Statism, Philosophy, Propaganda, and Bitcoin. Bird Archist & Keith Knight

by | Jun 20, 2021

… the importance of the Hayek theory of the business cycle is that it puts the blame for the boom-bust cycle squarely on the shoulders of the government and its controlled banking system, and, for the first time since the classical economists of the nineteenth century, completely absolves the free-enterprise economy from the blame. When the government and its central bank encourages the expansion of bank credit, it not only causes price inflation, but it also causes increasing malinvestments, specifically unsound investments in capital goods and underproduction of consumer goods. Hence, the government-induced inflationary boom not only injures consumers by raising prices and the cost of living, but also distorts production, and creates unsound investments. The government is then faced repeatedly with two basic choices: either stop its monetary and bank credit inflation, which then will necessarily be followed by a recession which serves to liquidate the unsound investments and return to a genuinely free-market structure of investment and production; or continue inflating until a runaway inflation totally destroys the currency and brings about social and economic chaos.

Murray N. Rothbard

Libertarian Forum v. 1, p. 516

Find Bird Archist here: https://linktr.ee/birdarchist

Bird Archist Twitter: https://twitter.com/TLEbirdarchist

LBRY / Odysee: https://odysee.com/@KeithKnightDontTreadOnAnyone:b/Bird:5

BitChute: https://www.bitchute.com/video/7wOLEwPZtaTU/

Spotify: https://open.spotify.com/episode/49zvMNFCkoODiyK6JJAtfR 

Archive: https://archive.org/details/bird_20210620

Minds-

Part 1: https://www.minds.com/newsfeed/1253223403076370432?referrer=KeithKnightDontTreadOnAnyone

Part 2: https://www.minds.com/newsfeed/1253229706513833984?referrer=KeithKnightDontTreadOnAnyone

About Keith Knight

Keith Knight is Managing Editor at the Libertarian Institute, host of the Don't Tread on Anyone podcast and editor of The Voluntaryist Handbook: A Collection of Essays, Excerpts, and Quotes.

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