The Founding Fathers of Monetary Destruction | Thomas J. DiLorenzo

[TenTonHorse]

Some questions from an economic layman - appreciate responses:

a) How successful was Jefferson economically?

b) Was Hamilton's plan to assume the debts of the states necessary? Ignore the fact that some states had nearly had paid off their debts, how could the more war-hardened northern states have paid off their's without a national bank?

c) Was Jefferson's embargo necessary, any more libertarian alternatives, and was it admittedly a bad move?

[s0beit]

@TenTonHorse Economically Jefferson was not so great, in his personal life. He ran himself into debt and was in debt until the day he died.

Hamilton's plans to assume the debts was only necessary as a means to an end, to establish a central bank. So in that respect, yes. In the grand scheme of things, I don't think so. They could have paid off their debts over time. (Some may have taken longer than others)

Jefferson's embargo was a bad move (cont)

[s0beit]

@TenTonHorse and it was a bad move because, as stated, it only helped to drag them into a war. Embargoes wither people like to acknowledge it or not, are an act of war or at least an act which has traditionally lead to war. This is no less true in Jefferson's case than it is in World War 2. Jefferson himself defended the need to trade with all and be overly friendly to none but Jefferson was often a walking contradiction. His mind was sharp but his actions were clumsy.

[TenTonHorse]

@s0beit I've learned a lot since last year, but your comment is much appreciated. The cost of assuming the debts of the northern states was central banking, which is more damaging than these states having to work longer to pay off their debts, so in the long run it was a bad move. And yes, the embargo was aggressive, and Jefferson had many contradictions. His theories were beautiful, but that was before Presidency.

[s0beit]

@TenTonHorse Heh no kidding, sometimes i overlook the dates. No problem, i enjoy this stuff a lot.

[Nintendomanwill]

In an essay I wrote for a course called Worlds of the British Empire, entitled something like 'What relative role did economics and ideology play in inciting the American Revolution' I argued that mercantilism had caused the Americans to revolt, and that the Revolution's outcome bears testament to this in the Hamilton/Jefferson conflict. My credibility with statist historians fell!

Thank god that freedom outproduces mercantilism so the division of labour can spread without mercantile inhibition

[NSResponder]

I'd like to see Tom DiLorenzo write a series of books to debunk several other presidents besides Lincoln. People really need to understand just how evil Woodrow Wilson was.

-jcr

[betodesign101]

we should allow the Fed to have total access to our rectums! cede more power to them you selfish people!

[WOLF333999]

Another great, great speech/lecture/talk from DiLorenzo.

[broeman]

Another great book on the way from Tom? this is truly Christmas. No other, that I can think of, has written great history books in a libertarian perspective.

[sharperguy]

What? Giving more powers to the fed didn't work?

Holy crap! We need to give them more power!

[lilbromarky1]

I want Bernanke to father my unborn children.

[cmcphee]

he couldn't.....he has no balls.

[rumco]

Excellent speech! Interesting notes about Jefferson and co.

[Hawk552]

Oh my God, so many new speeches recently. Who needs Christmas when you have misesmedia?