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Quarterly Journal of Austrian EconomicsAt a local libertarian gathering this past week, the topic of economics came up, and I said to the surprise of everyone there, “I don’t agree with Austrian economics.”

I started getting into the first reason I list here, and for completeness, here are ten top reasons:

1) I don’t think government has to borrow money into circulation as a debt with interest in order to pay for carrying out its enumerated powers.

2) I see it putting too much focus and blame on government, instead of force and fraud carried out by any individuals or group of individuals, including corporations.

3) The obsession with inflation. Inflation is absolutely necessary under a debt and interest-based monetary system in order to pay the aggregate debt.

4) Making frequent reference to a so-called “gold standard,” as opposed to calling it a free market system of freely competing currencies.

5) Its obsession with gold, and to a lesser extent, silver, as “real money,” “sound money,” as I thoroughly challenged in my article, The gold double standard.

6) Its elite origins, as illustrated in my July 22, 2012 interview with monetary reformer, Anthony Migchels.

7) The willful blindness toward, or deliberate omission of, successful government-issued currencies, and facts concerning how some such as the Continental Dollar and United States Notes were deliberately sabotaged by banksters and their agents, as I mention here.

8) Inconsistencies among some prominent Austrian economists, in holding that corporations are entitled to private property rights protections, despite being creatures of government, as I wrote about here.

9) Downplaying the role of interest. When a debt is created with interest owed and no money created to pay the interest, more money has to be borrowed, or one’s production has to be pledged in order to pay the debt, or one’s property pledged as a security.

10) Not taking a positive position on local, interest-free currencies as a great market alternative, all on the basis that the so-called “free market” will decide everything, as opposed to reasoning independently about such a proposal.

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