War and Inflation: Financing the Empire | Thomas J. DiLorenzo

[Burdell22000]

1:26 is where DiLorenzo begins speaking

[ftorresgamez]

Tom hits the nail squarely in the head when he mentions that one of the most powerful reasons the centrally-controlled banking system was so highly touted by the banksters and industrialists is because INFLATION provides a thinly veiled form of PROTECTIONISM, through increasing the costs of imports and making exports cheaper. However, this scheme was paid by the hapless savers who saw their savings in paper money decrease in value. Savers get punished while banksters get richer.

[FCmagic01]

DiLorenzo might be my favorite fellow at the Institute.

[pretorious700]

Isn't it interesting that the two "greatest" presidents we have had-Lincoln and FDR-both were in office during the greatest slaughter of American citizens ever.

[strongbadXCP]

At the root of paper money is the desire to get something for nothing. A man writes a note saying he will pay X amount of grain/gold/silver etc, then uses it to buy something. The hope is that the note is never redeemed and chances are that if he makes enough of them, at least one will not be redeemed, thus getting something for nothing. Obviously there are productive and honest uses for paper promises, but it is easily abused.

[rltmlt]

The vast majority of the country has finally awakened to the fact that both political parties are carrying water for the same private interests, they will get a shock this Fall when the Tea Partiers, just average Americans, replace most of them with Independent candidates that will restore government by and for the people while eliminating the real enemy, 'Private Business As Usual' !

[grraadd]

Chinese knew paper money in XIV century already, so don't be so sure about primarity of America in that field ;-)

Banknotes were found hidden in a statue.

Egiptians knew papyrus, but they used grain as money. There is always a possibility that they designed some kind of fiat currency too

[KSB26]

The only good thing to come out of the oil embargo, and the one smart thing FEDGOV did, was to eliminate (Via Gov dictate) all the envromental lawsuits that had stalled the Alaska pipeline project for years.

At least someone, somewhere, figured out that when you pump more money into the system you have to increase the supply of goods and services it can buy in order to avoid inflation.

[charles98888]

forcing an upgrade here on youtube..time to find something else? screen blank

[EsCurve]

@charles98888 I use all microsoft, seems youtube and google are linked now and offering vids. downloads are legit

[furyofbongos]

Love this guy -- so well grounded in history.

[Weapon01]

"Lincoln Unmasked" was my first book... and my aunts hate it.

It's my new fav book.

[pretorious700]

@Weapon01 Your "first book"? How old are you?

[Weapon01]

@pretorious700 lol... I should've worded that more carefully. It was my first book from the Mises store/site.

[robertcgage]

@Weapon01 - LOL "The Real Lincoln" should be your next book purchase.

[2JOHNNYT]

thanks for this great post, so relevant

speaking of Despotism...

If U dare

watch?v=8DQp0QxkBCU