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Posts Tagged ‘depreciation’

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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