The Private Supply of Money | George A. Selgin

The 2009 F. A. Hayek Memorial Lecture, presented by George A. Selgin. Recorded at the annual Austrian Scholars Conference, Ludwig von Mises Institute, 14 March 2009. Includes an Introduction by Joseph T. Salerno.

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[commentarytoday]

Thanks to MisesMedia for this fine video. A superb lecture on private coinage. Excellent ! Ausgezeichnet ! Good thing that the government is not running the internet.

[chitch1776]

Excellent presentation.

[pipem4n]

‘Repeal’ of Glass-Steagall Irrelevant to Financial Crisis

[pipem4n]

"‘Repeal’ of Glass-Steagall Irrelevant to Financial Crisis"

[pipem4n]

Yeah throw everything into the basket that basically is market - those crazy things - uh, and in the end mention FED as also to blame.

Recent crash was a consequence of FED fueled mania. Every mania has it's end when it is being realized it is a mania. And without money to finance it it would be rather quick if it would appear at all.

What I mean is the FED is the only one to blame because it created circumstances which altered human behaviour and cause all the crazy things.

[pipem4n]

Rose - go back to kitchen, really. Don't strain yourself trying to think too hard. I am serious. World might not handle your wisdom.

[TheRosa63]

doesnt matter who makes the money people are people regardless of enviroment theyt are and will do what they do now using the power of the state to get monopolies on money, interest, goods and services and labor. human nature is the problem not the system. he is addressing a symptom not a cause. all you do is give private corporations more power then they do have now.

rose

[tepstolog]

(p.9) and reassert national sovereignty.Glass-Steagall, the law of the land from 1933 until 1999, provided significant protection to the depositors and borrowers who depended upon a sound commercial banking system. It arose out of the Pecora Commission hearings (1932-34), which revealed the manner in which the big banks of the day had looted their customers for the benefit of a small coterie of insiders."

[tepstolog]

(p.8) and avoid a collapse into a global New Dark Age. The term "Glass-Steagall standard" refers both to the Glass-Steagall Act of 1933, which created a legal firewall between commercial banking and speculative "investment" banking, and its founding principles. The Glass-Steagall Act was one of a series of reforms initiated by President Franklin Roosevelt, designed to break the grip of the Anglo-American financiers led by J.P. Morgan over our nation's economy, and..

[tepstolog]

(p.7) FDR understood what Obama does not: People are more important than money. The issue is not maintaining the values of speculative finance. The issue is protecting the lives and welfare of the people. The immediate reinstatement of Glass-Steagall is a necessity, if we are to survive The return to what Lyndon LaRouche describes as the "Glass-Steagall standard" is an essential component of any successful effort to pull the United States out of its second Great Depression

[tepstolog]

(p.6) The valid debts—those arising from real economic activity related to the physical economy— will be honored, while debts related to the speculative bubble will be set aside, to be dealt with after the nation recovers. For debts which have a bit of both— say a mortgage on a home whose purchase price was highly inflated by the effects of the mortgage-securities scam—the size of the debt would be written down to reflect the actual economic value of the property....