Happy Birthday, Murray!
As I write this, it's still Murray Rothbard's birthday. Rothbard, of course, is the world's first professed anarcho-capitalist (he coined the phrase) and hence a man we here at TDV celebrate warmly and with vigor.
One of the greatest sins of the many the state has committed against humanity has been convincing people that money needs to be defined, issued and controlled by the state. The state has convinced people that money is what the state says it is, as opposed to what the market (the people) pick as the most reliable and useful unit of exchange and store of wealth. As Rothbard put it: "government is powerless to create money for the economy; it can only be developed by the processes of the free market." But there's a reason the state wants you to think otherwise:
"Money…is the nerve center of the economic system. If, therefore, the state is able to gain unquestioned control over the unit of all accounts, the state will then be in a position to dominate the entire economic system, and the whole society."
Wealth is the continual result of the process of value addition and as such it can be and constantly is created. But it is not created when more money is printed or not even necessarily when more platinum, gold, silver and nickel is mined. Wealth is created when individuals put their minds and muscles into transforming the enviornment to satisfy other people's wants, sometimes revealing wants they didn't know they had as the free market produces all sorts of new things that improve the material quality of life. Wealth is created by all of us pitching in to serve each other for individual gain.
I'm tempted to say currency is just one a handy token that represents real wealth. But Rothbard would surely scold me for being so dismissive. After all, he wrote:
"Money is a commodity…not a useless token only good for exchanging; …It differs from other commodities in being demanded mainly as a medium of exchange."
Testify, Murray! The monopoly currency that the central bank whips up and government forces us to use may be "money" in the legal sense (i.e. backed by the guns of the state)…but not money in the real sense (i.e. chosen by the market). No, the "money" government makes us use is essentially trillions of tiny straws that the central bank uses to suck away our purchasing power via the chicanery of inflation. Again, Rothbard:
"…if government manages to establish paper tickets or bank credit as money, as equivalent to gold grams or ounces, then the government, as dominant money-supplier, becomes free to create money costlessly and at will. As a result this 'inflation' of the money supply destroys the value of the dollar or pound, drives up prices, cripples economic calculation, and hobbles and seriously damages the workings of the market economy."
Once a central bank gets going, monetary supply inflation and interest rate manipulation are bound to be used. And they eventually wreck the economy and the whole monetary system will have to be scrapped. We've had 100 years of the Fed monopolizing money and inducing tumors in the economy (along with all those government regulations on doing business). We're at the endgame now.
But you don't have to worry. At least not if you have the Austrian school on your side. And here at TDV, you do! The analysis and advice that basic and premium subscribers get are informed by the extensive writings of Murray Rothbard and the entire Austrian school of economics. In honor of the birthday of this great man, why not give yourself an Austrian-type gift? Click here to find out more about subscribing to the TDV weekly newsletter…and start taking advantage of the inevitable end of the state monopoly on money.
Editor, The Dollar Vigilante
And on the seventh day, HE rested and checked in with TDV…
Welcome back to your Sunday tradition! Another busy week of dynamic writing and provocative discourse from your friends at TDV. Here’s what we wrote about this week, topics and issues that matter to you and yours…
MONDAY, February 25
Wendy McElroy discusses the further deterioration of the USSA and the cultivation of a culture of fear.
“Law enforcement agencies in America are using the No More Hesitation series of cardboard and paper targets for shooting practice. The Minneapolis-based Law Enforcement Targets Inc. (LET) has produced at least eight of them, with photos ranging from a young boy to a pregnant woman in her third trimester, both of whom are pointing guns. Other posters include an elderly man in his home holding a shotgun and a young mother with her daughter in a playground. There does not yet appear to be a baby in a playpen target. Available for 99 cents a sheet, the posters are approximately two-feet-wide by three-feet-tall. (Note: all the posters I've seen are of white people; perhaps it is too controversial to shoot a non-white pregnant woman or child?)”
TUESDAY, February 26
Ed Bugos on the 2nd Amendment, government shutdowns, and Obama’s ongoing destruction of the USSA.
"But those arguments – and there have been many good ones made that freedom haters on the left have never even heard – weren’t given a single thought in his haste to get back at the Republicans for all the trouble they keep causing him. Obama is right that society has failed those dead children of whom he speaks. But isn’t this system administered and run by his bureaucratic cohorts? Isn’t that same old centrally planned one-size-fits-all education part of the problem? Isn’t there anything to the idea that gun free zones invite armed crime, or that guns protect people too (thus also lessening the need for state police)? What about the idea that popular pharmaceutical drugs play a role in the violence? Or what about the FACT that gun control simply puts all the guns in the bad guys’ hands. Not interested! He would much rather exploit the opportunity for more political capital from his own side. I’m just calling it like I see it. Obama is a politician and he’s exploiting those dead children for his own political gain.”
WEDNESDAY, February 27
Jeff Berwick on the longest unbroken bull market known to the financial world.
“At the current rate, with the Federal Reserve buying up every penny of newly issued government debt in 2013, and then some, it won't be too much longer before the Federal Reserve owns more than China, Japan, the oil exporters and Caribbean bank centers combined.
"Considering it is a group of private central bankers that can print money to buy as much of anything they want it should really have people raising some eyebrows! But, aside from the fraud involved, let's take a look at how the issuance of debt is following the exact path of a bubble.”
THURSDAY, February 28
Slavey, TDV’s resident advice columnist, returns with a special post on Maslow’s Hierarchy of Needs.
"I’m getting a lot of mail lately from people who are tired of the malaise we’re stuck in, and just want to find a way out. And yeah, some have spoken of suicide. Suicide is a permanent solution to a temporary problem. Call the National Suicide Prevention Hotline at 1-800-273-8255 if you're thinking you're on the verge of doing something to hurt yourself. It's a national network of crisis centers that will give you someone to talk to if you're feeling desperate. However, if you're ready to make some positive changes, despite the drone-tastic police state we're stuck in, read on…"
FRIDAY, March 1st
In this week’s Feedback Friday: a vigilante visits Acapulco, gold storage, DC laws, and much more.
SATURDAY, February 23
Jeff Berwick checks in from Acapulco with sequestration on his mind.
In this week’s featured video, Jeff Berwick on "Waking Up In America" and the Fall of the Republic.
And don’t forget to have a look at our wide array of informative videos featuring interviews, opinions, and analysis on TDV’s media page.
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