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While everyone else must pay their debts or go bankrupt, the banks are permitted to refuse redemption of their receipts, at the same time forcing the… - Murray N. Rothbard
" "While everyone else must pay their debts or go bankrupt, the banks are permitted to refuse redemption of their receipts, at the same time forcing their own debtors to pay when their loans fall due. The usual name for this is a “suspension of specie payments.” A more accurate name would be “license for theft;” for what else can we call a governmental permission to continue in business without fulfilling one’s contract?
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About Murray N. Rothbard
Murray Newton Rothbard (2 March 1926 – 7 January 1995) was an American economist of the Austrian School, an historian of both economic thought and American history, and a political philosopher whose writings and personal influence played a seminal role in the development of modern libertarianism. Rothbard was the founder and leading theoretician of anarcho-capitalism, a staunch advocate of natural law, and a central figure in the twentieth-century American libertarian movement. He was the author of over twenty books on anarchist theory, history, economics, and other subjects.
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For this essential acceptance, the majority must be persuaded by ideology that their government is good, wise and, at least, inevitable, and certainly better than other conceivable alternatives. Promoting this ideology among the people is the vital social task of the “intellectuals.” For the masses of men do not create their own ideas, or indeed think through these ideas independently; they follow passively the ideas adopted and disseminated by the body of intellectuals.
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It would be an instructive exercise for the skeptical reader to try to frame a definition of taxation which does not also include theft. Like the robber, the State demands money at the equivalent of gunpoint; if the taxpayer refuses to pay, his assets are seized by force, and if he should resist such depredation, he will be arrested or shot if he should continue to resist.
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