Rothbard shows how money must originate from a commodity. In an ideal system, a dollar would be a unit of weight, and paper money would operate strictly as warehouse receipts for the stock of the monetary metal. There would be no fractional reserve banking. Rothbard offers a rebuttal to the objections to a 100 percent gold dollar raised by Professor Leland Yeager.
Murray N. Rothbard made major contributions to economics, history, political philosophy, and legal theory. He combined Austrian economics with a fervent commitment to individual liberty.
Mass unemployment gave the protectionists their best argument in a generation, and they nearly won.
Four western states answered the shortage of money by printing their own, and watched it depreciate in their hands.
America's first great depression arrived without a villain: no embargo, no war, no single blundering minister to blame. It seemed to rise out of the economy itself.
Mises Institute, 2001
