Other Schools of Thought

Despite support from some economists in the free market camp, fractional reserve free banking is doomed for failure, as Murray Rothbard pointed out.

"There are those who still think they are holding the pass against a revolution that may be coming up the road. But they are gazing in the wrong direction. The revolution is behind them. It went by in the Night of Depression, singing songs to freedom."

Despite support from some economists in the free market camp, fractional reserve free banking is doomed for failure, as Murray Rothbard pointed out.

"There are those who still think they are holding the pass against a revolution that may be coming up the road. But they are gazing in the wrong direction. The revolution is behind them. It went by in the Night of Depression, singing songs to freedom."

Ryan McMaken looks in detail at an important essay by historian Ralph Raico in which Raico critiques Ludwig von Mises's views on democracy, fascism, and immigration.

John Williamson, who passed away five years ago, is known for creating what was called the “Washington Consensus,” which was an attempt to bring a liberal economic order to poor countries looking to transition from socialism to capitalism.

As the Marxians do not admit that differences of opinion can be settled by discussion and persuasion or decided by majority vote, no solution is open but civil war.

John Williamson, who passed away five years ago, is known for creating what was called the “Washington Consensus,” which was an attempt to bring a liberal economic order to poor countries looking to transition from socialism to capitalism.

After his recent Zero Hedge debate with MMT co-founder Randall Wray, Bob takes a deep dive into the sectoral balance approach. He explains why the MMT argument is technically a tautology, how it's deeply misleading, and why the private sector doesn't need government deficits to save, invest, and accumulate real wealth.

In studying history, it is key to avoid definitional anachronism—failing to note how a word has changed over time and assuming the present meaning was the same in the past. This is often the case with the word currency as used in colonial America.