Other Schools of Thought

Recorded at Mises University 2008.

Financial institutions will not only have mercantile "protection" from the federal government in terms of regulations; they will become social arms of that government.

The Austrians, on the other hand, see the individual despite the geopolitics of the day, and it is the focus on the individual that leads increasingly toward liberty.

Governments have made the war; only the peoples can make an unarmed peace.

Our only hope is to (1) accept up front a twenty-percent fall in American living standards for a people living beyond their means for the past twenty-five years on the delusions made possible by fiat money, and (2) simultaneously discipline the creature from Jekyll Island, a.k.a. the Federal Reserve System, not to create new money just to prop up asset-price bubbles.

Even simple people will discover that Keynes did not teach us how to perform the "miracle ... of turning a stone into bread," but the not at all miraculous procedure of eating the seed corn.

"There can be few more thankless tasks at present than the essential one of developing the philosophical foundation on which the further development of a free society must be based."

The Fed has destroyed our money, funded unjust wars, given rise to a ghastly bureaucratic state, and pumped up more credit bubbles than we can count.

Unless a businessman can forecast when the crash will occur, it is to his advantage to take the new money and stay abreast of the competition.

From “Capitalism the Creator: The Mises Circle in Seattle,” a Curt and Allora Doolittle Seminar. Recorded 17 May 2008.