Money and Banks

Leading Austrian Economists discuss Henry Hazlitt's classic book Economics in One Lesson. Interview 11 of 12.

This wasn’t an economic plan: it was a heist.

With the US housing crisis metamorphosing into a full-blown financial crisis in the United States and Europe and the specter of a global stagflation looming larger every day, the Fed's credibility and reputation is evaporating with the value of the US dollar.

The Fed is essentially a giant counterfeiting machine. That would be criminal for you, but is legal for JPMorgan's men under the Federal Reserve Act written by the big bankers.

Honest money and private property rights are the foundation for a peaceful society. The price system is what makes this work because it reflects the real availability of each scarce product and service, especially during emergency times.

From “Choice in Currency: A Path to Sound Money”; the Mises Circle in Vancouver. Recorded 13 September 2008.

From “Choice in Currency: A Path to Sound Money”; the Mises Circle in Vancouver. Recorded 13 September 2008.

From “Choice in Currency: A Path to Sound Money”; the Mises Circle in Vancouver. Recorded 13 September 2008.

From “Choice in Currency: A Path to Sound Money”; the Mises Circle in Vancouver. Recorded 13 September 2008.

How are money prices determined? The stock of the money commodity responds to demand and supply of the consumers and their preferences just as with any other good.