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English: This image is of economist Walter Blo...

On the February 24, 2013 episode of Exposing Faux Capitalism, I interviewed Austrian School economist Dr. Walter Block, and covered the following issues, among others:

Hour 1: George Whitehurst-Berry back on the airwaves, Jan Helfeld on Radio Liberty, my interview with Doug Newberry & satanic Superbowl half-time show. Hour 2: Interview with Austrian economist Dr. Walter Block on his book, “Yes to Ron Paul and Liberty.

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Gary North speaking at the Mises Institute aft...On June 8, 2012, I wrote the article, Gary North, before correcting Ellen Brown’s mistakes, correct your own, about mistakes that fellow Austrian School economist, Dr. Walter Block, had noted about Gary North.

On June 27, Dr. Walter Block noted yet more mistakes by Gary North.

Here are some select quotations:

But this is an error. As it happens, in a previous blog, I pointed out this very mistake of his:

However, Dr. North either did not read this, or ignored it if he did, and is still repeating his misinterpretation of Rothbardian anarchism.

Now this is just plain silly. Did Dr. North not ever hear of private defense agencies that Murray Rothbard wrote about again and again?

So Professor Jesus Huerta de Soto is entirely correct on this particular dispute between them, and Dr. North is in error.

Credit goes to Lew Rockwell for publishing dissent among fellow Austrian economists, and to Walter Block for calling out Gary North on his mistakes and outlandish claims, as I have many times in the past.

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English: This image is of economist Walter Blo...

In his June 4, 2012 interview with Dr. Stan Monteith of Radio Liberty, which I helped to arrange, Dr. Walter Block stated (at 26:28):

Well, there are two definitions of inflation — one is an increase in the money supply, and the other is higher prices. The Austrians go for the first one, the more mainstream economists go for the second. I guess I go for both.

I always thought the definition of inflation as simply an increase in the money supply to be a facile definition, since despite an increase in the money supply leading to an increase in general prices in the long-run, it fails to address things that are more relevant to one’s particular daily circumstances, such as being underwater in your home mortgage because of rapidly falling prices.

As it turns out, Austrian economist Dr. Walter Block also agrees that the Austrian School definition is inadequate.

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Gary north

In November 2010, Gary North made a big deal of correcting Ellen Brown’s mistakes in her book, Web of Debt, despite making some of his own big whoppers over the years.

On June 8, 2012, Austrian School economist, Dr. Walter Block, pointed out errors in Gary North’s article, Economists vs. the Gold Standard.

I am glad that fellow Austrian economists are challenging each other publicly on controlled, friendly forums like LewRockwell.com, after giving the impression over the years that they have all the answers for what ails us, economically.

I had previously pointed out Austrian economist George A. Selgin’s criticism of Mises’ work concerning a gold standard.

For my critical analysis of Gary North’s previous claims, see here.

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Dr. Ravi Batra, progressive economist and professor of economics at SMU, stated his support for a partial gold-backed currency as a replacement for the U.S. dollar.

On April 30, 2010, on the Thom Hartmann show, he stated at 57:30:

I don’t know if we will ever have one world currency in my lifetime, but currency should be backed up, partially at least, by gold, so that nobody can just inflate currency to fix the problem and leave workers dry. Wages have been stagnant at the same time, so we need to have some backing for the currency as well, and that should be gold.

The U.S. dollar was on a full gold standard until 1933, when most domestic gold was confiscated and transferred not to the U.S. Treasury, but the illegal Federal Reserve. After the confiscation, the price was raised from $20.67 USD to $35 an ounce. From then until August 15, 1971, the U.S. was on a partial gold standard, with foreign currency directly convertible into gold at the rate of $35 an ounce. Since then, gold has been able to freely float, and has hit all time highs since the economic turbulence of 2008, now over $1200 an ounce.

The call for a return to a gold-backed currency truly crosses the political divide, with a progressive economist singing the praises of a gold standard along with proponents of the libertarian Austrian School of Economics.

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