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Posts Tagged ‘free market’

AlexaAccording to Alexa.com, as of May 12, 2013, FauxCapitalist.com, a part-time, unpaid effort, had a 3-month ranking of 181,062th place among all websites accessed from the United States.

This compares with a 3-month worldwide rating of 90,706th place for the Daily Bell, whose founder admitted to working for large international banks, despite portraying itself as an alternative site, and was later proven to have lied about their numbers.

The Daily Bell likes to talk a lot about efficiencies of the free market, and despite them trying to shoot the messenger and blaming Alexa’s ranking system only after their ranking started tanking, the free market is showing that more Americans are opting for more efficient websites from a cost-benefit analysis than all visitors are to theirs.

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speaking at CPAC in Washington D.C. on Februar...

The Huffington Post published an October 8, 2012 article by Bonnie Kavoussi entitled “11 Lies About the Federal Reserve,” to which Mises Institute associate Tom Woods followed up with a rebuttal entitled “HuffPo’s 11 Myths About the Fed, Refuted.

For those who are aware of the Hegelian dialectic of thesis-antithesis-synthesis, the Huffington Post is putting out the thesis in opposing a government-guaranteed gold standard and Tom Woods is putting out the antithesis of defending a government-guaranteed gold standard, and the synthesis that is presented by Tom Woods in his other works is that of a so-called free market gold standard of competing currencies.

For more on why a so-called free market gold standard is a false solution, see my article, Gary North’s free market gold standard is also a fool’s gold standard.

Whether Tom Woods realizes it or not, he has played right into the hands of the Money Power in presenting the case for a gold standard, whether it be a government-guaranteed gold standard or a so-called free market gold standard — the Money Power ultimately cares not — since they control the proposed medium of exchange, as George Whitehurst-Berry details in this article.

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Image representing Alexa as depicted in CrunchBase

According to Alexa.com, as of August 22, 2012, FauxCapitalist.com, a part-time, unpaid effort, had a 3-month ranking of 184,595th place among all websites accessed from the United States.

This compares with a 3-month worldwide rating of 110,829th place for the Daily Bell, whose founder admitted to working for large international banks, despite portraying itself as an alternative site.

The Daily Bell likes to talk a lot about efficiencies of the free market, and despite them trying to shoot the messenger and blaming Alexa’s ranking system only after their ranking started tanking, the free market is showing that more Americans are opting for more efficient websites from a cost-benefit analysis than all visitors are to theirs.

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Ludwig von Mises

Despite the veneration of Ludwig von Mises by his devotees, his works do contain their flaws, and an example was pointed out by a fellow Austrian School economist, no less.

Giving the 2009 F.A. Hayek lecture, George A. Selgin said (at 1:34):

Years ago, I gave a lecture commemorating the anniversary of Human Action, in which I wrote an essay about Mises and the gold standard, and of course I criticized Mises. I pointed out that he had actually undermined his own case for a gold standard, somewhat. And, as a result, somebody — a very prominent fan of von Mises — wanted to suppress the article, saying “this is terrible, this is critical of Mises.”

Austrian School economists would be wise to follow the example set by Selgin and critically analyze the works of the great names in the Austrian School of Economics and recognize that they didn’t have all the answers, even from a “free market” perspective.

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Gary northIn his May 28, 2003 article, The Myth of the Gold Standard, Gary North poses the question, “[w]hy don’t you trust the free market?” in response to those who argue for government creation of money.

Given that Gary North’s so-called free market gold standard calls for government enforcement of contracts, I ask him, “why don’t you trust the free market?”

If, according to him, governments can’t be trusted with creating money, why does he trust them to enforce contracts, and not trust the free market?

Unless he’s against all government-built roads for the facilitation of commerce, I find it interesting that he’s so vehemently against the government creation of money, yet calls for the government to forcibly enforce contracts that allow banks to seize assets from those who will eventually default on their debts with compound interest.

This article by North is just one example of several that contain internal inconsistencies that he simply doesn’t address, having been able to rely on friendly, controlled and uncritical platforms like LewRockwell.com and mises.org.

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The Daily BellIn my March 31, 2012 article, An Infowars.com reader realizes what the Daily Bell site is really all about, I pointed out how they are known to fail to distinguish between private and public central banks.

Under increased scrutiny from myself, Anthony Migchels, Memehunter and others who realize what the Daily Bell is really all about, I noticed they are finally drawing a distinction between public and private central banks.

In their April 19, 2012 article, BIS: Asian Central Banks Are Pretty Good!, they refer to “[m]onopoly private/public central banking.

Predictably, they proceed to bash both in order to direct their readers to a so-called free market gold standard that even Austrian economist Gary North admits has never existed in history, and which I demonstrated is also a fool’s gold standard, just like a so-called government-guaranteed gold standard.

Gary North’s so-called free market gold standard is also a government-guaranteed gold standard, since it relies upon government enforcement of contracts, which is essential to the Money Power being able to enforce their ultimately unpayable debts that accrue compound interest, and collecting your assets once you default.

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Crystaline Gold

In response to Ingo Bischoff, a regular commenter on their site, in the comments section of their article, Central Banks Won’t Produce Natural Interest, the Daily Bell responded:

Ingo, you are a well-learned man. But it is impossible to have a substantive conversation with you within certain parameters because of your gold obsession. Even Rothbard, who was fairly fanatical about gold, admitted that “money” is what societies make of it. Money is gold, sure … but it’s also been salt, beads and remains silver despite your pooh-poohing of the “people’s metal.” When you start with the insistence that the “only” money is gold, then whatever flows from this flawed proposition becomes increasingly incomprehensible. Which is too bad. You have a lot to offer …

But they conveniently failed to respond to his criticism of their claim that “Greenbackerism” is making a comeback, when he said:

Greenbackerism making a startling comeback… ??? That certainly is news to me.

Greenbacks were the most successful paper currency ever put into circulation. They were continously issued for over a hundred years from 1864 until 1971. That they have been issued since is startling news to me.

Things are getting interesting at The Daily Bell now, with a gold-loving, apparently learned student of the monetary system conceding that the Greenbacks were successful, despite the oft-repeated protestations of former Daily Bell associate G. Edward Griffin and others. I previously wrote how during their interview with Ingo Bischoff, he undermined their basis for a free market in money, saying such a thing doesn’t even exist.

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