In Distributivist Review

When it comes to economics, things get even goofier. For example, Murray N. Rothbard of the Austrian School of Economics, spends the first part of his book A History of Money and Banking in the United States arguing the hard money position that fiat currency is dangerous, and that when states create funny money things go wrong. He spends the second part of his book arguing that once individual banks start dealing with the creation of money via fractional reserve lending, the government should keep its hands off. In other words, funny money is bad, but government regulation of such is worse. This is the same as saying drug abuse is horrible and thus it’s terrible for the state to push dope, but it’s OK for individuals to. In this superstitious mood of libertarianism, the government is always more evil than anything that it seeks to correct.