Money and Banking

From Part V of Defending the Undefendable, “Financial.” Read by Jeff Riggenbach.

Austrian economists are not fooled, because they reject the idea of empirical data in the validation of theory in the social sciences.

Presented as part of the Mises Institute’s Brown Bag Seminar series on November 20, 1996 in Auburn, Alabama.

Presented as part of the Mises Institute’s Brown Bag Seminar series on April 15, 1997 in Auburn, Alabama.

Delivered before the Chamber of Commerce of the State of New York, New York City, February 3, 1944.

The text of a speech given by University of California at Los Angeles professor of economics Benjamin M.

Chapter 13 in The Ethics of Money Production. From Part 2, “Inflation,” pages 175-191. Narrated by Floy Lilley.

"This plan would also set a dangerous precedent for American industry in general."

If you follow the Austrian recipe of allowing liquidation of bankrupt firms and debt, allowing prices to fall without monetary inflation, not propping up employment or subsidizing unemployment, and not discouraging hoarding, you will end up with the quickest possible recovery and minimize the magnitude of economic pain.

Government controlled fiat money is and will always be, by construction, fraudulent money.