Posts tagged Austrian
By Alex Newman
As concerns over the U.S. dollar and the Federal Reserve continue to grow, U.S. lawmakers explored sound money, competing currencies, and the route to monetary freedom during an August 2 congressional hearing chaired by Rep. Ron Paul (R-Texas). It was the final House Domestic Monetary Policy Subcommittee hearing led by the long-time champion of honest currency and reining in the controversial Fed, but analysts say the impact of Rep. Paul’s work is only just starting to be felt.
Entitled “Sound Money: Parallel Currencies and the Roadmap to Monetary Freedom,” the hearing featured powerful testimony from several expert witnesses. But Rep. Paul, almost single-handedly responsible for sparking the ongoing nationwide debate about monetary policy, offered his own thoughts on the issue as well, slamming central planning and calling for honest money as a precursor to free markets and true liberty.
“One of the most pressing issues of our time is the push for monetary freedom,” Rep. Paul said in his opening statement, citing Austrian economist Ludwig von Mises — widely considered one of the most important advocates of free markets in history. “The only sound monetary system is one which protects sound money and allows consumers, businesses, and investors the freedom to transact in the currency of their choice.”
By Joseph Beck
The recent Greek elections resulted in the Hellenic Republic staying in the Euro zone, for now. According to the New Democracy leader Antonis Samaras, the people of Greece chose “policies that will bring jobs, growth, justice and security.” Of course, we all hope that to be the case. The debt-suicide epidemic and the abandonment of children on the street by their families is hard for anyone to watch. Even Greece’s historic archaeological sites are being opened up to advertisers and other ventures due to the financial crisis. We are witnessing a collapse that we can only hope doesn’t replicate itself here in America.
When crises occur, the reaction is vitally important. What should the government do? Will the new election make a difference? Fellow PolicyMic Pundit Barry Lyndon lays out the case for Ron Paul’s favored school of economic thought, the Austrian School—bailouts, inflationary stimulus, and other government interventions only prolong the crisis, making the inevitable burst of the bubble much more severe than it would be if the recession, the correction, was allowed to occur. Something we should also consider: how did Greece get in this situation? It wasn’t the typical government largesse alone; Greece and her people are the victims of financial terrorism. None other than Goldman Sachs, campaign contributor to both Barack Obama and Mitt Romney, not Ron Paul, profited immensely from the debt trap they set for the Greek people.
Geithner Wants To Get Rid of Physical Currency (Better Tracking)
By Gary North
Timothy Geithner, the Secretary of the Treasury, wants to get rid of paper money. He says it’s part of a cost-cutting measure.
Nonsense. It’s part of the government’s attempt to track our purchases. Its a plan to get rid of the underground economy, where people buy what they want, sell what they want, and leave no digital trail.
The government cannot control the cash markets. It wants to tax them. But paper money resists taxation.
A good article on this appeared last week by Austrian School economist Joe Salerno. It is posted here. He wrote this.
Under cover of its multiplicity of fabricated wars on drugs, terror, tax evasion, and organized crime, the US government has long been waging a hidden war on cash. . . .
Despite this enormous depreciation, the Federal Reserve has steadfastly refused to issue notes of larger denomination. This has made large cash transactions extremely inconvenient and has forced the American public to make much greater use than is optimal of electronic-payment methods. Of course, this is precisely the intent of the US government. The purpose of its ongoing breach of long-established laws regarding financial privacy is to make it easier to monitor the economic affairs and abrogate the financial privacy of its citizens, ostensibly to secure their safety from Colombian drug lords, Al Qaeda operatives, and tax cheats and other nefarious white-collar criminals. . .
Fortunately, the free market provides the prospect of an escape from the fiscal police state that seeks to stamp out the use of cash through either depreciation of central-bank-issued currency combined with unchanged currency denominations or direct legal limitation on the size of cash transactions. As Carl Menger, the founder of the Austrian School of economics, explained over 140 years ago, money emerges not by government decree but through a market process driven by the actions of individuals who are continually seeking a means to accomplish their goals through exchange most efficiently. . .
Just like the highly publicized war on drugs that the US government has been waging – and losing – for decades, it is doomed to lose its surreptitious war on cash, because the free market can and will respond to the demand of ordinary citizens for a reliable and convenient money.
The ATM is our friend. No matter how hard the government tries to stamp out paper currency, people will use it. They buy freedom with it. They buy privacy.
To read about Geithner’s plan, click here.
April 2, 2012
Copyright © 2012 Gary North
Was Judge Andrew Napolitano cutting to close to the bone for the establishment?
February 10, 2012
The Fox Business Channel has cancelled one of the only shows on the entire Fox News network that was in any way informative or watchable - Freedom Watch with Judge Andrew Napolitano.
In a press release distributed late Thursday, the channel announced that its entire prime-time programming lineup had been changed, with re-runs of already existing programs replacing Freedom Watch.
Napolitano’s show had been airing for a year, in which time he had consistently covered major issues that other news programs would only gloss over, if they devoted any coverage to them at all.
Napolitano’s coverage of the freedom stripping National Defense Authorization Act for one was second to none as far as mainstream news output was concerned. His legal and constitutional expertise on such matters is also unrivalled.
His focus on Austrian economics and Libertarian social policy provided a much welcome alternative to the endless left/right bickering constantly played out on programming from the likes of MSNBC, CNN, and FOX News itself.
Napolitano regularly defended the free market and lambasted the actions of the Federal Reserve, holding it accountable daily for the economic crisis that the US finds itself mired in. Congressman Ron Paul was a regular guest on the show, with a host of other informative analysts who were not merely about peddling the establishment party line or representing special interests.
It is for these very reasons that many fans of the show suspect Napolitano has been axed by the corporate machine.
Regarding Napolitano’s future, Fox Business stated that the judge will be “continuing to make significant contributions to both FOX Business and FOX News” and would “be showcased throughout future programming on both networks”
“Currently one of the leading judicial analysts on television, Judge Napolitano will continue his role on both FOX Business and FOX News, providing key legal insights surrounding the growing intersection between Washington and Wall Street.” the statement read.
Linking to the press release on his Facebook page, Napolitano wrote “sad news friends, but don’t worry I’ll still be here defending liberty.”
Libertarian activist Lew Rockwell is spearheading a campaign to have Freedom Watch reinstated, writing on his website yesterday:
“If you are as outraged as I am at the cancellation of Judge Andrew Napolitano’s “Freedom Watch,” here is something you can do.”
Please contact Fox Business to ask them to reverse their decision.
Senior Vice President Media Relations
“Be respectful but be sure to convey your outrage at this matter, and state that you and many others will boycott the network if the show is taken off the air.” Rockwell added.