Albert Jay Nock on Economic Laws and American Deficits

„Americans have a strange notion that the ordinary laws of economics do not apply to them. So doubtless they will think they are prosperous if the boom starts, and that deficits and indebtedness are merely signs of how prosperous they are.“

Albert Jay NockAlbert Jay Nock analyzes the American perspective on economic laws and the significance of deficits and indebtedness.
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Albert Jay Nock was an American libertarian author, editor, educational theorist, Georgist, and social critic.

Albert Jay Nock criticizes the American perception of economic laws and their impact on deficits and indebtedness in this quote.


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Albert Jay Nock quote image about economic laws, prosperity, deficits, and indebtedness

Albert Jay Nock (1870–1945) was a prominent American writer and social critic known for his libertarian views and critique of the state. He was also an editor and educational theorist and supported the economic philosophy of Georgism.

Quote image featuring Charles Wright Mills on government and political economyCopyright © yoice.net – Quote Artwork
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"Not wishing to be disturbed over moral issues of the political economy, Americans cling to the notion that the government is a sort of automatic machine, regulated by the balancing of competing interests." Charles Wright Mills
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Quote by G. Edward Griffin about the Federal Reserve System and its impact on the American peopleCopyright © yoice.net – Quote Artwork
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"The American people have no idea they are paying the bill. They know that someone is stealing their hubcaps, but they think it is the greedy businessman who raises prices or the selfish laborer who demands higher wages or the unworthy farmer who demands too much for his crop or the wealthy foreigner who bids up our prices. They do not realize that these groups also are victimized by a monetary system which is constantly being eroded in value by and through the Federal Reserve System." G. Edward Griffin
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Albert Jay Nock quote about state money, government taxation, and the role of the StateCopyright © yoice.net – Quote Artwork
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"Another strange notion pervading whole peoples is that the State has money of its own; and nowhere is this absurdity more firmly fixed than in America. The State has no money. It produces nothing. It existence is purely parasitic, maintained by taxation; that is to say, by forced levies on the production of others. 'Government money,' of which one hears so much nowadays, does not exist; there is no such thing." Albert Jay Nock
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Quote by Ludwig Heinrich Edler von Mises about dangers of monetary policy and bankingCopyright © yoice.net – Quote Artwork
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"Through the artifices of banking and monetary policy one can achieve only a temporary illusion of improvement, which must ultimately lead to an even more severe catastrophe. For the longer this artificial boom is sustained by the creation of additional credit, the greater the damage inflicted on general prosperity by the use of such measures." Ludwig Heinrich Edler von Mises
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