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Posts Tagged ‘inflation’

United States NotesAccording to the December 2012 report by the U.S. Treasury Dept., out of the $450 million Greenbacks issued during the American Civil War, there is an estimated $239 million still outstanding.

In 2013 dollars, this would be at least $10 billion, according to this inflation calculator. While not significant today, it’s significant that such a huge percentage of the Greenbacks are still in circulation, given that they were ordered to be taken out of circulation in 1971, so there have been many that are being privately circulated or collected.

While there were $500 million in interest-bearing bonds that were issued as backing for them, the money supply grew by a total of $950 million, and the interest-free Greenbacks provided significant funding for the Civil War, when the total debt was $2.7 billion by 1865, and no interest was due, nor will ever be due, on the $450 million issued, and nothing is stopping the U.S. government from returning to directly-issued interest-free currency, other than lack of political will.

As for the validity of the American Civil War, I have publicly stated on my radio program and in a recent public presentation that the States had the right to secede from the Union, and that President Lincoln and the Union were in the wrong. The effectiveness of the Greenbacks, and of any interest-free currency, is something that can be independently judged.

For more on United States Notes, see my articles:

1) Gary North gives the false impression that interest-free United States Notes are no longer valid

2) Gary North deliberately omits the fact that United States Notes are interest-free

3) Michael Badnarik on issuing interest-free fiat money like Lincoln did: “That’d be a step in the right direction”

4) Don’t just blame Lincoln for a national legal tender law — Washington signed one, too

5) The Federal Reserve lies about United States Notes (Lincoln Greenbacks)

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I’m scheduled to be on Doug Newberry’s Crisis of Reality on March 20, 2013 from 1 to 2 PM Eastern on Oracle Broadcasting.

My latest appearance on Doug’s show was on February 20, 2013, where I discussed many issues including fluoride, bogus unemployment and inflation numbers, alternative energy, U.S. retail store closures, the fraud of “creative destruction,” and Canada being more economically successful than the U.S. in recent years.

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On the July 15, 2012 episode of Exposing Faux Capitalism with Jason Erb, I covered the following articles:

1) Dennis Marker, author of Fifteen Steps to Corporate Feudalism scheduled to be on Exposing Faux Capitalism, July 15, 2012.

2) Charlie Rose’s pro-Big Pharma panel on Multiple Sclerosis

3) Austrian School economist Dr. Walter Block admits the Austrian definition of inflation is inadequate

And in the second hour, I interviewed Dennis Marker on his book.

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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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Dr. Stan MonteithDr. Stan Monteith, a 49-year veteran researcher of alternative information suppressed by the mass media, and radio broadcaster since 1993, said on his October 26, 2011 broadcast (at 48:40):

I want you to know, we are not tax deductible, because we want to be able to tell you the truth.

I wholeheartedly agree with Dr. Stan Monteith’s concern with tax-exempt government-sanctioned and regulated organizations, and I particularly became concerned with the Ludwig von Mises Institute, which purports to advocate for a minimal — and among some of its associates, a non-existent role for government in the economy — yet is a tax-exempt organization. For more on them, see my articles:

1) The Ludwig von Mises Institute hates government so much, they’re a government-sanctioned and regulated tax-exempt organization.

2) The Ludwig von Mises Institute hates monetary inflation so much, they owned $4 million in U.S. Treasury Bonds in 2007.

3) Mises Institute VP Jeffrey Tucker says McDonald’s is the paradigm of progress, yet ignores their government-granted Obamacare exemption.

For more on Dr. Stan Monteith, see my articles:

1) Dr. Stan Monteith on Lyndon LaRouche: “He is, I believe, part of the controlled opposition.”

2) Championed Canadian political success stories on Radio Liberty with Dr. Stan Monteith

3) Dr. Stan Monteith explains the limited role of the federal government that few Christian evangelicals seem to get

4) “The fiat money system works well if it’s tightly controlled:” Dr. Stan Monteith

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Combination of four currency symbols

Warren Buffett correctly points out that he pays less tax as a percentage of his income than his secretary does, as a result of her receiving nearly all of her income as personal income, while Buffett receives most of his as capital gains and dividends.

Thanks to the Bush tax cuts that were extended by President Obama, the man who promised change, long-term capital gains and dividends are taxed at only 15%, compared to a top rate of 35% for personal income over $200,000.

This is portrayed by the business community as a good thing, and even by some people making far less than $200k a year, with the justification that it’s important to promote investment.

I used to have the view that the government providing a preferential incentive for investing was a good thing, until I gained a better understanding of the proper role of government, and how preferential government incentives can lead to artificial boom-and-bust cycles.

You have three options with your money: You can either spend it, save it, or invest it.

Is spending a lot of your new money ever a good thing compared to investing it? Yes, for example, in the case of high inflation and low interest rates — as is increasingly becoming the case in 2011.

But why bother spending your money now when you can get a big tax advantage on dividends and capital gains, and can even claim any interest paid on borrowed money for such investments as a tax deduction?

Instead of spending your money and possibly putting more people back to work, more money is given to companies so that the executives at the top can award themselves more in stock options and bonuses, and hedge fund managers can make a killing off of manipulating the market, as Jim Cramer candidly admits.

If the market feels that more spending or saving is the order of the day, what business is it of government to create an artificial demand for more investment?

The problem of over-investment is acutely seen with so many would-be retirees who are dependent on their investments for retirement, and got a rude awakening in late 2008 when they depended on a government bailout in order to prop up the market back to its pre-2008 crash levels. Had they not been given an artificial incentive to invest, many would’ve made savings more of a priority, and put their money into less risky places than in a housing market propped up by junk mortgages sold as triple-A securities, and a stock market propped up by the financial services sector with its fraudulent financial vehicles.

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Ludwig von Mises

From today’s LewRockwell.com article, The Duplicity of Warren Buffett, Eric Englund wrote:

Although far from legendary, Warren Buffett’s cognitive dissonance, regarding taxes, is maddening. On the one hand, he celebrates the Sixteenth Amendment and brags about the billions of dollars Berkshire Hathaway pays in federal income taxes – after all, Buffett is self-described as Uncle Sam’s “grateful nephew.” Yet, on the other hand, he basically refuses to lend money to Uncle Sam for fear that the federal government will pay back the loans with cheaper dollars; which is, as Ron Paul describes, the inflation tax.

What did Ludwig von Mises say about inflation as a tax?

People sometimes call inflation a special way of “taxing” a country’s citizens. This is a dangerous opinion. And it is wholly untrue. Inflation is not a method of taxation, but an alternative for taxation.

For more on Warren Buffett, see my article, Warren Buffett’s inconsistencies.

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