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Posts Tagged ‘intrinsic’

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

In his August 23, 2012 LewRockwell.com article, Max Keiser: Ludwig von Mises Is a Fake Austrian Economist, Austrian School supporter Tom Woods states:

Now returning to Jaitly: “Gold does not have intrinsic value per se. It has value because it satisfies human ends…. It doesn’t have value in and of itself.”

This is certainly true, but any knowledgeable libertarian, and certainly any Austrian economist one might name, already knows this.

Woods is not alone among Austrian School supporters in this view, with fellow Mises devotee Gary North admitting as recently as March 2011 that “[g]old has intrinsic properties that make it valuable. However, it does not have intrinsic value.

Now, if only both of them would kindly inform patriot radio gold dealers the same, so they don’t keep repeating the same misinformation during their commercials and appearances on questionable shows like Coast to Coast AM.

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