Almighty Dollar

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Available at Mises Institute Bookstore here »

Hans Sennholz was a great champion of the Austrian Theory of the Trade Cycle and also the Misesian view of money. He was a proponent of the gold standard, and this is his aggressive defense of Austrian theory against monetarism and supply-sideism. In fact, this is the most systematic Austrian criticism of the supply siders available. He uncloaks their free-market rhetoric to expose an inflationist core that is really Keynesian in its heritage.
The core of his argument concerns the centrality of the money question to the future of freedom, and here he is at his most eloquent.
Most striking for Austrians is a subtle change in Sennholz’s thinking on sound money itself. Instead of a centralized solution that would convert the very definition of the dollar—a solution he favors but regards as politically impossible—he proposes something very different and challenging: complete decontrol of laws concerning money production and use. With the repeal of coinage restrictions, legal tender laws, and decontrol of monetary contracts, he imagines new currencies circulating alongside the dollar.
The monograph is short and powerful—and his solution is worth taking a very careful look at. It might have more plausibility now than ever before.

Available at Mises Institute Bookstore here »

Hans Sennholz was a great champion of the Austrian Theory of the Trade Cycle and also the Misesian view of money. He was a proponent of the gold standard, and this is his aggressive defense of Austrian theory against monetarism and supply-sideism. In fact, this is the most systematic Austrian criticism of the supply siders available. He uncloaks their free-market rhetoric to expose an inflationist core that is really Keynesian in its heritage.

The core of his argument concerns the centrality of the money question to the future of freedom, and here he is at his most eloquent.

Most striking for Austrians is a subtle change in Sennholz’s thinking on sound money itself. Instead of a centralized solution that would convert the very definition of the dollar—a solution he favors but regards as politically impossible—he proposes something very different and challenging: complete decontrol of laws concerning money production and use. With the repeal of coinage restrictions, legal tender laws, and decontrol of monetary contracts, he imagines new currencies circulating alongside the dollar.

The monograph is short and powerful—and his solution is worth taking a very careful look at. It might have more plausibility now than ever before.

Filed under money economy economics politics book Austrian Economics Austrian School Mises Hans Sennholz dollar coinage restrictions legal tender laws currencies freedom liberty Libertarianism libertarian

26 notes

Fed "Twist" Threatens Long-Term Stock Returns & Retirement Lifestyles

The Fed shoots another bullet in the back of retirees and savers. Just to make sure they can’t survive and the government can.

— Posted Wednesday, 28 September 2011

By Daniel R. Amerman, CFA

Overview

The Federal Reserve’s “Operation Twist” represents a $400 billion assault on retirement investment portfolios, pension funds, corporate stock valuations and the financial viability of state and local governments.  As explored herein, the full potential effects of Operation Twist and related Federal Reserve policies include:

1) Reducing the standard of living for tens of millions of current and future retirees;

2) Reducing long-term earnings growth rates for stocks, with a potentially major and long-term reduction in fundamental stock values;

3) Setting off feedback loops that will further reduce both retiree lifestyles and stock valuations; and

4) Increasing the chances of insolvency for state and local governments, as well as many major corporations.

The Fed’s announcement that they will be selling $400 billion of short-term treasuries in order to buy $400 billion in long-term treasuries is not the confusing or ineffective obscurity many observers mistakenly believe it to be, but rather it is a textbook example of the strategy of Financial Repression that the US government has chosen in an attempt to avoid either hyperinflation or default.  Succinctly put, the key is to take the massive financial pain that would otherwise be forced on the federal government, and instead move the burden elsewhere. 

Because the government shortfalls are in the tens of trillions of dollars over the coming decades, only a huge target would be able to bear this burden, and such a target has indeed been found:  retirement investors, pension beneficiaries and Social Security recipients.  The damage from this deliberate targeting of retiree lifestyles and retirement investors will not be confined to older Americans, however, but in combination with related Federal Reserve actions, will ripple out through the entire US economy, the investment markets, and the world economy as well.

The US government may or may not succeed in dodging default or an abrupt collapse in the value of the dollar.  But a vigorous attempt is being made right now in real time, and “Operation Twist” is front and center.  This attempt and related actions may very well dominate the retirement and long-term investment world for years or decades, albeit beneath the surface. 

In this article we will pull the mask back from what the government is doing, expose the multiple layers of danger for retirement investors, the directly related and potentially catastrophic risks for stock investors, and how this endangers both corporations and state and local governments.  We will also discuss how investors can “Reverse The Twist” for their own protection.

Read more »

Filed under economy economics politics Federal Reserve Fed End the Fed Bernanke bullet in the back Ron Paul Ron Paul for President central banks Libertarianism libertarian retirees retirement investors Operation Twist standard of living occupywallstreet occupytogether blue pill

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thesixthslice:

Sept 14, 1966 minimum wage was raised to $1.40 an hour.  It is currently $7.25 which is a 517% increase.  How does that measure up?  I thought you’d never ask…
in 1966 a stamp was a nickel, now it is 44 cents; an increase of 880% (but the USPS is broke)
in 1966  gas was 32 cents a gallon, now it is $3.54; an increase of 1106% (mostly due to tax increases)
in 1966 an average house cost $23,300, now it is $174,000; an increase of 746%
but if you were renting in 1966 it was about $118, now it would be $755; an increase of 640%
I love a government with my well being as the focal point of its mathematical outlook.  (So if you know of one of those I’d be happy to move Kthxbai)

thesixthslice:

Sept 14, 1966 minimum wage was raised to $1.40 an hour. It is currently $7.25 which is a 517% increase. How does that measure up? I thought you’d never ask…

in 1966 a stamp was a nickel, now it is 44 cents; an increase of 880% (but the USPS is broke)

in 1966 gas was 32 cents a gallon, now it is $3.54; an increase of 1106% (mostly due to tax increases)

in 1966 an average house cost $23,300, now it is $174,000; an increase of 746%

but if you were renting in 1966 it was about $118, now it would be $755; an increase of 640%

I love a government with my well being as the focal point of its mathematical outlook. (So if you know of one of those I’d be happy to move Kthxbai)

(Source: smidj)

Filed under libertarian minimum wage ron paul 2012 tea party economy economics politics

9 notes

polyslime:

Tremendously important material discussed herein. Every American ought listen to these thoughts on government and the economy voiced by Ron Paul. It has been a long, long time since this nation has seen a leader of his caliber. Please consider re-blogging this as the Establishment media seems to have no intention of bringing Ron Paul’s message to the people. If they hear they will likely agree and follow. There is still time to save this country. Let’s take back the power the people used to have before it was usurped by the federal government.

ninestripe:

Ron Paul today at the South Carolina Palmetto Freedom Forum, speaking more in depth on his platform of government nonintervention, free markets, states’ rights, and natural law.

Filed under 2012 2012 election abortion campaign 2012 capitalism economics economy election federal federal reserve free free market income income tax libertarian libertarianism market noninterventionism paul politics reserve rights roe roe v. wade ron ron paul state state rights states' rights tax

21 notes

The Federal Reserve has a sneaky plan for QE3

This would be smoke and mirrors on a monumental scale, a whole new chapter to the Fed’s ongoing con game.

Wednesday, August 31, 2011

From Bruce Krasting:

Go back a week to an article in the New York Times. The guts of this story is that the Administration is working on a plan to ReFi residential mortgages on a massive scale. 

Read article here.

Filed under economy economics politics refinance refi residential mortgages Federal Reserve Fed central bank central planning academic economists Bernanke Ron Paul Libertarian

56 notes

PRETERNATURAL PROGNOSTICATION
The Federal Reserve as seen from 1912 (the Fed was created in 1913 and since its creation the US dollar has lost 97% of its value.) Where has all that wealth gone? It has been siphoned off to the central bankers and their favored fawns, largely politicians and political hangers-on. The rest of us were turned into serfs, happily drugged serfs but serfs nonetheless.
forlornglances:

From 1912, in the prelude to the Federal Reserve Act of 1913.

PRETERNATURAL PROGNOSTICATION

The Federal Reserve as seen from 1912 (the Fed was created in 1913 and since its creation the US dollar has lost 97% of its value.) Where has all that wealth gone? It has been siphoned off to the central bankers and their favored fawns, largely politicians and political hangers-on. The rest of us were turned into serfs, happily drugged serfs but serfs nonetheless.

forlornglances:

From 1912, in the prelude to the Federal Reserve Act of 1913.

(via libertariancontrarian)

Filed under banking conspiracy debt economics economy empire federal reserve libertarian politics central bank central planning Fed death of the dollar enslavement of American citizenry serfdom

48 notes

Ron Paul wins last nights debate by telling the truth

baseballlibertarian:

By Thomas Woods

Thomas Woods – Once again, Ron Paul distinguished himself in a Republican presidential debate by telling Americans the truth, answering the questions he was asked, and refusing to treat his countrymen like ten-year-olds who should be spoken to in bumper-sticker slogans.

On the economy, everyone talked about lower taxes, cutting spending, and a balanced budget – the usual boilerplate. Only Ron Paul sought to explain why we have recessions in the first place. Only Ron Paul mentioned the critical role of the Federal Reserve System in blowing up the bubbles that have popped in America over the past decade. Only Ron Paul explained that the monetary system we have, whereby money can be created out of thin air whenever the political class wants it, is a recipe for the very kind of disaster we are living through right now.

To be sure, former House Speaker Newt Gingrich had some critical words for particular Fed policies, but surely his recent criticism of the Fed is one of the exceedingly rare times, if not the only time, he has made serious mention of the Federal Reserve in over three decades in public life.

The only reason any of them will even talk about the Fed is Ron Paul, who took the issue from the depths of obscurity and turned it into a live issue for the first time in the nearly one hundred years of the Fed’s existence.

But where Congressman Paul really stood out, of course, was in foreign policy. He dismissed the comments of the neoconservative former U.S. Senator Rick Santorum as “war propaganda,” which indeed Senator Santorum can be relied upon to parrot at every opportunity. He explained that the history of U.S. relations in Iran did not begin with the hostage crisis in 1979, as Senator Santorum tried to pretend. It began with the U.S./British coup in 1953 that brought the oppressive shah to power, and it was resentment over his police state that turned Iranians against the U.S. Before the U.S. government’s interventions in the Middle East, Americans had an excellent reputation in that part of the world – another piece of history our political class ignores.

Our delicate ears are not supposed to hear the kinds of things Ron Paul told Americans tonight. We’re supposed to hear “USA! USA!” We are supposed to be flattered, told our leaders have infallible judgment, and urged to believe that anyone who questions that judgment, or who thinks anyone around the world might have a legitimate grievance against the American political class, “hates America.” Given how many grievances we Americans have with our political class, is it really so hard to imagine that other people might, too?

Everyone on the stage wanted to talk about budgets, but only Ron Paul pointed out that the wars are costing trillions of dollars, with a sixth war being seriously contemplated. This is pure insanity, and the only person who will level with the American people about it is Ron Paul.

Read more:  

Ron Paul wins last nights debate

(Source: moralanarchism, via polyslime)

Filed under politics, tom woods ron paul libertarian gop debate economics