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Posts Tagged ‘tariffs’

Tom J. KennedyMonetary reformer Tom J. Kennedy was my guest on the September 29, 2013 episode of Exposing Faux Capitalism.

Hour 1: Interview with Tom J. (UsuryFree) Kennedy about the 9th annual Usury Free week, from November 13 to 19, about the Richard Warman v. Fournier et al trial, Richard Warman’s civil case against him and David Icke, and about his monetary reform efforts.

Hour 2: The non-existent free market gold standard, Lew Rockwell’s selective publishing, tariffs, taxes, and my recent media appearances.

For my previous interview with Tom J. Kennedy, see here.

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Paul Craig Roberts

I came across a 2004 appearance made by Paul Craig Roberts on C-SPAN (around 12:00), where he had realized an actual flaw with the academic framework that underpins the rampant rush toward more and more so-called free trade.

Namely, that David Ricardo’s theory of comparative advantage rests on a premise that no longer applies in our current situation — that the factors of production (labor and capital) are as mobile as traded goods.

Since the end of the Cold War, with the vast freed-up labor pool in China and India, the rise of the internet and mobile technologies, as well as the vastly deregulated transportation, financial and communications sectors, labor and capital are now even more mobile than traded goods (and even services).

Therefore, we not only have an intuitive basis for rejecting these so-called free trade deals, but an academic one, and the timing is all the more important with the pending free trade deals with South Korea, Panama and Colombia set to be ratified.

As for the solution, I think that Ian Fletcher has it. A flat tariff on all imported goods and services, with the only question being the rate (he suggests 30%).

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Bob Chapman, The International Forecaster, was on Radio Liberty with Dr. Stan Monteith on September 27, 2010, and enunciated several important points that he had been developing on several shows over the preceding few weeks.

In the second segment, he called for tariffs, echoing what I had previously noted to him, that he and Paul Craig Roberts seem to be the only regular economic/financial writers who think tariffs on goods and services are a good thing.

In the third segment, he called for gold backing of the U.S. dollar by a minimum of 15% and said 25% would be even better. However, the U.S. dollar was backed by gold to the tune of 35% on deposits and 40% on notes from 1913-1933, as specified by the Federal Reserve Act, and that far higher level of gold backing by itself didn’t prevent the greatest depression in U.S. history.

In the fourth segment, he said the real money is in gold and silver shares, not gold and silver per se, and said that between 1978 and 1981, gold and silver shares went up 40 times the price of bullion, and 500% higher in the 1930s, but the key is knowing when to sell.

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