Liberty Forged

the State has no money of its own, so it has no power of its own. ` Nock

Posts Tagged ‘deflation’

Washington DC, Austrian Economics, and Destroying Currency

Posted by Jesse on March 12, 2009

What Has Government Done to Our Money?

Rothbard shows precisely how banks create money out of thin air and how the central bank, backed by government power, allows them to get away with it. He shows how exchange rates and interest rates would work in a true free market. When it comes to describing the end of the gold standard, he is not content to describe the big trends. He names names and ferrets out all the interest groups involved.

Tom Woods [Author of Meltdownfree chapter]- We Need Our Heads Examined, say Harvard

In short, the conference was about this: Why do people still think the interaction of free individuals is a superior economic system to one directed by Harvard Ph.D.s like us? …. So by assuming from the outset the very thing that needs to be proven – namely, that the current state of the economy just occurred spontaneously, as the result of wicked market forces – our betters relieve themselves of the need to consider that central banking, a government-established institution, just might have had, you know, a little something to do with what happened.

Mises.org – Reisman –
The Myth that Laissez-Faire is Responsible for Our Present Crisis

Laissez-faire capitalism is a politico-economic system based on private ownership of the means of production and in which the powers of the state are limited to the protection of the individual’s rights against the initiation of physical force. This protection applies to the initiation of physical force by other private individuals, by foreign governments, and, most importantly, by the individual’s own government. This last is accomplished by such means as a written constitution, a system of division of powers and checks and balances, an explicit bill of rights, and eternal vigilance on the part of a citizenry with the right to keep and bear arms. Under laissez-faire capitalism, the state consists essentially just of a police force, law courts, and a national defense establishment, which deter and combat those who initiate the use of physical force. And nothing more.

Ebeling – Human Action as Sixty

“Monetary calculation is the guiding star of action under a system of division of labor,” Mises declared in Human Action. “It is the compass of the man embarking on production.”[1] The significance of the competitive process, as Mises had expressed it in his earlier volume Liberalism, is that it facilitates “the intellectual division of labor that consists in the cooperation of all entrepreneurs, landowners, and workers as producers and consumers in the formation of market prices. But without it, rationality, i.e., the possibility of economic calculation, is unthinkable.”

Richards – Science is as Science Does

I have a bone to pick with Keynesian economists….By what right do I challenge this claim of the economists? I am an experimental physicist by profession. If there is such a thing as empirical science at all, I believe that experimental physics fits the definition, so I have had some experience with it myself. Now I do not dispute that economics is a science. Austrian economists do not dispute that economics is a science; it is just that they understand it to be a logical science, the science of human action.

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The [Moral] Case for Gold [Sound Money]

Posted by Jesse on January 9, 2009

What is happening today, but told yesterday

[MP3] Current Economic Conditions [Frank Shostak]

And other goodies….

[MP3] Ron Paul in 1984 @ a Seminar on Money and Government

[Article][MP3] The Economics of a Free Society [Ron Paul]

[Article][MP3] Why the Gov’t Must Stop the Fed’s Massive Pumping [Frank Shostak]

[MP3] Power and Ideology in DC [Jeffrey Tucker]

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Creation of ‘The Federal Reserve’ and it’s relationship to Industrialization

Posted by Jesse on October 27, 2008

Industrial cartel/merger policies can only be preserved through use of the state.

Competition in the market, absent the strong-arming of state legislation, will always present a challenge to those that seek to dominate the market.

Rothbard’s Founding of the Federal Reserve (video)

Murray outlines the argument by the intellectuals during the progressive era and the rise of state privilege that has assumed its place in American society and politics. It is accepted as the foundation of American economic policy today.

·Elimination of Free Banking (monopolization of money/national banking system/fractional reserve banks)

·Credit expansion/”Lender of last Resort”/Inflation

·1/2 hour of details about how the Federal Reserve Act came to be and the actors that drove this policy.

·Question and Answer session for the last 8 minutes

also see Rothbards short explanation of Fractional Reserve Bank accounting, What Has Government Done to Our Money (primer), The Case Against the Fed (book)

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·Great Mises Institute media on the nature/origin of money and the Federal Reserve as an institution.

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The Prospect by Marc Faber

Posted by Jesse on October 23, 2008

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°For a more in-depth perspective I would recommend Frank Shostak, adjunct scholar the Mises Institute and chief economist at MF Global. Recently interviewed by Jefferey Tucker (Sept 30, Oct 13, Oct 22) and Lew Rockwell (Oct 10), his analysis is clear, sound, and priceless. [see: Is the Fed an Inflation Fighter or Creator]

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Jörg Guido Hülsmann, Senior Fellow at the Mises Institute, author of a new publication, The Ethics of Money Production. Interviewed by Lew Rockwell [Aug 4, Aug 11, Sept 28, Oct 8, Oct 12]

______________________UPDATE——-Friday Oct 24——–UPDATE___________________

°Just watched Charlie Rose interview David Smick, well known for his book The World is Curved, and more-so as Founder of The International Economy. This Magazine is “edited for … central bankers, politicians, and members of the financial community including professional investment managers, macroeconomic specialists, and high net-worth global investors.

I’d give it a 2 out of 10. (And keep in mind please, I like Charlie’s show!)

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Also see: °Matthew Beller’s , Inflation, Deflation, Red-flation, Blue-flation, [mp3] that talks about, you guessed it, definitions. More importantly it pinpoints the importance of each in the economy and how each is caused by the various actions within the market.

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