By Llewellyn H. Rockwell
ISBN-10: 0945466110
ISBN-13: 9780945466116
Seminal essays at the excellent financial method. comprises Murray Rothbard's essay arguing that Mises's regression theorem refutes the Hayekian aggressive foreign money scheme. Hans F. Sennholz surveys the pro-gold financial writings of Carl Menger. Roger Garrison addresses the Friedmanite feedback most desirable is just too high priced. Richard Ebeling examines Ludwig von Mises's perspectives on gold. Lawrence White merges loose banking with the most efficient. And Ron Paul presents a political time table exhibiting that gold and freedom are inseparable.
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Example text
At the end of December 1981, total demand liabilities issued by the entire commercial banking system (that is, M-l), equaled $445 billion (including Federal Reserve notes and demand, or rather checkable, deposits). To go over immediately to 100 percent gold, the dollar would be newly defined at 1/1,696 gold ounce. Total gold stock at the Federal Reserve would then be valued at $445 billion, and the gold could be transferred to the individual holders of Federal Reserve notes as well as to the banks, the banks' assets now equaling and balancing their total demand deposits outstanding.
How might the United States go over to a 100 percent gold system? At the end of December 1981, total demand liabilities issued by the entire commercial banking system (that is, M-l), equaled $445 billion (including Federal Reserve notes and demand, or rather checkable, deposits). To go over immediately to 100 percent gold, the dollar would be newly defined at 1/1,696 gold ounce. Total gold stock at the Federal Reserve would then be valued at $445 billion, and the gold could be transferred to the individual holders of Federal Reserve notes as well as to the banks, the banks' assets now equaling and balancing their total demand deposits outstanding.
In this sense his "float theory" becomes a "quantity theory" that points the way toward a modern theory of money. He placed the theory of money on a new foundation, the subjective value theory. But he did not have the opportunity or inclination to analyze the various determinants of the objective exchange value of money. He offered no explanation of the process of value determination at any given time and place. Menger left this task to Friedrich von Wieser and Ludwig von Mises. 9 The Gold Standard For Menger the pending currency reform made extreme demands on his time and strength.
The Gold Standard: Perspectives in the Austrian School by Llewellyn H. Rockwell
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