Long ago, in a universe of sane fiscal policy far away, there existed an institution, then new to the world of international banking and finance, called the Federal Reserve Bank, whose primary concern of the day—the day being its founding on December 13, 1913—was to have very large reserves of cash backed by even larger reserves of gold that were enough “to earn the public trust.” It was an unusual kind of organization, where crude, simplistic policy directives such as “safety and sound judgement”, “lawful money” and “normal monetary order” possessed none of the sophisticated reasoning of “

Much ink has been spilt in responding to the recent New York Times article extolling Marx’s economic, philosophical and historical contributions (Jason Barker: “Marx was Right“).

1 The process of lending and the uninterrupted flow of credit to the real economy no longer rely only on banks, but on a process that spans a network of banks, broker-dealers, asset managers, and shadow banks funded through wholesale funding and capital markets globally. - Pozsaret et al., 2013, p. 10

JEFF DEIST: What makes you optimistic, what makes you pessimistic about what you see in the US?

RON PAUL: Well, if I look at the big picture including a long span of time, I would say conditions aren’t that bad, even though I often talk about all the bad things I anticipate and how it could get worse in terms of the economy and foreign policy.

It’s another Trump affair -- this time without the allegations of sexual harassment (and worse), the charges and counter-charges, the lawsuits, and all the rest. So it hasn’t gotten the sort of headlines that Stormy Daniels has garnered, but when it comes to influence, American foreign policy, and issues of peace and war, it couldn’t matter more or be a bigger story (or have more money or lobbyists involved in it). Think of it as the great love affair of the age of Trump, the one between The Donald and the Saudi royals.

In America, political democracy is cherished, taught to young and old alike as a sacrosanct system reflecting the “will of the people.” Election seasons are celebrated as an opportunity for millions to cast their vote to elect “leaders” who will shape the future of our nation.

But what if there was another form of democracy right under our noses that allowed voting 24 hours a day, seven days a week – and not just every two or four years?

This is a question that will always be debated. For listeners of Historical Controversies, I have already given my personal answer to this question in the introductory episode to the third season. But the prominence of this debate, insignificant as it sometimes seems, compels me to put my answer in article form for those who may prefer such a format.