Posts Tagged ‘Ingo Bischoff’

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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Image representing Alexa as depicted in CrunchBase

In their December 31, 2011 editorial, A Happy New Year and Many New Schemes!, Daily Bell founder and Editor-in-Chief, Anthony Wile, wrote:

First, allow me to wish all our readers and viewers a happy new year. This has been a year of growth for our modest publication, and we regularly receive upwards of 20-25 million hits a month.

It’s likely an honest mistake on their part, in saying month instead of year. However, I saw two comments on the number, and they responded, not indicating any realization that the number is definitely incorrect for the timeframe of a month.

There’s no way they are getting 20-25 million hits a month, as Mish Shedlock’s globaleconomicanalysis.blogspot.com site was ranked far higher by Alexa.com, in the 14,000th to 35,000th range in 2011, while the Daily Bell has fluctuated between the 30,000th to 100,000th range, and Mish’s stats show he had 21,262,533 page hits for all of 2011.

For more on The Daily Bell, see my articles:
1) Daily Bell interviewee Ingo Bischoff undermines their basis for a free market in money, saying such a thing doesn’t even exist
2) The Daily Bell, whose founder “continues to advise and consult to large international banks,” claims Zionism isn’t support for a Jewish homeland specifically in the biblical lands
3) Daily Bell interviewee challenges their Anglo-American narrative
4) The Daily Bell critically examines the Anglo-American establishment, yet what about some of their contributors?
5) Strange bedfellows: The Federal Reserve and The Daily Bell

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A small size $100 United States Note of Series...

In The Daily Bell’s November 6, 2011 interview with Ingo Bischoff, he said (emphasis mine):

“Free-market” thinking, termed by Murray Rothbard as “Anarcho-capitalism,” argues for a society based on the voluntary trade of private property and services (including money, consumer goods, land and capital goods) in order to maximize individual liberty and prosperity.

To maximize individual liberty and prosperity, the “Free Market” distributes “wealth” by a system of arbitrage where the discovery of prices is based on marginal utility analysis, and in which “Money,” the commodity with constant or nearly constant marginal utility, is the standard of value against which the value of any other commodity or service is measured. To have a “Free Market” in “Money,” therefore, is a contradiction.

As a further blow to their opposition to government-issued currency (especially debt and interest-free currency, as opposed to free banking where banks will want to continue charging compound interest), Bischoff responded to their question about his praise for Benjamin Franklin’s Bank of Philadelphia with this (emphasis mine):

Despite the lack of redemption promise, the impeccable and honest way in which the Bank of Philadelphia was run caused the value of the Pennsylvania Pound never to drop below the value of monetary coin. This remarkable fact was cited by Adam Smith in his book The Wealth of Nations, published in 1776.

For more on government-issued currency, see my articles:

1) Three prominent hard money advocates endorse the temporary issuance of fiat money

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

3) The Constitution doesn’t prohibit both the states and federal government from issuing fiat money

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

5) The U.S. Constitution doesn’t say money should be gold or silver coin

6) The Constitution doesn’t insist on a gold or silver-backed currency

7) A fiat currency that lasted more than a few hundred years

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