The extent of the control over all life that economic control confers is nowhere better illustrated than in the field of foreign exchanges. Nothing would at first seem to affect private life less than a state control of the dealings in foreign exchange, and most people will regard its introduction with complete indifference. Yet the experience of most Continental countries has taught thoughtful people to regard this step as the decisive advance on the path to totalitarianism and the suppression of individual liberty. It is, in fact, the complete delivery of the individual to the tyranny of the state, the final suppression of all means of escape—not merely for the rich but for everybody.
Way back when, in fact in the times that Hayek was writing about, my family knew a Wermacht officer who left Germany with his Jewish wife. In order to extract at least some of their wealth from the Nazi system they removed their chrome bumpers on their car and had others cast out of silver.
But for Murphy is is this which is at the centre of his lust for capital controls: \”the complete delivery of the individual to the tyranny of the state\”.
It really is you know.