Smashing Myths and Restoring Sound Money | Thomas E. Woods, Jr.

Presented by Thomas E. Woods, Jr. at "Depression, Monetary Destruction, and the Path to Sound Money": the Mises Circle in Greenville, South Carolina, 3 October 2009. Sponsored by Atlantic Bullion and Coin, and Professional Planning of Easley, LLC.

• Category

  News & Politics

[Gordon Kemp]

Are you doing your part? Are you scientifically deciding how much you actually need to live on and donating all the rest to the poor?

[Jovan Galtic]

Yes, and it fails as you can see.

Economy is a study of human action and that means there are no "constants" like in physics or chemistry. Humans act based on their own rational (and irrational) reasons, that cannot be described by mathematical models and formulas. There is no Planck's constant or Avogadro's number in economy. Everything changes based on how people behave...

[sanitydotorg]

Bill Still is a dangerous lunatic and his crankish, crackpot monopoly money schemes have been tried in the past and always result in total disaster. The only moral and economically sound monetary policy is a market choice in currencies.

[Ivan Milovanovic]

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[Andrew Tybjerg]

Lol.

[SomebodyPickaName]

Victory over the bankers who force us to use their interest-bearing fiat money system that is totally and completely unnecessary. We can create a fiat money system without interest, simply by creating it ourselves, based on how much we produce as a nation. Gold was supposed to be only used as a denomination of wealth (goods and services produced by the people); not the gold being the wealth itself. Please watch "The Secret of Oz" to see the problem, as I'm running out of characters to type.

[Andrew Tybjerg]

What do you win?

[OaklandLYM]

Labor is prior to and independent of capital. Capital is only the fruit of labor, and could never have existed if labor had not first existed. Labor is the superior of capital, and deserves much the higher consideration. Capital has its rights, which are as worthy of protection as any other rights. Nor is it denied that there is, and probably always will be, a relation between labor and capital producing mutual benefits. Abe Lincoln is a better economist than Tom Woods!

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[SomebodyPickaName]

Of course, those who possess gold and like their money to make more money will be against this, because it takes away their ability to get richer when they have not produced any goods/services other than to create more money from money. Money should be a denomination of what you produce. Money should be for the benefit of we the people, not we the bankers. Get rid of fractional reserve banking, interest, borrowing money into existence, and we the people win. Not the plutocrats.

[SomebodyPickaName]

Bill Still >> Tom Woods

Fiat currency only appears bad because of how it's currently used. It's not what backs a nation's money; it's who controls it's quantity. If I create a coupon for a free back rub, I give you the back rub and then tear the coupon up because the debt has been paid. Do this same thing with fiat money, and then remove it from circulation once debts have been repaid to avoid hyperinflation and everybody wins except Wall St investors in that casino called the stock market.

[supreme84x]

Gold and Silver merely facilitate a function. Stability is the area in which fiat currency continues to fail. However there are digital currencies, like bitcoin, which account for this.

This is why fiat currency continues to be used after abandoning hard currency. It is also why they fail, when they fail to look at 100% of all the uses and functions of currency, besides the oversimplified, "medium of exchange" garbage.

Fiat currency doesn't have to have inflation either. FYI