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Posts Tagged ‘Greenbackerism’

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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hatrickpenry

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