<blockquote>'..it is overlooked by the opponents of the Volcker rule that the present banking system has nothing to do with free banking and thus a free market.'
- Frank Shostak,
JPMorgan Chase and Central Banking, May 18, 2012</blockquote>
<blockquote>'Good "scientific method" must not proscribe any technique of inquiry deemed useful by an honest and experienced scholar.'
- Fritz Machlup,
The Inferiority Complex of the Social Sciences, May 04, 2012
'To what extent can we believe the conclusions of a model that assumes away the fundamental features of reality as we understand it?'
- Predrag Rajsic,
Assuming Away Reality, May 02, 2012
'Until the middle of the 19th century no one ventured to dispute the fact that the logical structure of mind is unchangeable and common to all human beings. All human interrelations are based on this assumption of a uniform logical structure.'
- Ludwig von Mises,
What the Nazis Borrowed from Marx, May 21, 2012
'..one of the oldest economic fallacies is the idea that the economy sometimes gets "stuck" with low production and high unemployment due to a shortage of money, and that the way to get it unstuck is to print more money to increase "total spending" — to consume more than the economy produces. Some 60 years ago Ludwig von Mises ridiculed this as the "spurious grocer philosophy" (the merchant's view that his products aren't selling because buyers lack enough currency), noting that this fallacy is essentially the philosophy of Lord Keynes, the 20th-century apostle of central banking and macroeconomic stabilization policy.
Keynes was wrong. Cheap credit does not help bring an economy out of recession (particularly when it was cheap credit that caused the recession in the first place). More generally, a monetary system controlled by an all-powerful central bank is inherently destabilizing and harmful to economic growth. The mistakes made by the Fed before and after 2008 are not isolated incidents, mistakes that can be corrected by making minor changes to the Fed's charter, structure, or independence; they are the predictable result of giving control of the monetary and financial system to a government agency. The best option is to replace the central bank and let the market be in charge of money.'
- Peter G. Klein,
The Ultimate Disorganizing Organization, May 09, 2012
'..Clearly, the economists whom I met at the Fed were brought up in an intellectual tunnel, where they had no exposure to Austrian economic theory. They read and study within a limited range of writers. But they were very curious about my view.
One economist asked me how I knew the housing market was going to crash. I responded that because of Austrian theory, I understood that money created by the Fed enters the economy at specific points and that it was obvious the housing market was one of the those points. I told him that I also knew that this would eventually result in price inflation (as the money spread through the economy) and that at that point the Fed would slow printing and the housing market would collapse, which is just what occurred.'
- Robert Wenzel,
New York Fed: Leave the Building! April 30, 2012
'Banks, too, should be put under the general laws of commerce including those relating to warehousing money by holding a 100 percent reserve of money against their money substitutes. Banks would earn profit by producing the amounts and types of money substitutes that satisfied people's demands. To earn profit, they would keep their costs down and invest and innovate when people's demands made it profitable. The operation of 100 percent reserve banking is described in Jesús Huerta de Soto's book,
Money, Banking, and Economic Cycles. As he documents, money-warehouse banks thrived in Amsterdam for over 100 years in the 17th and 18th centuries.'
- Jeffrey M. Herbener,
Leave Money Production to the Market, May 14, 2012
'State control of formal education in Europe proceeded furthest in Prussia where the state was the strongest. The Prussian state passed compulsory attendance laws, centralized and bureaucratized control of formal education, suppressed private schools, examined and certified teachers, used graduation exams to control entry into the professions and civil service, and used the system to enforce uniformity in language and culture..'
- Jeffrey M. Herbener, <a href="[
mises.org] Fall of Formal Education in the West</a>, October 29, 2007</blockquote>
Context<blockquote>
'..stop fractional reserve lending and other fraudulent lending practices.''..the unschooling movement..'</blockquote>