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Posts Tagged ‘Tom Woods’

From Tom Woods’ October 7, 2014 podcast, Austrian economist takes on bestselling college text, chapter by chapter, I noted that there was no challenge mentioned of mainstream economics textbooks advocating governments borrowing from private banks to pay for their legitimate government services rather instead of issuing the money directly, interest-free.

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I listened to all of Tom Woods’ September 24, 2014 half hour presentation on the depreciation of the Revolutionary War-era Continental currency, fully expecting him to never mention the massive British counterfeiting, and true to my expectations, he didn’t!

This is yet another example of why I am critical of the Austrian School of Economics and the claims of some of its top proponents. At best, this was a sloppy unacademic omission by a Harvard graduate and Columbia University PhD holder who is more than proud to tout himself as a New York Times bestselling author, and at worst, a deliberate omission in order to convince his uncritical audience of his case that the Continental currency and all paper money is inherently massively inflationary and fatally flawed in relation to gold as money.

As I have discussed my radio program before, G. Edward Griffin, author of The Creature from Jekyll Island, considered by many in the alternative media to be the top book exposing the Federal Reserve, also conveniently fails to mention massive British counterfeiting of the Continental currency, while, like Tom Woods, also leading people to the illusory “free market gold standard.”

For my extensive collection of articles on prominent Austrian School proponents, see my articles on Gary North, Tom Woods and Lew Rockwell.

For more on my critique of Austrian economics, see my article, “I don’t agree with Austrian economics.

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Andrew NapolitanoFrom his February 18, 2014 appearance on the Tom Woods Show, Judge Andrew Napolitano said (at 16:04):

Even when Lew Rockwell and you, and I, are dining together, I am the most libertarian person in the room.

and:

The long answer is that I am the quintessential Rothbardian. I believe that you have the right to avoid the state, to avoid the government, the absolute moral right to do so.

For more on Judge Napolitano, see my article, Dr. Stan Monteith on Judge Andrew Napolitano: “Is he another plant in the conservative movement?”, in response to Judge Napolitano’s statement that the first American to shoot down a drone flying over their house where their kids are playing would be an “American hero.”

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On the February 1, 2014 episode of Exposing Faux Capitalism with Jason Erb, I discussed the following issues:

My Josh Tolley Show appearance, recent Ellen Brown appearance, Israel’s online “hate” task force, NY Times hit piece against Rand Paul, how he’s an establishment asset, Tom Woods says NYT smeared him, yet touts their praise of his writings, Lew Rockwell says NYT reporter part of regime, yet he created government-regulated Mises Institute.

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Tom WoodsFrom his January 30, 2014 podcast, Tom Woods said, in response to this January 25, 2014 New York Times hit piece against Rand Paul and Mises Institute associates like Walter Block (at 9:47):

“Basically, I don’t talk to the New York Times anymore. They write to me, they want some comment, I tell them no, I’ve been smeared by you guys before.”

Yet, five days after the article, Woods is still touting that he’s a “New York Times Bestselling Author” on the top of his website, and on his Facebook page.

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If the New York Times is so bad and has been known to “smear” him and others like Walter Block and Ron Paul, why is he still touting their lauding of his authorship?

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Tom WoodsOn the January 5, 2014 episode of Exposing Faux Capitalism, I provided a two-hour refutation of Tom Woods’ 2013 presentation paper, “Why the Greenbackers are Wrong.

Here are some highlights:

(2) that fiat money is just fine as long as it is issued by the people’s trusty representatives instead of by the Fed
– It’s not fiat money, since it’s being issued into circulation by the 12 privately-owned Federal Reserve Banks
– Misdirection, since the proposal isn’t to have Representatives and Senators issue money, but to have bankers do it through the U.S. Treasury, under the public trust, akin to the successful Bank of North Dakota.

The Fed pays for this purchase by writing a check on itself, out of thin air, and handing it to the primary dealer.
– Not created out of thin air, but instead, by a bookkeeping entry.

For one thing, pieces of paper with politicians’ faces on them are not saleable goods. They have no use value, and therefore could not have emerged from barter as the most marketable goods in society.
– They do, because of the full faith and credit of the government backing them, which is based ultimately upon the productivity of the people, and the exchange between producers (taxpayers and government).

Second, even if government did try to impose a paper money issued from nothing on the people, it could not be used as a medium of exchange or a tool of economic calculation because no one could know what it was worth. Are three Toms worth one apple or seven fur coats? How could anyone know?
Its value is ultimately determined by the market, and even Lew Rockwell said that not only is the USD a medium of exchange, it’s also money.

This is how unbacked paper money comes into existence. It begins as a convertible substitute for a commodity like gold, and then the government takes the gold away.
– What about the first paper money issued by the Mongols, and what about the United States Notes?

“Free-market money, therefore, is commodity money.”
– Says who? Stephen Zarlenga has documented several other ways that money has arisen, and privately-issued, voluntary, usury-free community currencies have been issued that aren’t commodity-based.

So free-market money does not enter the economy as a loan.
– What about the paper notes issued by banks during the Free Banking Era of the United States? Were they not free-market money, just because they were issued by state-chartered banks?

For consistency’s sake, they should support all forms of debt-free money, including money that takes the form of a good voluntarily produced on the market and without any form of monopoly privilege.
– “They do”, as in me (Jason Erb), Anthony Migchels, George Whitehurst-Berry, Wayne Walton, Tom J. Kennedy and others.

Although the “there isn’t enough money to pay the interest” argument fails, I want to take up a related warning about sound money
– Is gold sound money when it dropped from $1700 to $1200 in 2013?

First of all, no one can expect to print pieces of paper with his face on them and spend them into circulation. Nobody would accept them, needless to say, and as we have seen, it is impossible for money to be introduced ex nihilo in this way. The only kind of money that can emerge on the free market is one that, at least at one time, had been considered a useful commodity. Paper money can come into existence on the free market and without coercion if it serves as a redemption claim for the commodity money, but irredeemable paper money cannot originate without government threats or violence.
– Tom Woods flaunts his ignorance of the success of voluntary, usury-free community currencies, such as Ithaca Hours and mtnHours.

Again, as we saw previously, the pattern is this: a commodity is freely chosen by market participants to serve as money, for convenience paper receipts fully convertible into that money begin to circulate as money substitutes, and finally the government removes the commodity backing from the paper and only the paper circulates.
– In other words, gold doesn’t function directly in a wide-spread way as money.

When Franklin Roosevelt confiscated Americans’ gold in 1933 and gave them paper money in exchange, this money did not enter the system “as debt.” It was a simple act of conversion of specie into paper. (Thanks to J.P. Koning for tracking down that link.)
– If it didn’t enter as debt, why were they still referred to as notes?

the naive confidence in the American political class that the Greenbacker alternative demands is beneath the dignity of a free people.
– By that standard, why trust government with any powers? — In this way, the anarcho-capitalist critics of government-issued money have some credibility on this point, unlike the minarchist critics like Gary North, who still call for government regulation of contracts in his illusory free market gold standard that is just as much a fool’s gold standard as any government-guaranteed gold standard.

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Tom WoodsOn the Sunday, January 5, 2014 episode of Exposing Faux Capitalism with Jason Erb, from 8 to 10 PM EST, I intend to provide a full critique and refutation of Tom Woods’ 2013 presentation paper, “Why the Greenbackers are Wrong“.

I find it very revealing that he had more time to prepare this paper than to investigate Bitcoin, for instance, which is a privately-issued alternative to the illusory free market gold standard he and most of his compatriots of the Austrian School keep pushing.

You know what they say — when you’re over the target, expect to get some flak.

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