the writings of Murray Rothbard that have most helped me to fully flesh out the concepts of libertarianism and Austrian economics.In this video, Rothbard answers a question about how the Federal Reserve creates distortions through asset purchases and the expansion of the money supply.  Of course, this was well before Buzz Bernanke and our modern day "Quantitative Easing", but the implications are just as prescient.Rothbard explains how, up until 1933 when there was still a gold standard, the Federal Reserve was largely restrained in monetary creation due to the fact that it too was beholden to the gold standard.  But since the United States went completely off gold standard, the Federal Reserve has had truly infinite powers to expand and inflate the money supply.  Unlike most "mainstream" economists both then and now, Rothbard correctly addresses the root of the problem: the Federal Reserve's unhindered power to create money out of thin air. If only Buzz Bernanke had studied under Rothbard instead of wasting all that time and money at that "Harvard" place!Receive access to ALL of our EXCLUSIVE bonus audio content – including “Conspiracy Corner”, “Degenerate Gamblers” and the “League of Liberty Podcast” by joining the Lions of Liberty Pride and supporting us on Patreon!