http://theeconomiccollapseblog.com/archives/debt-free-united-states-notes-were-once-issued-under-jfk-and-the-u-s-government-still-has-the-power-to-issue-debt-free-money
http://howtheworldreallyworks.info/
http://stuartbramhall.aegauthorblogs.com/tag/ellen-brown/
Dennis permalink
The inherent contradiction with Austrians is they claim they support markets free from monopoly and presumably manipulation, yet they fail to admit that the current market is dominated by the top 300 or so Wall St/London finance firms. There is no free market when “market events” are completely manipulated by large private interests operating totally privately or by control of a section of government. The obvious truth that Austrians fail to grasp is that positive and honest government is the only weapon against these crooks (Goldman Sachs, JPM, BOA, etc…). A weaker government means an even stronger Wall Street, period. Which is the general reason why the Austrian and Chicago economic schools were created.
I’m sorry but the reality is Andrew Jackson was Aaron Burr’s protege and basically a traitor to America. He caused the worst economic situation in the country in his day and was indirectly responsible for the Civil War. Get a better hero! Hamilton, JQA, Lincoln, FDR, JFK, true patriots
I’m sorry but the reality is Andrew Jackson was Aaron Burr’s protege and basically a traitor to America. He caused the worst economic situation in the country in his day and was indirectly responsible for the Civil War. Get a better hero! Hamilton, JQA, Lincoln, FDR, JFK, true patriots
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I never did trust North, or much like him. Nor do I trust Lew Rockwell.
As for gold – of course it can be manipulated in the same way paper can, and so can silver and it has been, for centuries, except that silver is now an industrial metal. Read “The Babylonian Woe.” by David Astle, available on line. He explains how usury began.
Ellen Brown is right. Money should not be anything more than a means of exchange and it must not ever be used for profit by privateers and vampires.
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My post was cut off in a reply to another, so I’m reposting it again here so that it can be read properly.
Once again the Austrian gold bugs demonstrate that they do not understand money or accounting.
Most money, even in today’s economy, is NOT paper, nor is it “fiat” money. Most money is commercial bank created credit. This money is not “fiat money”. Even under as supposed “gold standard” most money is not gold, nor is it “backed by gold”. It would be bank created credit.
Banks create money everytime they make a loan. Money is destroyed when the principle of the loan is repaid.
The essential quality of money is not what it’s made of – whether gold, paper, or merely a number in a bank account (which is what most money is).
The essential quality of money is found in the root of the word “credit” itself, which comes from the Latin word “credo” – which means “to believe in”.
In other words, what money is made of is irrelevant as long as people believe in it.
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Well, I’m not too sure Adam. If you check the comments on this site, you’ll see many Austrians defending deflation. The Daily Bell also defended deflation at several occasions in my discussions with them (see ‘the daily bell tolls for another round in the debate).
It is true, of course, that Austrianists have correctly concluded that inflating the money supply creates deflationary busts. But they cite the wrong reasons ignoring interest and unsustainably rising capital costs.
Well, yes, at the time you mention von Mises was an adviser to Otto von Habsburg, heir apperant to the lost throne of Austria Hungary.
You can check under faux economics (link on the right) how I have discussed Austrian Economics at length.
You can check under faux economics (link on the right) how I have discussed Austrian Economics at length.
I would be most interested in anything you might have to add to that.
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ConcernedCitizen permalink
Anthony,
I want to thank you for two things.
First, for posting this blog article. I came to it a few days earlier in a roundabout way. I found this blog post by way of a link in the article posted on InfoWars, http://www.infowars.com/the-after-the-fed-solutions-debate-begins-greenbackers-vs-goldbugs/.
I’ve been studying the U.S. monetary crisis since the late 1970s, long before it was ever declared a “crisis”. Any American who has seriously studied the currency issue should be familiar with the two legal tender clauses in Article 1, Sections 8 and 10 of the U.S. Constitution. And, believing in strict adherence to ALL provisions of the Constitution, I have lately encountered a dilemma. What if the Federal Reserve is, finally, abolished and there is no gold in Fort Knox? Certainly, there is no silver. What would U.S. citizens use as a tenable legal tender?
Being a proponent of gold and silver backed currency, I began wondering what could be used as a medium of exchange if our government has NONE of either. It was the aforementioned article posted on InfoWars, copied from Eric Blair’s article on the Activist Post site, that led me to start researching Ellen Brown. In turn, that led me to research the Bank of North Dakota, owned and operated by the State of North Dakota. I am still wrapping my head around the idea of a well-regulated currency supply, backed by tax deposits. But, at least I now know there are alternatives to backing by precious metals. I have long known the pitfalls of currency issued as debt.
Second, I want to thank you for listing a video on one of your previous posts,https://realcurrencies.wordpress.com/2010/03/31/lets-consider-alex-jones-msm-from-now-on/. The video you listed in a reply is the one on YouTube of Alex Jones crashing a populist gun rally in Austin, Texas. I found another one on YouTube, of the same incident, where Alex later goes on his radio show and claims that he was the victim of COINTELPRO instigators at the same rally, and falsely claiming he had attended the rally as a participant. This really opened my eyes to the fact that Alex is just as guilty of lying as everyone else he accuses of it. Doing a bit more research on Alex turned up even more glaring discrepancies.
I read that you consider this weblog as just a “hobby”. I want you to know it has made a profound difference in my understanding of the current money crisis, just in the past week. Thanks, again
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