Category Archives: Austrian Economics

How Liberals Distort Austrian Economics

The lame campaign to discredit the Austrian school

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Socialism

Socialism, like the ancient ideas from which it springs, confuses the distinction between government and society. As a result of this, every time we object to a thing being done by government, the socialists conclude that we object to its being done at all. We disapprove of state education. Then the socialists say that we are opposed to any education…. We object to a state-enforced equality We object to a state-enforced equality. Then they say that we are against equality. ”

– Bastiat

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Filed under Austrian Economics, Economy

(Un)happy Birthday, Fiat Money

An excerpt from the stellar Ludwig von Mises Institute:

Forty years ago today, on the morning of Sunday, August 15, 1971, the US president, Richard Nixon, declared the inconvertibility of the dollar into gold.[1] The 20,000 tons of the yellow metal deposited in Fort Knox in 1944 had decreased substantially due to the high military costs of the Vietnam War. The United States — the leading global economic power — could not honor its financial commitments.

As a result, the Bretton Woods systemofficially ended, and the dollar became a fully fiat currency, backed not by gold but by the promise of the government.

The central banks can now print any amount of money. The dollar, which functions (so far) as the international currency, acquires real goods without offering anything in return. Of course, some holders of dollars are hard workers who, integrated within the structure of production, contribute to society with the provision of real goods and services. But there are also the politicians and bureaucrats — a completely different class of people.

This parasitic class weakens the productive class (and also manipulates production through public spending). At the moment, the European Central Bank is monetizing the debt of the peripheral European countries, diverting real resources from entrepreneurs in order to finance the wasteful activities of governments. It’s totally outrageous, morally unjust, and economically ruinous. It’s just one more road to serfdom.

Please do read on at Mises.

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Filed under Austrian Economics, Federal Reserve

The Southern Poverty Law Center Scam

The SPLC is a joke.  But it’s not funny. It’s scary and sad moreso – the ability they have to manipulate perceptions and demonize liberty-lovers like Thomas J. DiLorenzo  who pens this gem for LewRockwell.com:

Racial Racketeering for Fun and Profit: The Southern Poverty Law Center Scam

Particularly disturbing is the SPLC’s repeated use of the word ‘extremism’, which in contemporary American lexicon has come to denote any belief which challenges the status-quo and/or government propagated belief systems (read: statist propaganda).

I’ll just repost the header of quotes from the article, the first of which had me LOL’ing hardcore.

“I have great respect for the Southern Poverty Law Center.”

~ Congressman Lacy Clay (D-Banksters)

“Instead of monitoring “hate” and “extremism,” they [the SPLC] are concerned with tarring patriotic Americans who oppose their left-wing agenda as haters and extremists.”

~ Former Congressman Tom Tancredo

“When you get right down to it, all the SPLC does is call people names. It’s specialized in a highly developed and ritualized form of defamation . . .

What they do is a kind of bullying and stalking . . . . Americans really need to ask themselves if they are willing to tolerate this kind of operation in a free society.

~ Laird Wilcox, author of The Watchdogs: A Close Look at Anti-Racist “Watchdog” Groups

D-Banksters, fucking classic.

Please read the rest of it at the fantastic LewRockwell.com.

We also really liked Thomas J. DiLorenzo (professor of economics at Loyola University’s Sellinger School of Business) at Ron Paul’s hearing on the Federal Reserve.

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