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Posts Tagged ‘David Rothkopf’

Walter WilliamsAustrian School supporter Walter Williams, writing for LewRockwell.com, equated defaulting on one’s debt to theft in his July 31, 2012 article, How Times Have Changed (emphasis mine).

Years ago, spending beyond one’s means was considered a character defect. Today not only do people spend beyond their means but also there are companies that advertise on radio and TV to eliminate or reduce your credit card and mortgage debt. Students saddled with college loans have called for student loan forgiveness. Yesterday’s Americans would have viewed it as morally corrupt and reprehensible to accumulate debt and then seek to avoid paying it. It’s nothing less than theft. What’s worse is there’s little condemnation of it by the rest of us.

We can see a pattern, with fellow Austrian School supporter Gary North calling for a fool’s gold free market standard, whereby the government that he says lies, cheats and steals would enforce contracts, yet it is expected to get completely out of money-issuing, which even globalist David Rothkopf says is a fundamental right of states. Specifically, states have the ability to issue money debt and interest-free, which is the real reason governments are targeted by private central bankers and Austrian School devotees, alike.

I also caught North deliberately omitting the fact that United States Notes are interest-free, and giving the false impression that they are no longer valid.

For Williams to specifically focus on student loan debt is revealing, since it is the very fact that large international banks — like those that Daily Bell founder, Anthony Wile, admitted to consulting for — which are largely responsible for lobbying U.S. and Canadian governments to make it impossible to wipe out your student loans in a bankruptcy. Big corporations, on the other hand, including banks, have no such constraint.

Is it any wonder, then, that fellow Austrian School supporter, Tom Woods, posed the question in an article, Are We Austrians Shills for the Bankers?

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On the July 1, 2012 episode of TVO’s The Agenda with Steve Paikin, David Rothkopf, Council on Foreign Relations member and former managing director of Kissinger and Associates, said (at 12:08):

The fundamental right of a state is to print its own money.

Yet he previously said that only about 15 countries have the power to exercise the powers of a true state, and he downplayed the ability of a state to issue its own currency by pointing to the existence of (trillions of dollars of) derivatives.

That is a clear red herring, as Iceland is a tiny country that has turned things around economically since their currency lost 80% of its value in only four months back in 2008, and whose residents have voted twice in referenda to not be saddled with the derivative liabilities incurred by their private banks.

Not only do states have the power to print their own currency, but more importantly, they have the power to issue their currency debt and interest-free, which is something globalist David Rothkopf isn’t in the business of advocating.

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