Economic Cycles Before the Fed | Thomas E Woods, Jr.

[jerryvalez]

This guy doesn't know what he is talking about. We need government to run the banking system. It's a scientific fact. Krugman, Away!!!!!!! (cue superman theme)

[cdoftx]

@jerryvalez No one says the government has no role in the banking system. Their job isn't to prop up losing companies and print unbounded amounts of money though.

[jerryvalez]

@cdoftx actually I would say the government has no role in banking. could you not detect the ultra sarcasm in my comment? Krugman, Away?

[tabletalk33]

Excellent lecture! Bravo! This is exactly what Americans need to hear about their money, banking, and history.

[benekastah]

@SovereignStatesman What's the link to your video?

[SovereignStatesman]

@benekastah

He is not a legal expert, and has furnished NO legal proof of state sovereignty.

I do, in my video.

[RationalDischarge]

11:44 Best Rothbard impersonation ever!

[SovereignStatesman]

Like everyone, Tom Woods misses the forest for the trees; i.e. he details the individual problems that occured, while the real problem is that such problems are inevitable under an autocracy.

The USA has not been a democracy for over 150 years, but an elective oligarchy.

But like most academics, Tom looks at the problem under a microscope, and misses the plain fact that we live under a dictatorship, which needs no further criticism.

Until states take back their national sovereignty, we're done.

[themadcookieman]

@SovereignStatesman I agree that we are an oligarchy. I do think that Tom Woods realizes this though.

[SovereignStatesman]

@themadcookieman

He can realize it all he wants-- he doesn't PROVE it.

I do.

[Jimmy29li]

I agree with your statement, but we were never a democracy. We were a republic...big difference.

[Chazb5046]

:O we've been taught that 1870s = awful economic time for USA !!

[SovereignStatesman]

Andrew Jackson was the man who destroyed state sovereignty, regardless of what he thought of a national bank.

[jasonofcompsci]

@misesmedia. Hey, I've been looking everywhere for another one of his videos. At the end of this one he states that the purported economic history under the fed is completely untrue and that he has more information on it. The video I'm looking for is the one where he does go into that. It was my absolute favorite video and I need someone to see it.

[05121784]

@jasonofcompsci

It may be on audio? Look through Mises.org - MisesTV - Search Woods

[MrUnicorn1995]

I'll definitely see if I can get my AP History Teacher to take a peek at this. I feel like I might be able to convert him to a more balanced approach to history, even if I can't get him to go all out with voluntarism/anarcho-capitalism­.

[KenMacMillan]

The current logic put forward by Steve Keen is that booms & busts are caused by debt.

[KenMacMillan]

I wonder why they never passed a constitutional amendment preventing a federal bank.

[mmeziere]

This is been a topic I have been curious about for quite a while now. Many of my questions have been answered. Thank you Tom Woods and Mises!

[Exhalent]

pretty clean audio on these videos

[johnidavey]

haha! yeah, seriously, killer impression of Rothbard. i laughed out loud in a crowded public place when he pulled that one out.

[brown55061]

If you close your eyes he sounds A LOT like the young Richard Dreyfus. History sure does tell a lot about people. This kind of history should be mandatory at a high school level.

[Norie92]

Anyone care to give me the condensed version? -.-

[Pentazoid111]

Except, that Andrew jackson did practice todays definition of equality , by taken loot away from one group and given it to another group, i.e. The trail of tears , destroy chereekee territory to paved for the land to be colonized by white pioneers. I don't know why austrian economists and supports of austrian economics gives this man a pass

[jdcasey9]

@Pentazoid111 everybody makes mistakes. he set a good example in some areas, bad in others.

[JeresyMike18]

He kind of sounds like Patton Oswalt.



[apollogear]

Wow, Tom looks exhausted..

[RosenKrantz666]

Genius!

[nicholasmccann88]

Mr. Woods is an outstanding speaker. I love economics but some are just so mundane and just too many facts. He has a way of drawing listeners in getting them to think. Would love to attend one of his lectures someday!

[FuDuBuKu]

There's always a douche who goes "LOL MONEY, THATS EVIL!" and dislikes.

[JMiskovsky]

I wonder how would look like US of A w/o FED ?

I wonder how would look like ANY mid size country w/o Central bank in Long run ?

[05121784]

Lol - I like it too! Thanks for the video :)

[xXSEGISMUNDOXx]

I liked Rothbard impersonation xD

[lowslowflyer77]

Very nice , Thanks ;-)

[kingcherub]

57:05 "..if you want to carry it out in your own research..." You mean we don't have to be celebrities to hold and express our own opinions? That can't be right! :P

[eurohim]

Inflate is just a non-threatening way of saying counterfeiting.

[charronfamilyconnect]

I mean if Austrian school is so anti-government then why are they a tax exempted government registered entity?

[Dogeatsdogs]

@charronfamilyconnect Sorry I do not get the connection. If you were anti-government would you want to be taxed by them? Thought not. It is a way to opt out. If they did it outside the government framework they would be put in jail. Just like you'd be put in jail for refusing to pay for peoples abortions, or wars, or jails, bus drivers, welfare and food stamps. But hey I am sure you like the violent method of collecting "government" charity.

[joepeeler34]

@Dogeatsdogs Government engages in charity like the Mob collects protection money and "contributions." It takes by force in order to sate interest factions that have organized into coalitions in order to loot from their fellow citizens. Charity requires volitional consent. 

[Dogeatsdogs]

@joepeeler34 Well yeah. You are preaching to the choir friend.

[synestheticmonotony]

@charronfamilyconnect Sorry, I am not following your logic. What you are implying is that it would make more sense for an anti-state entity to want to pay taxes. That makes no sense. Why would an entity that is anti-state want to further the health of the state?

[synestheticmonotony]

@charronfamilyconnect The Austrian School is not a tax exempt entity (or, any entity, for that matter), it is a school of thought.

[occamsbanana]

The ghost of Alexander Hamilton does not like this 'tube.



[rolgorevene]

love woods

[themagus187]

That was the best Murray Rothbard impression I've ever heard.

[BobbyW3363]

I am about to begin watching this, but first I must say - I have wanted to hear someone like Tom Woods address this topic for some time. Should be good!

[alistairproductions]

I reccomend white wine with a Tom Woods lecture and a fine notepad and ballpoint pen.

[egokick]

Thomas Woods is a great speaker, entertaining and informative.

[Tasadaru]

Whoever thought of the idea of fractional reserve banking has to easily be one of the most evil men to ever have lived.

[russelltreadway]

He is not presenting Stafean Molineuxyx as anything to oppose his view! he is just exposing his view!!!

[EsCurve]

lol now if there was an argument between the sec treas and the sec state now then we could call them lowbrow and condescend and sneer.

[CurtHowland]

I have never listened to anything by Prof. Woods and thought I could have done something better with my time.

I am VERY glad someone is doing the legwork on 19th century recessions, the myths are everywhere.

[CountArtha]

@CurtHowland TIme with Dr. Woods is time well spent indeed. :D

[TheEllipsis731]

11:43 lol

[charronfamilyconnect]

I was reading that the Austrian school of Economics Main founder Ludwig Von Mises received lots of funding from the Rockefeller foundation? How ironic if that is true. Does anyone know if that's true cause if it is I question the agenda of Austrian economics. JI hope the dear god its not true. Is this just conspiracy crap or did one of the main founders like Von mises receive funding from the Banking elite rockefeller centre? Thanks!

[pbfrank13]

@charronfamilyconnect If he did, it sucks for the banks because mises et al. are vehemently against central planning. Tesla received funding from JP Morgan for his earth conductor, until Morgan found out it was for free electricity for everyone and pulled the plug on the project. Just because someone receives funding from a particular person/group doesn't automatically imply conspiracy. Ron Paul received funding from known Klansman, however RP is FAR from a racist.

[PanzerDivisionBOM]

@charronfamilyconnect

The LvMi nowadays is blacklisted by a lot of corporate foundations, notably including the Koch brothers. They are very straightforward about their agenda - namely, promoting Austrian economic theory and advocating capitalism - and they don't play politics or settle for corporatism.

If we do accept the premises of your guilt-by-association-game, then this makes sense. Why pay LvMi to speak of government favoritism, including that of favoured interests within business, -

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[PanzerDivisionBOM]

-

- as an obstacle to liberty, when you can pay Cato or Heritage to praise the corporations as champions of liberty who require our ideological support? Why pay Walter Block to lecture about environmental damage as a tragedy of the commons, when you can get someone from a conservative think-tank to gloss it over as the inevitable cost of progress and prosperity? -

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[PanzerDivisionBOM]

-

- Within this paradigm of conspiracy-mongering, any funding recieved von Mises can be explained only on the basis of ignorance of his position, which was poorly understood at the time and would seem at a casual glance to be traditionally "pro-business".

[evilsceptic]

@charronfamilyconnect As I understand it, alot of jewish intelectual refugees recieved funding from the Rockefeller foundation.

[charronfamilyconnect]

@evilsceptic If Ludwig was a true free market capitalist then why ask for money from the devil? Also why is Mises a tax except government registered entity?

[vonPeterhof]

@charronfamilyconnect Well, if they hate the government then avoiding paying more taxes to said government seems like pretty consistent behaviour if you ask me ;)

As for your first question, google Walter Block's Ragnar argument. There's actually a bit of a controversy among libertarians about this.

[evilsceptic]

@charronfamilyconnect Why shouldn't they be?

[dankfr33music]

@charronfamilyconnect Not going to go and do the research, but I'll say this. I received funding for much of my undergraduate education from the Federal Government, which I consider to be worse than any bank (because the banks could never get away with their shenanigans without the guns of the gov.), yet I work daily to limit and discredit (where it's due) the Fed. Gov. When Mises fled the Nazi's and came to the U.S. he couldn't get a job at a uni., so he took funding where he could.

[joepeeler34]

@dankfr33music The problem with govt. funding is that universities set the tuition high enough to capture all of the subsidies. If tuition prices remained at current levels, there would be no butts in the seats. What would happen? The same think that happens when retailers can't move product; college prices would have to drop. Unis would then have to cut back on administrative costs and other things that have nothing to do with educating the student.

It's a racket.

[cabgt]

@charronfamilyconnect Not more Alex Jones conspiracy stuff!! As much as i agree with alot of his stuff (i realise you may not be an AJ fan, just saying), this is taking it too far with trying to make connections and assumptions. Mises and Rothbard were opposed to the banking elites/govt, to the extent that Rothbard called himself a conspiracy theorist by mainstream definition. Nothing sinister about the Rockefeller/Mises funding situation.

[ecnerwal999]

11:42 HAHAHAHA ROTHBARD, CLASSIC.

[TimothyADonaghue]

Someone send a link to this video to Nouriel Roubini!!!

[ecnerwal999]

LIBERTARIANMONARCHY . COM

[diurdi]

Fed is not Private. It's a supra-governmental institution.

[moonbaby625]

@diurdi It is private...the US Government is just one of their clients.

[mpc91]

@moonbaby625 - It was created by the government, has regulatory powers, and has a monopoly on printing money. The only thing that makes it private is that it is not accountable.

[moonbaby625]

@mpc91 Its still private...not government agency. If it were a government agency congress would have control over its activities. My brother works for the fed. Actually he has dual employment status as a liason between the US Government and The Fed...to ensure The Fed is following government regulations.

[mpc91]

@moonbaby625 - Why doesn't congress have control of it's activities? It exercises power enumerated to the congress by the constitution.

We don't need a central bank.

Thank your brother for CAUSING the current financial crisis, with both of his employers.

[moonbaby625]

@mpc91 Wow! That was a really ignorant comment. First of all I am well aware that we should not have a central bank. Do not assume because a family member works for the fed that I agree with its existence. As well being that Thomas Jefferson is my personal hero of course I want to end the fed. But my brother certainly did not cause the financial collapse...insanity! Our government bedding The Mega Corps and Banks did cause the collapse!!!!

[mpc91]

@moonbaby625 - Wow! You call me ignorant, and ignore the absolutely central role that the Fed had in causing the economic collapse. Too funny.

The government pressuring banks to make bad loans (which they did), then assuring them that if they made the people didn't pay, they would take care of them (which they did, and then did) had a great deal to do with making the collapse as bad as it was. But without the Fed, it doesn't happen. They all worked together.

[moonbaby625]

@mpc91 U hello! The ignorant comment was referring to your assumption that MY BROTHER caused the collapse. You might want to try taking the tampon out of your ass before you start writing! It is the fault of the fed resv and the government equally!!!

[SovereignStatesman]

@mpc91

Because by 1913, the federal government had become the sole judge of its own powers, and so it was able to create a fourth branch of government without a constitutional amendment.

That's why Jefferson and Madison said that each state was a sovereign nation under its people, and ALL government powers were only DELGATED thereby.

However Jackson revised history to deny this, and Lincoln took that idea and ran-- AMUCK.

So ever after that, the fed did as it pleased... and still does.

[SovereignStatesman]

@moonbaby625

The fed has governmental authority, so it's part of government regardless.

The US is an illegal shadow-empire ever since Lincoln, and it does whatever it wants because no one has recourse against it.

You can vote a new congressman or president, but you can't vote to end the federal reserve; the people have no REAL power..

[moonbaby625]

@SovereignStatesman No it is not part of the government. The congress illegally delegated its power and responsibility over to the fed. Completely agree with you on the state of our government....worse government in existence...soon its treachery will be unleashed on the american public.

[synestheticmonotony]

@diurdi Actually, the Fed is both public and private, it just depends on what aspect of the Fed your speaking about. The Board of Governors is a governmental entity, however the 12 regional banks are all privately owned by the member banks.

[CernelJoson]

Wow, Thomas Woods does an good impression of Murray Rothbard.

[pbfrank13]

@CernelJoson A little too good if you ask me....evidence of reincarnation?

[cowboy1165]

@pbfrank13 Na, I say immortal. That is actually Carl Menger, then von Mises, then Rothbard, and now Woods. Don't be surprised if your kid, someday comes to you and says, Hey pop. I was at a lecture and this professor did a great impresson of Tom Woods.

[Alchav]

@CernelJoson I scrolled down to comment on his great impression of Rothbard and...this.

[richardcadbury]

Fractional reserve = Statism

[reapfreak]

I find it funny when leftists, or some libertarians and some on the right, call the Fed, or banking in general, "private." Legal protection to steal from customers by not providing stored money when demanded and legal tender laws are "private"?

[natritious1]

@reapfreak exactly! if it's as federal as federal express then why can't I start my own FED?