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Posts Tagged ‘Daily Bell’

From this February 23, 2010 Daily Bell interview with Lew Rockwell, he said:

Daily Bell: Is it reasonable to believe that the state will ever wither away or does reality instruct us that the best that can be done is to limit its power?

Rockwell: To me, that’s like asking if we can imagine a society without robberies and murders. Maybe it won’t ever happen, but we must have the ideal in mind or else we’ll never get closer to it. Without the ideal, progress stops. To some extent, then, whether reality will finally ever conform is not the critical question. What counts is that what we imagine can and should exist. I like to imagine a society without legally sanctioned aggression against person and property.

For more on Lew Rockwell, see my article, 10 questions for Lew Rockwell.

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Thomas DiLorenzo, professor of economics at Loyola University, associate at the Ludwig von Mises Institute, and frequent writer for LewRockwell.com, makes an incredibly misinformed statement about the Bank of England and Lincoln’s issuance of money to fund the Civil War, in a May 17, 2010 Daily Bell interview.

He states (emphasis mine):

Lincoln was almost exclusively devoted to Hamiltonian mercantilism – high protectionist tariffs, other forms of corporate welfare, a central bank modeled after the Bank of England to pay for it all, and political patronage and matching politics.

From the Bank of England’s own website, its founding document, the Bank of England Act 1694, states:

19 Their Majesties may appoint Rules for transferring: and may make the Subscribers a corporation, subject to Redemption

The Bank of England, from its inception, was a private central bank, that issued money at interest.

Lincoln, however, issued interest-free money through the public U.S. treasury, as documented in Sarah Emery’s 1887 book, “Seven Financial Conspiracies Which Have Enslaved the American People.”

In the first chapter, she writes (emphasis mine):

Following this declaration came the enactments of July 17, 1861, and February 12, 1862, authorizing the issue of $60,000,000 treasury notes, not bearing interest and payable for all debts, public and private.

Therefore, in no way did Lincoln create any central bank, let alone a private one like the Bank of England, as DiLorenzo asserts. The money was issued interest-free through the public U.S. treasury, as appropriated by Congressional legislation signed by Lincoln.

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