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Posts Tagged ‘free market’

The Daily BellIn my March 31, 2012 article, An Infowars.com reader realizes what the Daily Bell site is really all about, I pointed out how they are known to fail to distinguish between private and public central banks.

Under increased scrutiny from myself, Anthony Migchels, Memehunter and others who realize what the Daily Bell is really all about, I noticed they are finally drawing a distinction between public and private central banks.

In their April 19, 2012 article, BIS: Asian Central Banks Are Pretty Good!, they refer to “[m]onopoly private/public central banking.

Predictably, they proceed to bash both in order to direct their readers to a so-called free market gold standard that even Austrian economist Gary North admits has never existed in history, and which I demonstrated is also a fool’s gold standard, just like a so-called government-guaranteed gold standard.

Gary North’s so-called free market gold standard is also a government-guaranteed gold standard, since it relies upon government enforcement of contracts, which is essential to the Money Power being able to enforce their ultimately unpayable debts that accrue compound interest, and collecting your assets once you default.

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Crystaline Gold

In response to Ingo Bischoff, a regular commenter on their site, in the comments section of their article, Central Banks Won’t Produce Natural Interest, the Daily Bell responded:

Ingo, you are a well-learned man. But it is impossible to have a substantive conversation with you within certain parameters because of your gold obsession. Even Rothbard, who was fairly fanatical about gold, admitted that “money” is what societies make of it. Money is gold, sure … but it’s also been salt, beads and remains silver despite your pooh-poohing of the “people’s metal.” When you start with the insistence that the “only” money is gold, then whatever flows from this flawed proposition becomes increasingly incomprehensible. Which is too bad. You have a lot to offer …

But they conveniently failed to respond to his criticism of their claim that “Greenbackerism” is making a comeback, when he said:

Greenbackerism making a startling comeback… ??? That certainly is news to me.

Greenbacks were the most successful paper currency ever put into circulation. They were continously issued for over a hundred years from 1864 until 1971. That they have been issued since is startling news to me.

Things are getting interesting at The Daily Bell now, with a gold-loving, apparently learned student of the monetary system conceding that the Greenbacks were successful, despite the oft-repeated protestations of former Daily Bell associate G. Edward Griffin and others. I previously wrote how during their interview with Ingo Bischoff, he undermined their basis for a free market in money, saying such a thing doesn’t even exist.

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The flags of Canada and the United States of A...

Some highlights, from Daily Bell regular contributor, Ron Holland, in his article, You’d Have to be Crazy To Start A Global Business in the USA — As a Public Company:

I’ll bet you don’t know that I may be the first person in recorded history to move voluntarily from the warm beach and golf resort of Hilton Head Island, South Carolina to cold and snowy Toronto, Canada. But Steve Wynn and many other entrepreneurs forced to deal with the multitude of regulatory agencies at the federal, state and local level would likely agree. America’s growing number of bureaucrats – all with their hand out to exchange fees for paperwork – can make it impossible to compete in the global economy from the US.

Frankly, I’m excited to pay equal or higher taxes to a new nation that never attempted to draft me to fight in Vietnam, doesn’t harass me or my wife when getting on a plane or crossing a border and has never made my life miserable. Also, Canada is sort of like Switzerland as the nation isn’t exactly the terrorist magnet of the world like the US and their economy is booming and its sovereign debt level is reasonable.

Note: Federal taxes are lower in Canada than in the U.S., overall. As of January 1, 2012, the top marginal personal income tax rate is 29% compared to 35%, top capital gains tax rate of 14.5% for all capital gains compared to 15% only for gains acquired over at least a year in the U.S., a top corporate tax rate of 16.5% compared to 35%, and no inheritance tax, compared to the top rate of 35% in the U.S.

Anyway, we continued to argue bureaucracy, tax-rates, crime, friendly law enforcement, victimless crimes, the Patriot Act and how the American sovereign debt, the dollar and the nightmare of our political institutions – except for the Ron Paul Campaign – threatens every American citizen and business. I lost the argument so I’m now moving to Canada to become CEO of a new start-up company with a viable solution for people suffering from the effects of unwanted hair loss and baldness – both males and females.

For more on why Canada is more pro-business than the U.S. these days, see:

1) Canada more economically free than the United States for a third year in a row: Heritage Foundation
2) Canada the best place for business in 2011: Forbes
3) Still think Canada is more socialist than the United States? The joke’s on you

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A small size $100 United States Note of Series...

In The Daily Bell’s November 6, 2011 interview with Ingo Bischoff, he said (emphasis mine):

“Free-market” thinking, termed by Murray Rothbard as “Anarcho-capitalism,” argues for a society based on the voluntary trade of private property and services (including money, consumer goods, land and capital goods) in order to maximize individual liberty and prosperity.

To maximize individual liberty and prosperity, the “Free Market” distributes “wealth” by a system of arbitrage where the discovery of prices is based on marginal utility analysis, and in which “Money,” the commodity with constant or nearly constant marginal utility, is the standard of value against which the value of any other commodity or service is measured. To have a “Free Market” in “Money,” therefore, is a contradiction.

As a further blow to their opposition to government-issued currency (especially debt and interest-free currency, as opposed to free banking where banks will want to continue charging compound interest), Bischoff responded to their question about his praise for Benjamin Franklin’s Bank of Philadelphia with this (emphasis mine):

Despite the lack of redemption promise, the impeccable and honest way in which the Bank of Philadelphia was run caused the value of the Pennsylvania Pound never to drop below the value of monetary coin. This remarkable fact was cited by Adam Smith in his book The Wealth of Nations, published in 1776.

For more on government-issued currency, see my articles:

1) Three prominent hard money advocates endorse the temporary issuance of fiat money

2) Michael Badnarik on issuing interest-free fiat money like Lincoln did: “That’d be a step in the right direction”

3) The Constitution doesn’t prohibit both the states and federal government from issuing fiat money

4) “The fiat money system works well if it’s tightly controlled:” Dr. Stan Monteith

5) The U.S. Constitution doesn’t say money should be gold or silver coin

6) The Constitution doesn’t insist on a gold or silver-backed currency

7) A fiat currency that lasted more than a few hundred years

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Flag of the United States Federal Reserve Bank

On February 6, 2011, The Daily Bell featured the interview, “Richard Maybury on the Collapse of the Anglo-American Empire and What It Means for You.

In it, I noticed an attempt to discredit interest-free United States Notes, which, as  I have previously documented, the privately owned Federal Reserve banking cartel lies about.

At first glance, it indeed seems like strange bedfellows for a privately owned central banking cartel and a self-described “free-market” site to both be discrediting a particular form of currency, which the Federal Reserve lies in claiming to “serve no function that is not already served by Federal Reserve notes.

However, once you “follow the money,” the picture becomes more clear.

Posted by FauxCapitalist on 2/7/2011 12:33:56 PM
Mr. Wile,

It says on your bio that you are a staunch advocate of free banking, yet I also see that you worked for ScotiaMcLeod, the investment division of one of Canada’s Big Five government-enforced oligopolistic banks. Their investment company, ScotiaMocatta, Canada’s largest precious metals bank, is Chair of the London Fix, which fixes the price of gold and silver every day.

Since you asked Richard Mayberry, “What do you think of the Brownian green backer movement? Is US Intel actively promoting it?”, my question for you is, is the Greenbacker movement being actively demoted by the very “large international banks” your own bio says you continue to consult for?

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