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Posts Tagged ‘counterfeiting’

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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Gary northIn his February 1, 2012 article, Ben Bernanke: The Official Counterfeiter, Gary North states:

There used to be a legal competitor issued by the U.S. Treasury. We read on Wikipedia:

A United States Note, also known as a Legal Tender Note, is a type of paper money that was issued from 1862 to 1971 in the U.S. Having been current for over 100 years, they were issued for longer than any other form of U.S. paper money. They were known popularly as “greenbacks” in their heyday, a name inherited from the Demand Notes that they replaced in 1862. Often called Legal Tender Notes, they were called United States Notes by the First Legal Tender Act, which authorized them as a form of fiat currency. On the back, they give notice that:

This Note is Legal Tender for All Debts Public and Private Except Duties On Imports And Interest On The Public Debt; And Is Redeemable In Payment Of All Loans Made To The United States.

North has been known to derisively refer to supporters of the interest-free paper money as “Greenbackers,” showing how out of touch he is in calling Ellen Brown a Greenbacker, considering she says the issuance of paper money at the federal level is unconstitutional.

Notice how he later focuses his readers’ attention on an insignificant difference between the two notes:

The Federal Reserve’s Notes looked very much like the Treasury’s greenbacks until the U.S. Notes were taken out of circulation.

As if the look of the two notes is at all significant compared to the fact that U.S. Notes are interest-free, and no interest was due — or ever will be due — on them.

For more on interest-free United States Notes, see my article, The Federal Reserve lies about United States Notes (Lincoln Greenbacks).

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