The belief of the advocates of credit expansion and inflation that abstention from further credit expansion and inflation would perpetuate the depression is utterly false.
If monopoly companies for specific products or specific areas of trade were good, reasoned François du Noyer, sieur de Saint-Martin, why not go one
"Refusing to accept wage reductions, workers must accept unemployment."
"Because of rate busting, society as a whole will move toward greater and greater satisfaction and prosperity."
People rebel against the insight that the malinvestment and overconsumption of the boom period are the cause of the bust.
From Part I of A History of Money and Banking in the United States: The Colonial Era to World War II: “The History of Money and Bank
Barthélemy de Laffemas comes to our attention because of the dozens of execrable pamphlets he wrote on behalf of the mercantile system that he was
The argument of sticky wages does not justify the existence of a central bank. Market prices, including wages, are flexible enough to smooth out macroeconomic disturbances.
"The quality of a university graduate has been devalued in recent years to the point where an employer will no longer be impressed at all by an undergraduate degree."
Seeing the rise of effective new competition, the older artisans and manufacturers turned to the state apparatus to try to shackle the efficient up
