Money, Bank Credit, and Economic Cycles

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The economist Jesús Huerta de Soto, who specializes in Spanish scholasticism, said (@17:54), speaking of the Spanish Jesuit scholastic and Thomist Fr. Juan de Mariana (1536-1634):

But [Fr. Juan de] Mariana insists on another very important idea. He says natural law is vastly superior to the power of each king or ruler. This is an essential idea that is still perfectly applicable today. I believe that we must be aware of and very proud of the fact that when Thomas Jefferson, the founding father of the United States, was considering whether or not to rise up against the king of England, in order to give encouragement to Madison and the rest of the founding fathers of the great American homeland, he says to them: "You only have to read one book: The History of Spain by Fr. Juan de Mariana." And, in fact, Madison even sent him a copy of the book [the "12mo" or duodecimo version of vol. 2; cf. the**** scan of Madison's copy], because it is a history of Spain written from the perspective of freedom, unmasking the tyrants.

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cf. the Economics StackExchange question "Central planning agency = central bank?"