In short, the early receivers of the new money in this market chain of events gain at the expense of those who receive the money toward the end of the chain, and still worse losers are the people (e.g., those on fixed incomes such as annuities, interest, or pensions) who never receive the new money.

Placing the state in charge of moral principles is equivalent to putting the proverbial fox in charge of the chicken coop.

States have always needed intellectuals to con the public into believing that its rule is wise, good, and inevitable

Money is the general medium of exchange. It is the thing for which all other goods are traded, the means of final payment for such goods on the market.

All government wars are unjust.

Liberty and morality had to win their way slowly over many centuries, until finally expanding liberty made possible the great technological advance of the Industrial Revolution and the flowering of modern capitalism.

At the base of the Fed pyramid, and therefore of the bank system's creation of "money" in the sense of deposits, is the Fed's power to print legal tender money. But the Fed tries its best not to print cash but rather to "print" or create demand deposits, checking deposits, out of thin air, since its demand deposits constitute the reserves on top of which the commercial banks can pyramid a multiple creation of bank deposits, or "checkbook money."