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Posts Tagged ‘Aristotle’

Tom WoodsFrom Tom Woods’ April 15, 2013 article, The Greenbackers’ Fake Quote Industry, picked up by LewRockwell.com the following day, I made the following comments, to which Woods responded to:

Bill Still tried to get fake quotations removed from his documentary, The Money Masters, but the copyright holder wouldn’t allow it, for reasons we can only surmise. In 2011, he created this page dedicated to exposing false monetary quotations (http://s6.zetaboards.com/Bill_Still_Reforum/topic/1177385/1/) so it’s good to see that you’ve joined forces with a Greenbacker in the interests of intellectual honesty, Tom.

To which Woods responded:

I happily concede that this speaks well of Bill Still.

Then, I commented:

In 2009, I exposed the fake Jefferson quote you cited above (https://fauxcapitalist.com/2009/10/28/what-thomas-jefferson-said-about-private-banks/) after hearing it so many times and deciding to do my own research and conceding that it must be fake if the word “deflation” wasn’t even used in Jefferson’s time.

To which he responded:

Great. Now if only you could get the 167,000 people who keep propagating the fakes to visit your page, we’d be getting somewhere.

Then, I wrote:

Tom, while fake quotations are often cited by Greenbackers, there are also fake quotations cited by Austrian School adherents, such as this fake Aristotle quotation: “In effect, there is nothing inherently wrong with fiat money, provided we get perfect authority and god-like intelligence for kings.“ We can thank James Dines for propagating that one. I emailed him asking for his source, and he never responded.

To which he responded:

I have never heard of James Dines, and I cannot imagine any serious Austrian falling for such an obvious fake. With the Greenbackers, fake quotations are systematic and everywhere.

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F for Fake

Bill Still, producer of The Money Masters and The Secret of Oz, and Andy Gause, author of The Secret World of Money, have finally blown the whistle on fake quotes about money.

On the August 27, 2011 episode of Erskine Overnight, Gause pointed out that a quotation about private banks that is commonly attributed to Thomas Jefferson is likely not authentic.

This site has been a leader in getting this information out to you nearly full two years ago, in the case of the oft-cited Jefferson “quotation” about private banks, as discussed in my October 28, 2009 article, What Thomas Jefferson said about private banks.

Also, on February 12, 2011, I wrote the article, What Aristotle didn’t say about fiat money, which disputed a quotation about fiat money that is attributed to Aristotle, when in fact, he wrote something completely to the contrary.

Then, on the August 20, 2011 episode of The Secret Truth, Bill Still revealed that about a dozen of the purported quotes in his documentary, The Money Masters, are not authentic, and he has tried to get them removed, but the owner of the rights to the documentary won’t let him.

I am glad to see that they have both gone very public about what I had already documented — that some of the so-called ‘quotations’ about money are complete fakes.

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Bust of Aristotle. Marble, Roman copy after a ...

The following quotation on fiat money is attributed to Aristotle, one of the fathers of Western thought, who lived from 384 to 322 BC.

In effect, there is nothing inherently wrong with fiat money, provided we get perfect authority and god-like intelligence for kings.

However, when I did a Google search for that quotation, it only produced 56 results, none of which cite the book that he allegedly was reported as saying that.

Searching the MIT Internet Classics Archive for any references to the above quotation, and similar variations thereof, turned up no such reference.

When hearing any quotation, such as the one about private banks that is widely attributed to Thomas Jefferson, you should consider whether it is actually authentic.

There are many quotations widely attributed to prominent historical figures that are used to bolster the credibility of various claims, such as the alleged inferiority of fiat currencies. However, if the quotations are inauthentic, then the credibility of the claims based on them has to rest on other criteria.

See my article on the English tally sticks for an example of a successful fiat currency that lasted hundreds of years.

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Aristotle, one of the fathers of Western thought, wrote in his 350 B.C. work, Politics, in Book One, Part X, that usury is the lending of money at interest:

The most hated sort, and with the greatest reason, is usury, which makes a gain out of money itself, and not from the natural object of it. For money was intended to be used in exchange, but not to increase at interest. And this term interest, which means the birth of money from money, is applied to the breeding of money because the offspring resembles the parent. Wherefore of an modes of getting wealth this is the most unnatural.

Today, usury has been taken to mean the lending of money at some arbitrary “exorbitant” rate of interest. Traditionally, however, it has been viewed as the lending of money at any interest rate.

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