How This Recession Has Battered Mainstream Economists: An Austrian Opportunity | Gary North

[stalrunner]

Shouldn't it be "spending cuts increase liberty". The spending cuts have to come before taxes should be cut.

[PenguinProseMedia]

If people truly want answers to why their government, acadamia, and the solutions of the entire establishment of mainstream economics have so utterly and completely failed, for why our economy is in shambles, the Austrians are right there waiting to explain chapter and verse. And, when people here that the solution is simply restoring the freedom, purchasing power and choice stolen from them through generations of central planning and failed economic theory--I think very receptive they will be!

[BarrySlisk]

This talk seems a bit messy/random and the title is a bit misleading.

[usemlab]

Great speech. I'm proud to have published Gary North's What is Money in Italian. Great book, great lessons. I'd like to hear a USP regarding sound money... to get along with tax cuts increase liberty... anyone got one?

[SeanMauer]

Milton Friedman has recently said (paraphrased) "we can maintain fiat currency and restore stability by simply getting rid of fractional reserve banking".....but wouldn't that mean no more Federal Reserve? The Federal Reserve is the ultimate fractional bankers. What fraction is the cost of the paper and ink that makes a hundred dollar bill?

[seanmPWH]

@UBSCARED If the Federal reserve is part of the Federal government, then things are even more evil. Why the F does one group of American citizens get money at a very low interest rate and the rest of us have to barrow money form them at a higher rate? Am I a fucking second class citizen and the bankers first class? Kill the Federal Reserve. Firing Squad or Guillotine? Which do you prefer?

[seanmPWH]

The Federal Government does not want us to have an increase of liberty. I don't think it's a matter of them not being aware of the effects of tax cuts, they know that tax cuts increase liberty and they don't want that for us. Dissolve the Federal government, let the states secede.

[miazagora]

@UBSCARED "The idea that markets are efficient and self-regulated is certainly discredited." It is not. We don't truly have a free market system, and for the past several decades we've had Keynsian Presidents of both parties.

[jrmsher33]

GARY NORTH SCAMMED ELDERLY PEOPLE DURING THE Y2K SCARE WITH LIES MAKING MILLIONS THAN DISAPPEARED AND NOW HAS RESURFACED, HOPE YOU LIKE THE LAWSUITS GARY NORTH.

[resourcefulgirl]

Amazing and enjoyable. So good I listened twice and I am sharing with my family and friends. I have a thousand questions for Mr North .If I knew him I would take this guy to dinner to pick his brains!!

[NicosMind]

"Every academic school collapsed except one. Ours! Because we never accepted the premise"

Great quote their. Also the four words he says that sums up other schools.

"Federal. Deficits. Overcome. Recessions"

[LunkwillFook]

Brilliant speech - again. Thank you Mises Institute for education and the light at the end of the tunnel.

For solutions that are sound and consistent, in contrast to the insanity TPTB are trying to feed us.

[NietzscheanMan]

This is a fantastic talk. I'll do my best on spreading it through facebook and other venues.

[toeg1]

The government is OBLIGATED by the US Constitution to regulate and issue money. It is in the Constitution. Our founding fathers wrote it in there so that the banksters wouldn't get their hands on it. This guy is nuts. It's the government's duty to control the money supply. The Federal Reserve Bank is PRIVATE and THAT is why we are in this mess.

[kmg501]

@toeg1

You've never heard of competing currencies, have you?

[toeg1]

@kmg501

Competing currencies??

The US government IS OBLIGATED to to regulate and issue ALL money in the US. Ever hear of the US Constitution?

[kmg501]

@toeg1

Food for thought: lewrockwell . com /orig /brimelow3.html

[toeg1]

@kmg501

Nope. Not in the US Constitution. This can't happen on a large scale. It's against the US Constitution. It's just another scheme to allow banks to control and dictate government policy. Don't forget Mayer Rothschild's famous quote. It was valid then and it's valid now.

[KnightFrank]

@toeg1 Sure, it's only because the FED is private. So explain the Euro's demise. It's totally state controlled, so it should be the best possible currency, at least in your opinion. Or take a look at the Yen. State controlled, devalued and the policies pushed Japan's economy in a stagflation.

As long as politicians can use the printing press to pay for their promises, the economy is doomed in the long run.

[toeg1]

@KnightFrank

Nope. The US Constitution and our founding fathers trump your misinfo. The Euro is fine. China is using American taxpayer dollars to bail out Greece. Get a clue. 65% of world's transactions use US dollars. They WON'T use "Frankbucks" or any other absurd idiocy from Lew Rockwell. US Constitution and founding fathers, not Rothschild, thank you kindly.

[TheBullionBull]

@toeg1 There is nothing in the Constitution that makes the Federal government to only entity allowed to issue currency. Many states, state banks, and private entities have issued specie, credit, and notes throughout US history. You are missinformed.

[toeg1]

@TheBullionBull

WOW!!

People, please read and understand the US Constitution before making such a dumb response. Article 1, Section 8, explains it all. The Fed is a huge problem. It is a PRIVATE enterprise. As such, it works for its master, the owners of the Fed, not the American people. WAKE UP!!

[TheBullionBull]

@toeg1 "People, please read and understand the US Constitution before making such a dumb response."

You are the one making yourself look foolish. Congress having "the power to coin money and regulate the value thereof" means simply that. It says nothing about Congress being the SOLE authority to create money and credit. It is no more an exclusive power than their power to tax, which the States, counties, and towns all also enjoy. States can make money lawfully, and you are wrong.

[toeg1]

@TheBullionBull

The power to tax and the power to coin money are two separate items and are mentioned separately. Please learn before opining. You guys mix and match different parts of the Constitution and the powers given to Congress, the states and municipalities. You really need to understand first before listening to this clown and not seeing him for the charlatan he is.

[TheBullionBull]

@toeg1 They are not mentioned seperately they are in the same section of the same article with the same preferatory clause. You have no idea how to interperet law or legal documents and its no longer worthwhile arguing with you. "Its like talking to a table", as Bwarney Fwank would say. And please explain why you think the Feds have god-like power to be the only makers of coins. Last time I checked, Chuck E Cheese made their own coins too. Please stop; you're embarrassing yourself.

[toeg1]

@TheBullionBull

"its no longer worthwhile arguing with you" then "And please explain". You guys are hilarious. Plus your example is one of the more inocuous ones, but at least you can see how "competing currencies" already exists. It's about time.

You're missing the point, however. 65% of the world's transactions are in dollars and 0% are in Chuck's coins. The Fed works the 65% side.

[TheBullionBull]

@toeg1 "but at least you can see how "competing currencies" already exists. It's about time."

So if you admit that the Constitution allows competing currencies then wtf is your point other than bashing the Fed, which everyone else who is a of Mises already does? You act like we don't know something. Let me clue you in: Mises was against central banking from the start in 1913.

[toeg1]

@TheBullionBull

I think it's because you don't understand what you're talking about. The Central Bank of a country has to exist. In every country, there must be one location that controls money supply over the entire country. 13 colonies couldn't survive otherwise, nor any other country.

But the Central Bank IS part of the government, NOT private. You guys still don't get it. 65% of world's transactions and you just don't get it.

[pretorious700]

@toeg1 I'm sorry, you are the one who is mistaken. The Federal Reserve IS private, and governments and societies have existed without central banks throughout history. Not only have they survived, they have flourished, thrived, and grown. You are 100% wrong.

[toeg1]

@pretorious700

Thanks for making my evening. It had been dull until now. You don't know that Central Banks exist, that's hilarious. You say that the Roman Empire is flourishing today. You're fantastic. I'm sure that there are many Libertarians who agree with you. This is hilarious!!!

Thanks

[BarrySlisk]

@pretorious700

Is would not call FED private. If it is private why can I not create a competing FED? Why is the chairman appointed by politicians?

[BarrySlisk]

@BarrySlisk

I, not IS

[Juggalo4Peace]

@BarrySlisk its a monopoly of the monetary supply controlled by private bankers with no accountability. the chairman is appointed by the president but i believe the president is only able to choose from a select few. he doesn't have independent authority to choose whomever he pleases

[BarrySlisk]

@Juggalo4Peace

I still won't classify it as private. The thing is here because of government law. It has special powers granted by government. It has monopoly secured by the government.

It's a bastard mutant. Both private and public. It's certainly not purely private.

If it is private then the danish public television is also private. Our government does not choose who is leader of the television station. Oh...it must be private then!

[Juggalo4Peace]

@BarrySlisk i think we pretty much agree. congress did give the fed the authority to do their immoral, disgusting, criminal counterfeiting practice. it's 'private' in the sense that they are unaccountable to the american people

[TheLegalImmigrant05]

@toeg1 "It's the government's duty to control the money supply." Sadly, you have no clue. But you are certainly entitled to your erroneous opinion. :)

Sure, the Constitution does say that, and it is wrong. You can't print gold and silver, or oil, wheat, steel, or any other goods. Saying that government has to regulate money supply is the same as saying that government needs to regulate steel supply, or the supply of clothes.

Don't bother responding, I won't waste my time debating you.

[toeg1]

@TheLegalImmigrant05

" I won't waste my time debating you."

Good, then I don't have to waste more of my time with you Federal Bank lovers. You guys are the reason Capitalism fails.

Here's my rebuttal to all you "give the money to the rich and let the rest fight over the crumbs" idiots:

The Constitution says it

The forefathers wrote it

I believe it

And that settles it!!

[TheBullionBull]

@toeg1 The Constitution does not make the Federal government the only people who can make credit. No offense, but you have no understanding of the law or the Constitution, you just read one passage and think you have stumbled upon some great revelation. The Constitiution says "no state shall ... make anything but gold and silver coin a tender in payment of debts." Legal tender is not exclusive - just because something is not legal tender does not mean its unlawful.

[toeg1]

@TheBullionBull

I forgot, there are others.

You need to understand the term, "legal tender." What you say applies solely to legal tender. It has been done before, and there are currently many currencies being used inside the US. The fact that you clowns don't know this doesn't surprise me in the least.

65% of ALL transactions in the world. The premise of this video is just that and the guy has it all wrong. Please learn first, then opine.

[TheLegalImmigrant05]

@toeg1 "I believe it ... And that settles it!!" Of course it does :)

[TheLegalImmigrant05]

@toeg1 "you Federal Bank lovers" - Nice job putting words in my mouth. I never said anywhere that I love Federal Reserve. I believe it is a criminal institution that should be abolished.

[toeg1]

@TheLegalImmigrant05

Rothschild: Give me control of a nation's money and I care not who makes her laws.

The founding fathers stated that the US government has this power, not private business. While they did have power, things went well. This is not the case today. We need to return to it, not create new ways to screw the citizen.

[TheLegalImmigrant05]

@toeg1 "Rothschild: Give me control of a nation's money and I care not who makes her laws." - Can any one person control gold and silver? Not more than they can control wheat, oil, steel, or any other commodity.

The only honest money is hard money, i.e. commodity money. Any system that uses fiat money is doomed to what we have today.

[toeg1]

@TheLegalImmigrant05

You're the guy who "won't waste your time debating me." So now you are wasting your time?

Oil? Controlled by OPEC and US dollar. Gold? Strictly controlled by IMF. Still, I think gold is a buy right now.

You are still way beyond the parameters of this talk and are rambling. Maybe that's why you didn't want to debate.

[WanderingSeer]

"Federal deficits overcome recessions" is the self serving mantra of socialist government.

[kmg501]

So I got done listening to this and I was blown away, this is an incredibly important segment. Here is either your future of serfdom or the spirit by which you reclaim not only your personal liberty but your national liberty.

[kmg501]

Great history lessons here.

[reapfreak]

I like the guy's writing, but he's so boring to listen to.

[toeg1]

This is such crap. He doesn't even know what he's talking about. This guy is in it for the bucks, period.

[lilbromarky1]

@toeg1 Where do you see him being wrong?

[pretorious700]

@lilbromarky1 He's right about everything. To say he "doesn't know what he's talking about" hardly deserves consideration. Youtube is full of ignorant palaver.

[toeg1]

@lilbromarky1

This isn't Keynesian at all. The banksters ripped off the American people, in fact the world, two years ago and they are still doing it. We didn't have a recession UNTIL they started ripping off the people. The banks NOW have over $1 trillion and they are doing nothing with it. They need to start loaning it to small and medium businesses, but they are hoarding it and this guy pretends it's socialist. Banks ARE NOT socialist.

[Moragauth]

Prove it.

[nubraskan]

Young soldier for liberty. Reporting for duty.

[SomethingSea1]

@nubraskan How ironic.

[nubraskan]

@SomethingSea1

Could you elaborate?

[SomethingSea1]

@nubraskan Yes, and sorry for taking so long to do so. The premise of gov't is that people are bad. Accordingly, you need people to watch over these people. Oh, but these people are Gods, and so don't need to be looked after. These people then have uniforms and are thought to be not human, but superhuman. This is fantasy, and we're seeing the trouble with it. The best way to be a "young soldier for liberty" is to not use gov't, and fight against it when necessary. No duty needed, just you.

[nubraskan]

@SomethingSea1

I was using the term soldier figuratively. I don't serve in the military.

[SomethingSea1]

@nubraskan Oh. Good to know I guess.

[pretorious700]

This has been my opinion for a while-we live in a technocracy rulled by Ivy League PHD's who are disconnected from reality and exist in a macroeconomic vacuum. The rest of the world is beginning to reject this paradigm.

[2minstral]

Brilliant speech! Consider it blogged on the World United News.

[fluff125]

I swear to god, if it wasn't for the bad camera angle, I would never have noticed he had a comb over.

[pretorious700]

@fluff125 That's what you got out of this talk?

[shooter348]

@pretorious700 he just focuses on the fluff-lol