Apr

20

 "There is one good thing about Marx: he was not a Keynesian."

-Murray Rothbard

Stefan Jovanovich writes: 

Marx also agreed with Rothbard about central banking: "Talk about centralization! The credit system, which has its focus in the so-called national banks and the big money-lenders and usurers surrounding them, constitutes enormous centralization, and gives this class of parasites the fabulous power, not only to periodically despoil industrial capitalists, but also to interfere in actual production in a most dangerous manner— and this gang knows nothing about production and has nothing to do with it." (Das Kapital, Volume 3, chapter 33).

They also shared - along with nearly everyone else - the notion that money was something other than the unit of account that the people with guns and official uniforms accept in payment of taxes.

Neither they nor the best current historians on the Constitution (Rakove, David. O. Stewart) understood the full genius of the Federal answer contrived by a collection of planter debtors, merchant lenders, lawyers and army pension holders in 1787:

1. The country would have only coin as money because no other form could avoid the cheating that can be produced by the stroke of a lawyer or accountant's pen or the vote of a State Legislature

2. Congress had the power to define what the Coin would be, provided that the unit of account for both U.S. and foreign money was a specified weight and measure

3. What the States and people and the Federal government did with their freedoms to get, borrow and spend was up to them


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