The Gold Standard Before the Civil War | Murray N. Rothbard

[@Forestadash]

Murray is the real libertarian a true free market supporter. It's kind of sad for me that people when hear about free market think of Milton Friedman.

[@ThanosDestroyeryearsago]

Yeah, Chicagoan Libertarianism just isn’t as it.

[@jdogg0075]

Perhaps there is a purpose for both people with different talents.

[@walidsadaoui8238]

Without Milton Friedman I wouldn't have heard of Rothbard

[@zg-it]

@@walidsadaoui8238 same here, Milton Friedman was my gateway drug

[@seniorbob2180]

@@walidsadaoui8238 Ya, Milton Friedman is the gateway drug to Austrian Economics, even though he wasn't an Austrian economist.

[@KittredgeRitter]

One of my favorite economist's. Murray Rothbard is a genius.

[@nitro5247]

Joshua Phillips RIP, he's finally free now

[@BallerDan53]

I wish I could share this with my friends but it would go over their heads. Any time I start talking about fractional reserves, quantitative easing, etc their eyes gloss over. These aren't easy concepts for the layman, but this man was brilliant. He passed far too soon.

[@Roylamx]

Same here, without an understanding of honest money the Banksters have the people where they want them - Robbery in the dark should be their password! From intrinsic value coinage to 100% redeemable to fractional notes and fully fiat currency, now we're looking at CBDC's! What a nightmare for a once free people! CBDC is the end of all freedom.

[@Vveljac]

He deserves a Noble prize, instead they give them to charlatans these days

[@gabbar51ngh]

He's a Libertarian. People who are too critical of government wouldn't get it I believe

[@sirmount2636]

They’ve always given it to yahoos.

[@apnwu369]

You don't think BLM deserves the peace prize??? You must be racist!!

[@ahren7741]

He's kind of been dead since '95

[@JM-ws6k]

The Nobel Prize in Economics is literally awarded by the Swedish central bank. No wonder Rothbard didn't get it, and Hayek only got it after Mises died.

[@Forestadash]

Well, I still have a big respect for profesor Friedman but I think Mises and Rothbard are better examples of free market economist :)

[@PrivateAckbar]

He always sounds ready to laugh.

[@xingyuzhou1891]

When you're talking about stuff like this you either laugh it off or become enraged.

[@randeelaskewitz5941]

Patrick Newman presented this speech today at the Mises Summit . The speech patterns and voice similarity between the two men are amazing. Patrick Newman has a great sense of humor and good timing, too.

[@smoken81]

I’m here because potp/fbtw & Dave Smith/Pete Raymond

[@ratmajat22]

Chris Moken same

[@pretorious700]

Murray is my hero..and he's funny as hell

[@libertyeconomics]

I agree with you. Friedman was a brilliant defender of the free market. Awesome communicator.

[@sarahguten1640]

No, he wasn't. He was good at detail, but poor on totality-- like here he never once links it all to the illegal war of conquest called "The Civil War." Before that war, the People of a state were the supreme rulers, and so the federal government couldn't print money because the wouldn't let it. Then Lincoln took over and all hell broke loose.

[@libertyeconomics]

The more money that's printed, the GREATER THE GOLD SHORTAGE THERE WILL BE!

[@chris77777777ify]

True only if it's valued in paper, which it was. It was the beginning of fiat control in America.

[@JM-ws6k]

I'm glad my University taught me about this. They really care about monetary history and want to promote honest debate... lol

[@darrenrenna]

Thank you for uploading!!!

[@noway63244]

Too many people (Ben Bernanke included) justify the Fed and fiat money (in part) by saying that there were busts/panics on the gold standard. I really wonder how much these people actually understand about this "gold standard" they are referring to. Pretty much every bust/panic can be best explained by gov't forcing the public away from a true gold standard. We need to stop letting people criticize good systems by pointing to failures that are actually caused by a departure from those systems.

[@imitation100]

So are you saying that the 2008 bust/panic was due to the gold standard? I think your name is appropriate in this case.

[@Roylamx]

@@imitation100 I think he's saying just the opposite - Government Banksters issue fiat currency and blame the crash on gold of specie coin.

[@Ligeti43]

I know! He has a great sense of humor with any topic he was talking about and he always laughed anytime the audience chuckled at comments he made. I bet he was a laugh at a party

[@sayyidmuhammadhaniakbar617]

I read an article at Forbes by an establishment monetarist misunderstanding Rothbard's argument of revaluation of gold to pay off Fed's liabilities. He literally thought Rothbard was encouraging a dollar hyperinflation. Its what they don't understand, Gold gave the dollar value not the other way around. Gold's devaluation by FDR and currently by the Fed (of its own gold stock) was the last nail in the coffin for the stable Gold standard system. I recommend Rothbard's "Case Against the Fed" to understand his case for a reformed free banking system.

[@libertyeconomics]

I watched this whole thing back in 2008 when it was first put online, and I listed to this I audio form before then.

[@chris77777777ify]

Good for you Donald. Donald can you bring back the Gold Standard please😁 & drain the swamp

[@robertwc82]

i literally laughed out loud when he says history shows when souldiers dont get paid,.......

[@pretorious700]

yeah, humor is very important in teaching

[@zestotemp]

Very good audio quality!

[@maskedwalnut]

89 cents for a loaf of wonder bread?. it costs like $2.59 now

[@GlennJericho]

Can anyone link to his paper he mentions at 11:10? Thanks!

[@Ligeti43]

A good portion of this lecture is from an essay "A History of Money and Banking in the United States Before the 20th Century".

[@thomasrusso7839]

Most important thing you can do is read Volume 1 United States Code which includes the Organic Laws Titles 1-4 along with title 5 and paying close attention to dates of entry you will find that the United States only took on title 3 until every territory ratified title 2 and established a bordered Constitution which one should read like the Ohio 1803 Constitution at which point the U.S. was ousted of any legislative authority for it no longer was on land owned by the United States of America. This is a bit complicated but I wouls suggest one rap their head around this for one should fall under Article IV of Title 2 as a free inhabitant, what is being done is called Romean Civil Law and using the BIlbe so called to undermine your natural rights.

[@danieltaylor885]

looked into the 1690 incident, atleast on wikipedia it was apart of a war between france and a coalition of european nations among them great britain, not only were the new englander's trying to raid but it seemed they wanted to take the city.

[@nickecage686]

"A black market would then develop of people of mysterious folks and with raincoats on shady street corners offering hot wonder bread for $5 a loaf!" Scarcity---> Murray Rothbard's greatest enemy.

[@CurtHowland]

This last year, the only thing on the news has been Obomba.

[@stealthswimmer]

great vid! =)

[@tuckerbugeater]

Rothbard didn't mention Morris's right hand man Haym Salomon. I wonder why.

[@ericvalenzuela2544]

Straight up gangsta

[@ubuibiok]

Thanks, but Wiki however does list Fiat Money as Specie money, most probably due to the base in coin no mater the makers brand. In a fiat money system, money is not backed by a physical commodity (i.e.: gold). Instead, the only thing that gives the money value is its relative scarcity and the faith placed in it by the people that use it.

[@Bigturns33]

Many Americans have a great deal of gold. I had 5k worth not to long ago and i could go buy again easily.

[@yaahme]

End the Fed!

[@distortiontildeafness]

@Bigturns33 a great deal of gold relative to what? I was talking about the gold treasury that was held at the pentagon or whatever

[@MrLea1974]

Sorry-guys.How-can-I-see-this-with-english-subtitles????...please-its-a-few-minutes....Thanks

[@jred7]

is he saying "buying specie?" will someone please explain?

[@twistedbydsign99]

He means using goods produced in the colonies to get a hold of specie (coins). Like trading tobacco for silver coins.

[@PresCalvinCoolidge]

googling the definition gives: specie (noun) = money in the form of coins rather than notes.

[@jred7]

twistedbydsign99 Calvin Coolidge thanks guys; that's a new one for me.

[@sarahguten1640]

Hard currency, i.e. silver and gold coin, vs. paper money like notes, which simply represented that amount of metal in a bank-- i.e. a "pound" was a LITERAL pound of silver or gold. Then after the Revolution, the states switched to their own currency of silver and gold dollars. In order to "buy specie," the states would simply trade goods or land for silver and gold, giving the USA more coin. and the British more products in exchange for it.

[@chris77777777ify]

I think he means gold or silver. Or both.

[@klaptongroovemaster]

Woohoo!!!

[@Rico8458]

mexican silver dollars were used too. mexico mint also made 8 bit coins

[@matthewbaillie3380]

But, Jerry, they could support another economic theory. If one theory does not explain a situation, then another theory does.

[@sarahguten1640]

That's the equation: FREEDOM OVER THEORY. (Or as Ruk said: SURVIVAL OVER PROGRAMMING). And that's the problem, i.e. both sides have their theories, and each one says theirs is better; but neither one wants to just let the people decide.

[@hernancobo883]

Is there a transcription of this?

[@DEBattleMage]

I wonder if this guy knows about Robert Murphy 🤔

[@poohtoob]

Dictionary meaning: spe·cie (spsh, -s) n. Coined money; coin. Idiom: in specie 1. In coin. 2. In a similar manner; in kind: repaid the offense in specie. 3. Law In the same kind or shape; as specified. [From (in) specie, (in) the actual form, from Latin (in) speci, (in) kind, ablative of specis; see species.] Type or kind, in various uses of the phrase in specie. Money, especially in the form of coins made from precious metal, that has an intrinsic value; coinage.

[@CazUnlimited]

He has created alot of dischord in the free exchange system

[@Rico8458]

does a free man have a right to determine his own freedom? what his labor is worth? how to sell his labor and demand gold or silver for his labor versus fiat debased depreciated devalued paper fiat money? in essence when government says you cannot sell your labor for gold but must accept paper money as tender this is slavery and communism by any other name?

[@robertwc82]

i dont believe in non violance as a personal philosophy, but i do see it as a tactic, in that situation. they have the cops and the army, right? the government pays thier wages, right? and we pay the government. if we all stopped paying taxes (and i understand im being simplistic) all the soldiers and cops would not get paid and wouldnt work. its not a flawless plan but just an example of non violent resistance as tactic

[@NRPBrute]

@seigneurvoland666 The Pentagon? Are you sure you don't mean Fort Knox?

[@CurtHowland]

Hahaha, no, they don't "rule". Austrian economists know that to "rule" is inefficient!

[@Rico8458]

no boss will pay us with silver or gold, they hire you and you must accept paper dollars. are you free?

[@distortiontildeafness]

@rrk10 Didnt the Gold disappear? What do you mean america has the gold? All the individual american citizens have gold? specify who you are talking about

[@ubuibiok]

specie=coin, silver or gold certificates, or fiat money

[@person3070]

When libertarians refer to specie, they refer to metal-backed coins

[@riyadhf1rdausehh]

He and milton are look alikes lmao

[@distortiontildeafness]

@NRPBrute yeah whateva. sup with that

[@reinoehlz]

HOT WONDER BREAD!!! FIVE DOLLA!!!

[@Tyrant_13]

@Rico8458 Where they think the $ came from--(P)eso over (S)ilver.

[@davidanalyst671]

Murray is a smart guy, and has a very good grasp of history, but I haven't seen one video of him where he isn't ranting for all practical purposes aimlessly

[@ubuibiok]

not...

[@nodrive]

I love when Rothbard admits that his childish, utopian ideology is completely unattainable without capturing state power.

[@SlickExecutiveType]

WWRD

[@gaulindidier5995]

What happens if we find trillions of tones of extractable gold, let say on meteors and other space-objects, making the quantity to manage trivial? This would lead to an injective failure inbetween gold ounce to paper money. We're assuming that the limits on particular resource will always be a prime factor. I think it's a failure of imagination. Crypto, on the other side, may be the way to go.

[@razzberry6180]

Astro-Mining probably will never be a thing

[@gaulindidier5995]

@@razzberry6180 you absolutely don't know that.

[@Yellowgary]

I’m by no means an Austrian scholar or a historian in terms of precious metals. However my understanding would be that it would obviously raise the “price level” as the money supply increases. However one key aspect to remember is that it’s still a metal and has demand outside of money. The goods which use gold will experience very large decreases in their price. It will also decrease the price of other metals as gold holds a historic ratio typically to the other metals as it can act as a substitute. So although you may see a increase in prices generally throughout the economy it is likely that it will be offset by its use industrially and the goods which use it industrially will experience large decreases in input costs hence leading to lower prices to the consumer. It all depends on how much the industrial use would offset the money supply increase. I think ultimately it would lead to inflation just like it did in the gold standard era. You would also have to understand that other metals and resources would be mined so it’s possible that you’d see massive deflation in goods that use those resources too. Things like iron, tin, copper, platinum, palladium etc.

[@gaulindidier5995]

@@Yellowgary All of what i am saying is that, gold is a commodity, like any other, and that we are bound by it via human tradition. Now, gold is much better than fiat, i agree with mises thesis on credit and money, but i think that computation might be a better future commodity.

[@hablemostorah3086]

​@gaulindidier5995 Any gold that is found from now on, even if that equals to the same amount that exists above ground today, it would take decades to extract, and that amount will continue to have a dollar to oz of gold ratio disparity anyways. Imagine the debt we will have in the next decade alone. We just went from 20T to 33T in the last two years. This thing is not sustainable. It never was. Today, the world economy is above 105 trillion. Gold market cap is just 12.5 T.

[@wtopp345985]

A long, long explaination, I could hardly suffer thru it all.

[@wtopp345985]

@DarthKazi YOU must have gone to Harvard, maybe you went to Princeton, or another Ivy League college. You think you know it all don't you? Not much common sense is dispensed at those institutes of higher learning. Murray N. Roghbard has to be understood from the fact that he has refined his thoughts for many years and knows so much he can't possibly say it all in a mear 42-minutes. Yes, I did listen to him for 42-minutes. Could you have said it with fewer words?