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Posts Tagged ‘Austrian economics’

From Tom Woods’ October 7, 2014 podcast, Austrian economist takes on bestselling college text, chapter by chapter, I noted that there was no challenge mentioned of mainstream economics textbooks advocating governments borrowing from private banks to pay for their legitimate government services rather instead of issuing the money directly, interest-free.

Screen Shot 2014-10-13 at 12.53.58 PM-Tom-Woods-responded

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I listened to all of Tom Woods’ September 24, 2014 half hour presentation on the depreciation of the Revolutionary War-era Continental currency, fully expecting him to never mention the massive British counterfeiting, and true to my expectations, he didn’t!

This is yet another example of why I am critical of the Austrian School of Economics and the claims of some of its top proponents. At best, this was a sloppy unacademic omission by a Harvard graduate and Columbia University PhD holder who is more than proud to tout himself as a New York Times bestselling author, and at worst, a deliberate omission in order to convince his uncritical audience of his case that the Continental currency and all paper money is inherently massively inflationary and fatally flawed in relation to gold as money.

As I have discussed my radio program before, G. Edward Griffin, author of The Creature from Jekyll Island, considered by many in the alternative media to be the top book exposing the Federal Reserve, also conveniently fails to mention massive British counterfeiting of the Continental currency, while, like Tom Woods, also leading people to the illusory “free market gold standard.”

For my extensive collection of articles on prominent Austrian School proponents, see my articles on Gary North, Tom Woods and Lew Rockwell.

For more on my critique of Austrian economics, see my article, “I don’t agree with Austrian economics.

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Here are 10 questions I have for Lew Rockwell, founder of the government-regulated and tax-exempt Ludwig von Mises Institute, and founder of the purported “anti-state” site, LewRockwell.com:

Lew Rockwell1) Why did you enter into a voluntary agreement with the very same government you said is “far worse than the mafia?

2) When there were prominent voices asking for information about who wrote the racially-charged Ron Paul newsletters, with some pointing the finger at you, why did you engage in the very Washington-style politics you decry and provide little to no transparency and say it was “ancient history“, and a smear campaign?

3) Why did you excise the last paragraph from Paul Craig Roberts’ April 2008 article, “What the Iraq War Is About”, implicating Israel’s interests as the primary reason for the 2003 Iraq War, despite your webmaster posting it to his own site, antiwar.com?

4) When serious questions were being raised by 2006 about the official 9/11 government conspiracy theory, why didn’t you regularly give prominent space on your “anti-state” site to these voices, and aggressively question the propositions underlying the attacks that have most served to aggressively expand the power of the state?

5) Why do you regularly promote a so-called free market gold standard, when your most prominent writer, Gary North, admits that such a thing has never existed throughout history?

6) Why do you continue to regularly publish Gary North’s articles in light of him making claims like gold coins produced by the U.S. and Canadian Mints aren’t money, or can’t even be bothered to respond to fellow Austrian School associate, Walter Block?

7) Why are you selectively publishing Paul Craig Roberts’ and Michael Snyder’s articles? That is, when they make good pro-state arguments, why do you censor them like Saul Alinsky advocated, in not presenting valid arguments, even though they may undermine your case?

8) Why don’t you allow comments (potential negative criticism) on your site? (as of December 27, 2013, this remains the case).

9) Why did you say money is something you can use to buy things at Kroger’s (implying that government-issued currency really is money), despite making a career out of blasting government, and saying gold is real money?

10) Why did you claim that Murray Rothbard founded libertarianism, when the Merriam-Webster dictionary shows that it was a defined concept two centuries earlier?

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War chestAccording to the Ludwig von Mises Institute’s 2012 IRS 501(c)(3) tax-exempt filing, it reported a total of $22,268,915 in assets.

We see then, how the promotion of Austrian economics is big business, and why its associates and founder, Lew Rockwell, are limited in what positions they will take on certain issues.

For example, Lew Rockwell and Tom Woods, if they even bother addressing it, still promote the official government conspiracy theory that 19 Arab-Muslim hijackers pulled off 9/11, despite the evidence put forward by some brave, but few, true anarcho-capitalists like Nathan Fraser of Live Free FM, or Onebornfree.

It is for this reason that Anthony Migchels, a true monetary reformer, pointed out that the Truth Movement was co-opted by the End the Fed movement, led prominently by Austrian School supporters, and that Tom Woods, specifically, has been at the forefront, in claiming to be anti-government, yet steering clear of truly controversial issues that would affect their lucrative business operations.

For those who still don’t realize the significance of an organization whose ideology is anti-government specifically seeking government recognition and regulation, let me explain it.

It’s not, as someone said in another thread, comparable to an individual American doing anything he or she can to reduce his/her taxes.

Unlike the Mises Institute, the average American taxpayer is being directly taxed whether they consent or not.

The Mises Institute, on the other hand, specifically entered into a voluntary agreement with the very government its founder said is “far worse than the mafia”.

Another excuse is the red herring of which of us hasn’t taken government services, which again, fails to recognize the distinction between the acceptance of goods and services provided by force and coercion, and voluntarily entering into a legally-binding contract with government, thereby accepting its authority.

Yet, I expect most defenders of the Mises Institute not to see any problems with this, which is a reason why the Austrian School will continue to serve as controlled opposition.

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I have been invited to speak to a local gathering of libertarians in Waterloo Region, at Benny’s Restaurant McGinnis Front Row in Waterloo, on Thursday, September 19, 2013, at 7 PM.

I will be speaking about the focus of my blog and radio show, Exposing Faux Capitalism, which includes the underreported successes of interest-free and government-issued currencies, criticisms of Austrian economics and the importance and success of limited government dedicated solely to protecting life, liberty and property.

Location details can be found here. All are welcome. Anyone interested should RSVP to Phil Bender at phil.libertarian@gmail.com so he can reserve a large enough table.

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An old microphone

On the February 3, 2013 episode of Exposing Faux Capitalism, I covered the following issues:

More on my critique of Austrian economics, several interesting callers (on the hosting opportunities at Oracle Broadcasting, on Fukushima, infiltration of the churches and Lee Rogers), and Jan Helfeld joins me for the last segment to briefly discuss his interviews at youtube.com/janhelfeld.

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Doug NewberryI was interviewed by Doug Newberry of Crisis of Reality on January 24, 2013.

Here is the video, and here is the video of my January 9 appearance.

In my most recent interview, I discussed the false choice between Keynesian and Austrian economics, how Alex Jones is to his audience what Rush Limbaugh was to his audience back in the 1980s, the strange bedfellows of Karl Marx and Ayn Rand, how the banksters are using the dialectic of non-commodity money vs. a so-called free market gold standard to arrive at their government-guaranteed gold standard, and how Marx, Keynes, Rand, Greenspan and Mises don’t implicate the parasitic usurer, despite some of them being seemingly opposed to each other on many issues.

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