Vortex Mulligan : the market for media of exchange
navigation, contact, access: click ►▼, link & ••• — January 31, 2018
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how to contact us
leifsmith@gmail.comImportant: If we are not already in email communication, please put “*****” at the beginning of the Subject: line of your email. This will assure that we don’t miss the first email you send to us.
Leif Smith
Explorers Foundation, Inc.
PO Box 9100
Denver, CO 80209
Explorers Foundation ••• home page
efBegin ••• top level for all outlines
Vortices ••• list of all vortices
Threads ••• traces of conversations
Glyphs ••• list of fragments of Freeorder
explorersfoundation.org/mulligan.html — a vortex is a region of Explorers Foundation research and investment.
Roger Ver (“veer”) explains ••• Bitcoin, Blockchain, and Bitcoin Cash — the importance of the separation of state and money — another interview fundamental to understanding the emergence of freeorder
Nassim Nicholas Taleb, on Bitcoin and Blockchain ••• by C. Edward Kelso, January 30, 2018
‘Mr. Taleb notes Hayek as inspiration for the innovation of bitcoin, at least in spirit. The distribution of knowledge means, almost paradoxically, “it looks like we do not even need that thing called knowledge for things to work well. Nor do we need individual rationality. All we need is structure,” and that structure is decentralization.’
Utah Bill Sets Stage For State Gold Depository -2/8/17 07:03
••• Utah Bill Sets Stage For State Gold Depository, Further Encourages Use Of Metals As Money: A bill introduced in the Utah legislature would build on the state’s Legal Tender Act, creating a foundation for further action to encourage the use of gold and silver as money, and take another step toward breaking the Federal Reserve’s monopoly on money. —Submitted to ZeroHedge •••, by Mike Maharrey via The Tenth Amendment Center •••
Log (additions and changes — things added here will gradually be integrated into the outline of this vortex)
03Feb17: Note on Islam and money
12Nov16: article by Lawrence White
01Sep12: John Eastman links to, “The Gold Standard Gets Another Look,” by Peter Schiff, 29 August 2012.
03Mar12: “The Economic Collapse” ••• — a blog containing articles on economic disasters, current and past.
20Aug11: Tribute to Banking's Champion": On George Champion, by Paul Craig Roberts •••
The following is an excerpt from the above linked article: "When the Third World debt crisis hit in the early 1980s, it became public knowledge that various large banks had seriously overexposed their capital with loans to foreign governments. Mr. Champion was disturbed by the pressures that Federal Reserve chairman Paul Volcker and various Treasury secretaries put on banks to prop up the bad debts with more lending.
"He testified before Congress and wrote articles in the Wall Street Journal and Los Angeles Times pointing out the conflict of interest inherent in the Federal Reserve's responsibility for both monetary policy and bank examinations. How could a bank examiner, he asked, demand corrective measures for an overexposed capital position when the Federal Reserve itself was encouraging bankers to keep bad loans afloat by lending money to pay interest?
"Mr. Champion was also disturbed by the shift in regulatory emphasis from the financial soundness of banks to their use as cash cows for government. In the early 1980s the comptroller of the currency criticized banks for writing off bad loans and building reserves on the grounds that these actions reduced taxable profits. Mr. Champion noted that if the comptroller's idea was that the banks should be run to maximize short-run tax revenues for the Treasury, the banks would be prevented from building up their reserves against the inevitable losses and would fail."
George Champion, obituary, New York Times, September 22, 1997 •••
Books on Money and Banking by Murray N. Rothbard
What Has Government Done to Our Money •••
An introduction to the economics and politics of money
See also a page •••, in these outlines about our investment in a recent biography of Ludwig Von Mises, Murray Rothbard's guiding professor.
The Mystery of Banking
Joseph T. Salerno's Foreword to the second edition of The Mystery of Banking •••
The second edition was published by the Ludwig von Mises Institute, Auburn, Georgia, in 2008 •••
The Panic of 1819: Reactions and Policies
A History of Money and Banking in the United States: The Colonial Era to World War II
Jesús Huerta de Soto ••• —Professor of Political Economy, King Juan Carlos University of Madrid, Spain
26 Apr 11 : Huerta de Soto's LSE (London School of Economics) Hayek Lecture •••, November 5, 2010, on the world monetary crisis, sponsored by the Cobden Centre •••
Money, Bank Credit, and Economic Cycles, by Ludwig von Mises
Money, Bank Credit, and Economic Cycles, by Ludwig von Mises
The entire book, free from the Ludwig von Mises Institute: https://mises.org/library/money-bank-credit-and-economic-cycles
A brief description of the book, and a complete outline
CONTENTS of Money, Bank Credit, and Economic Cycles, by Ludwig von Mises
• Preface to the English-Language Edition
• Preface to the Second Spanish Edition
• Introduction Chapter 1: The Legal Nature of the Monetary Irregular-Deposit Contract
• A Preliminary Clarification of Terms: Loan Contracts (Mutuum and Commodatum)and Deposit Contracts
• The Commodatum Contract
• The Mutuum Contract
• The Deposit Contract
• The Deposit of Fungible Goods or "Irregular" Deposit Contract
• The Economic and Social Function of Irregular Deposits
• The Fundamental Element in the Monetary Irregular Deposit
• Resulting Effects of the Failure to Comply with the Essential Obligation in the Irregular Deposit
• Court Decisions Acknowledging the Fundamental Legal Principles which Govern the Monetary Irregular-Deposit Contract (100-Percent Reserve Requirement)
• The Essential Differences Between the Irregular Deposit Contract and the Monetary Loan Contract
• The Extent to Which Property Rights are Transferred in Each Contract
• Fundamental Economic Differences Between the Two Contracts
Fundamental Legal Differences Between the Two Contracts
• The Discovery by Roman Legal Experts of the General Legal Principles Governing the Monetary Irregular-Deposit Contract
• The Emergence of Traditional Legal Principles According to Menger, Hayek and Leoni
• Roman Jurisprudence
• The Irregular Deposit Contract Under Roman Law
Chapter 2: Historical Violations of the Legal Principles Legal Principles Governing the Monetary Irregular-Deposit Contract
• Introduction
• Banking in Greece and Rome
• Trapezitei, or Greek Bankers
• Banking in the Hellenistic World
• Banking in Rome
• The Failure of the Christian Callistus's Bank
• The Societates Argentariae
• Bankers in the Late Middle Ages
• The Revival of Deposit Banking in Mediterranean Europe
• The Canonical Ban on Usury and the "Depositum Confessatum"
• Banking in Florence in the Fourteenth Century
• The Medici Bank
• Banking in Catalonia in the Fourteenth and Fifteenth Centuries: The Taula de Canvi
• Banking During the Reign of Charles V and the Doctrine of the School of Salamanca
• The Development of Banking in Seville
• The School of Salamanca and the Banking Business
• A New Attempt at Legitimate Banking: The Bank of Amsterdam.
• Banking in the Seventeenth and Eighteenth Centuries
• The Bank of Amsterdam
• David Hume and the Bank of Amsterdam
• Sir James Steuart, Adam Smith and the Bank of Amsterdam
• The Banks of Sweden and England
• John Law and Eighteenth-Century Banking in France
• Richard Cantillon and the Fraudulent Violation of the Irregular-Deposit Contract
Chapter 3: Attempts to Legally Justify Fractional-Reserve Banking
• Introduction
• Why it is Impossible to Equate the Irregular Deposit with the Loan or Mutuum Contract
• The Roots of the Confusion
• The Mistaken Doctrine of Common Law
• The Doctrine of Spanish Civil and Commercial Codes
• Criticism of the Attempt to Equate the Monetary Irregular-Deposit Contract with the Loan or Mutuum Contract
• The Distinct Cause or Purpose of Each Contract
• The Notion of the Unspoken or Implicit Agreement
• An Inadequate Solution: The Redefinition of the Concept of Availability
• The Monetary Irregular Deposit, Transactions with a Repurchase Agreement and Life Insurance Contracts
• Transactions with a Repurchase Agreement
• The Case of Life Insurance Contract
Chapter 4: The Credit Expansion Process
• Introduction
• The Bank's Role as a True Intermediary in the Loan Contract
• The Bank's Role in the Monetary Bank-Deposit Contract
• The Effects Produced by Bankers' Use of Demand Deposits: The Case of an Individual Bank
• The Continental Accounting System
• Accounting Practices in the English-speaking World
• An Isolated Bank's Capacity for Credit Expansion and Deposit Creation
• The Case of a Very Small Bank
• Credit Expansion and Ex Nihilo Deposit Creation by a Sole, Monopolistic Bank
• Credit Expansion and New Deposit Creation by the Entire Banking System
• Creation of Loans in a System of Small Banks
• A Few Additional Difficulties
• When Expansion is Initiated Simultaneously by All Banks
• Filtering Out the Money Supply From the Banking System
• The Maintenance of Reserves Exceeding the Minimum Requirement
• Different Reserve Requirements for Different Types of Deposits
• The Parallels Between the Creation of Deposits and the Issuance of Unbacked Banknotes
• The Credit Tightening Process
Chapter 5: Bank Credit Expansion and Its Effects on the Economic System
• The Foundations of Capital Theory
• Human Action as a Series of Subjective Stages
• Capital and Capital Goods
• The Interest Rate
• The Structure of Production
• Some Additional Considerations
• Criticism of the Measures used in National Income Accounting
• The Effect on the Productive Structure of an Increase in Credit Financed under a Prior Increase in Voluntary Saving
• The Three Different Manifestations of the Process of Voluntary Saving
• Account Records of Savings Channeled into Loans
• The Issue of Consumer Loans
• The Effects of Voluntary Saving on the Productive Structure
• First: The Effect Produced by the New Disparity in Profits Between the Different Productive Stages
• Second: The Effect of the Decrease in the Interest Rate on the Market Price of Capital Goods
• Third: The Ricardo Effect
• Conclusion: The Emergence of a New, More Capital-Intensive Productive Structure
• The Theoretical Solution to the "Paradox of Thrift"
• The Case of an Economy in Regression
• The Effects of Bank Credit Expansion Unbacked by an Increase in Saving: The Austrian Theory or Circulation Credit Theory of the Business Cycle
• The Effects of Credit Expansion on the Productive Structure
• The Market's Spontaneous Reaction to Credit Expansion
• Banking, Fractional-Reserve Ratios and the Law of Large Numbers
Chapter 6: Additional Considerations on the Theory of the Business Cycle
• Why no Crisis Erupts when New Investment is Financed by Real Saving (And Not by Credit Expansion)
• The Possibility of Postponing the Eruption of the Crisis: The Theoretical Explanation of the Process of Stagflation
• Consumer Credit and the Theory of the Cycle
• The Self-Destructive Nature of the Artificial Booms Caused by Credit Expansion: The Theory of "Forced Saving"
• The Squandering of Capital, Idle Capacity and Malinvestment of Productive Resources
Credit Expansion as the Cause of Massive Unemployment
• National Income Accounting is Inadequate to Reflect the Different Stages in the Business Cycle
• Entrepreneurship and the Theory of the Cycle
• The Policy of General-Price-Level Stabilization and its Destabilizing Effects on the Economy
• How to Avoid Business Cycles: Prevention of and Recovery from the Economic Crisis
• The Theory of the Cycle and Idle Resources: Their Role in the Initial Stages of the Boom
• The Necessary Tightening of Credit in the Recession Stage: Criticism of the Theory of "Secondary Depression"
• The "Manic-Depressive" Economy: The Dampening of the Entrepreneurial Spirit and Other Negative Effects Recurring Business Cycles Exert on the Market Economy
• The Influence Exerted on the Stock Market by Economic Fluctuations
Effects the Business Cycle Exerts on the Banking Sector
• Marx, Hayek and the View that Economic Crises are Intrinsic to Market Economies
• Two Additional Considerations
• Empirical Evidence for the Theory of the Cycle
• Business Cycles Prior to the Industrial Revolution
• Business Cycles From the Industrial Revolution Onward
• The Roaring Twenties and the Great Depression of 1929
• The Economic Recessions of the Late 1970s and Early 1990s
• Some Empirical Testing of the Austrian Theory of the Business Cycle
• Conclusion
Chapter 7: A Critique of Monetarist and Keynesian Theories
• Introduction
• A Critique of Monetarism
• The Mythical Concept of Capital
• Austrian Criticism of Clark and Knight
• A Critique of the Mechanistic Monetarist Version of the Quantity Theory of Money
• A Brief Note on the Theory of Rational Expectations
• Criticism of Keynesian Economics
• Say's Law of Markets
• Keynes's Three Arguments On Credit Expansion
• Keynesian Analysis as a Particular Theory
• The So-Called Marginal Efficiency of Capital
• Keynes's Criticism of Mises and Hayek
• Criticism of the Keynesian Multiplier
• Criticism of the "Accelerator" Principle
• The Marxist Tradition and the Austrian Theory of Economic Cycles: The Neo-Ricardian Revolution and the Reswitching Controversy
• Conclusion
• Appendix on Life Insurance Companies and Other Non-Bank Financial Intermediaries
Life Insurance Companies as True Financial Intermediaries
• Surrender Values and the Money Supply
• The Corruption of Traditional Life-Insurance Principles
• Other True Financial Intermediaries: Mutual Funds and Holding and Investment Companies
• Specific Comments on Credit Insurance
Chapter 8: Central and Free Banking Theory
• A Critical Analysis of the Banking School
• The Banking and Currency Views and the School of Salamanca
• The Response of the English-Speaking World to these Ideas on Bank Money
• The Controversy Between the Currency School and the Banking School
• The Debate Between Defenders of the Central Bank and Advocates of Free Banking
• Parnell's Pro-Free-Banking Argument and the Responses of McCulloch and Longfield
• A False Start for the Controversy Between Central Banking and Free Banking
• The Case for a Central Bank
• The Position of the Currency-School Theorists who Defended a Free-Banking System
• The "Theorem of the Impossibility of Socialism" and its Application to the Central Bank
• The Theory of the Impossibility of Coordinating Society Based on Institutional Coercion or the Violation of Traditional Legal Principles
• The Application of the Theorem of the Impossibility of Socialism to the Central Bank and the Fractional-Reserve Banking System
• (a) A System Based on a Central Bank Which Controls and Oversees a Network of Private Banks that Operate with a Fractional Reserve
• (b) A Banking System which Operates with a 100-Percent Reserve Ratio and is Controlled by a Central Bank
• (c) A Fractional-Reserve Free-Banking System
• Conclusion: The Failure of Banking Legislation
• A Critical Look at the Modern Fractional-Reserve Free-Banking School
• The Erroneous Basis of the Analysis: The Demand for Fiduciary Media, Regarded as an Exogenous Variable
• The Possibility that a Fractional-Reserve Free-Banking System May Unilaterally Initiate Credit Expansion
• The Theory of "Monetary Equilibrium" in Free Banking Rests on an Exclusively Macroeconomic Analysis
• The Confusion Between the Concept of Saving and that of the Demand for Money
• The Problem with Historical Illustrations of Free-Banking Systems
• Ignorance of Legal Arguments
• Conclusion: The False Debate between Supporters of Central Banking and Defenders of Fractional-Reserve Free Banking
Chapter 9: A Proposal for Banking Reform: The Theory of a 100-Percent Reserve Requirement
• A History of Modern Theories in Support of a 100-Percent Reserve Requirement
• The Proposal of Ludwig von Mises
• F.A. Hayek and the Proposal of a 100-Percent Reserve Requirement
• Murray N. Rothbard and the Proposal of a Pure Gold Standard with a 100-Percent Reserve Requirement
• Maurice Allais and the European Defense of a 100-Percent Reserve Requirement
• The Old Chicago-School Tradition of Support for a 100-Percent Reserve Requirement
• Our Proposal for Banking Reform
• Total Freedom of Choice in Currency
• A System of Complete Banking Freedom
• The Obligation of All Agents in a Free-Banking System to Observe Traditional Legal Rules and Principles, Particularly a 100-Percent Reserve Requirement on Demand Deposits
• What Would the Financial and Banking System of a Totally Free Society be Like?
An Analysis of the Advantages of the Proposed System
• Replies to Possible Objections to our Proposal for Monetary Reform
• An Economic Analysis of the Process of Reform and Transition toward the Proposed Monetary and Banking System
• A Few Basic Strategic Principles
• Stages in the Reform of the Financial and Banking System
• The Importance of the Third and Subsequent Stages in the Reform: The Possibility They Offer of Paying Off the National Debt or Social Security Pension Liabilities
• The Application of the Theory of Banking and Financial Reform to the European Monetary Union and the Building of the Financial Sector in Economies of the Former Eastern Bloc Conclusion: The Banking System of a Free Society
Index of Subjects
Index of Names
Can the market fully manage the money and banking sector?
Jesús Huerta de Soto, professor of economics at the Universidad Rey Juan Carlos, Madrid, has made history with this mammoth and exciting treatise that it has and can again, without inflation, without business cycles, and without the economic instability that has characterized the age of government control.
Such a book as this comes along only once every several generations: a complete comprehensive treatise on economic theory. It is sweeping, revolutionary, and devastating--not only the most extended elucidation of Austrian business cycle theory to ever appear in print but also a decisive vindication of the Misesian-Rothbardian perspective on money, banking, and the law.
Jörg Guido Hülsmann has said that this is the most significant work on money and banking to appear since 1912, when Mises's own book was published and changed the way all economists thought about the subject.
Its five main contributions:
• a wholesale reconstruction of the legal framework for money and banking, from the ancient world to modern times,
• an application of law-and-economics logic to banking that links microeconomic analysis to macroeconomic phenomena,
• a comprehensive critique of fractional-reserve banking from the point of view of history, theory, and policy,
• an application of the Austrian critique of socialism to central banking,
• the most comprehensive look at banking enterprise from the point of view of market-based entrepreneurship.
Those are the main points but, in fact, this only scratches the surface. Indeed, it would be difficult to overestimate the importance of this book. De Soto provides also a defense of the Austrian perspective on business cycles against every other theory, defends the 100% reserve perspective from the point of view of Roman and British law, takes on the most important objections to full reserve theory, and presents a full policy program for radical reform.
It was Hülsmann's review of the Spanish edition that inspired the translation that led to this Mises Institute edition in English. The result is astonishing: an 875-page masterpiece that utterly demolishes the case for fiat currency and central banking, and shows that these institutions have compromised economic stability and freedom, and, moreover, are intolerable in a free society.
De Soto has set new scholarly standards with this detailed discussion of monetary reform from an Austro-libertarian point of view. Huerta de Soto’s solid elaboration of his arguments along these lines makes his treatise a model illustration of the Austrian approach to the study of the relationship between law and economics.
It could take a decade for the full implications of this book to be absorbed but this much is clear: all serious students of these subject matters will have to master this treatise.
875 page hardback
The entire book, free from the Ludwig von Mises Institute ••• (6 MB pdf)
Articles in English & Spanish
La Teoría de la Eficiencia Dinámica
Resumen. En este trabajo se presenta un concepto alternativo de eficiencia económica de carácter dinámico y que pretende superar al concepto está- tico de origen paretiano hasta ahora dominante. Tras explicar el proceso de formación del concepto paretiano, se propone reintroducir la dimen- sión dinámica de la eficiencia basada en la capacidad creativa y coordi- nadora de la función empresarial. Se estudian, asimismo, las íntimas rela- ciones que existen entre la ética, la moral personal y la dimensión dinámica de la eficiencia económica, proponiendo la aplicación del nuevo criterio de eficiencia a distintos campos de la ciencia económica.
A Critical Note on Fractional-Reserve Free Banking
Abstract. This paper presents an alternative, dynamic view of economic efficiency as a replacement for the static Paretian approach prevalent until now. The development of the Paretian perspective is traced, and a proposal is then made to reintroduce the dynamic aspect of efficiency, a dimension based on the creative, coordinating potential of entrepreneurship. In addition, the close relationship between ethics, personal morals, and the dynamic aspect of economic efficiency is studied, and the application of the new criterion of efficiency to various areas of economics is suggested.
Ludwig Von Mises' Human Action as a Textbook of Economics
[I have found no way to provide links directly to these articles. Navigation of the site will discover them quickly and probably turn up unexpected articles of interest not listed here. -Leif, July 1, 2009]
The Theory of Dynamic Efficiency
Curent discussions regarding money and banking -11/12/16
Lawrence White and commentators speculate on Trump’s policies •••
Comments by Walker Todd, Kevin Dowd, George Selgin
Selgin’s comment points to a paper by White, “Thomas Paine, Advocate of Sound Money and Banking •••
A crucial issue: “… a legal tender law compelling the acceptance of depreciated paper dollars where a contract called for payment in silver or gold dollars …”. This is a driver of requests for legislation authorizing the creation of irredemable paper.
The Cobden Centre •••
"Bastiat's Iceberg" — a fascinating article on economic crisis, recommended by The Cobden Center (for honest money and social progress).
Toby Baxendale, at The Cobden Center, on 21 December 09, writes: "Sean Corrigan of Diapason Commodities Management packs more sound applied economics into this report than ever.” Download the report here. [1.6 MB pdf] — This is one of the few analyses I've seen that employs Hayek's time-conscious structure of production in explanation of the monetary causes of economic crisis. -leif
Cobden Centre seems to have an interest in the work of Jesús Huerta de Soto, as do we (see below).
The U.S. Financial Crisis of September 2008
Architects of Ruin: How a Gang of Radical Activists and Liberal Politicians Destroyed Trillions of Dollars in Wealth in the Pursuit of Social Justice, 2009, by Peter Schweizer
Llewellyn H. Rockwell — 20 September 2008: Understanding the Crisis [link]
Anthony Mueller — 18 September 2008: What's Behind the Financial Market Crisis? [link]
Articles by Anthony Mueller on Mises Institute site [link]
The School of Salamanca, by Marjorie Grice-Hutchinson ••• (pdf) — 16th century Spanish theologian-economists whose ideas were precursors to those of the modern Austrian School.
Note on Islamic money and its influence on the West
During Carolingian times (circa 800 ce) “… the intrinsic vlaue of the Islamic currency was then so generally conceded that a number of European rulers deliberately emulated it both in its weight and its design…” . “… Charlemagne’s last currency issue … precisely matched the Abbasid silver dirham in weight, and even bore Arabic inscriptions from the [Koran] that glorified Allah …” -from Gene Heck’s, CMARC (see bibliography), pg. 228.
Brazil, India, China, Russia (BRIC)
“Brazil: menos Marx, mais Mises” ••• - an excellent article on the growing influence of the work of Ludwig von Mises in Brazil. It has been said that breakdown is breakthrough. In Brazil we may have an example
Michael Hudson, "Dismantling America's Financial-Military Empire", June 13, 2009
This article is about some of the consequences of ignoring the work of Mises, Rothbard, Huerta de Soto, and other advocates of sound money and honest banking.
"BRIC Countries Conclude Uneventful Summit", Michael Johnson, June 18, 2009
Eastman, Hülsmann, Corrigan
01Sep12: John Eastman links to, “The Gold Standard Gets Another Look,” by Peter Schiff, 29 August 2012.
Hülsmann's Ethics of Money Production
Sean Corrigan - writings
"Twilight of the Gods" http://mises.org/daily/2706
Lists of people, organizations, books, and articles found in this vortex (incomplete 11/12/16)
List of all articles referred to in this vortex (incomplete)
"BRIC Countries Conclude Uneventful Summit", Michael Johnson, June 18, 2009
List of all organizations referred to in this vortex (incomplete)
Cobden Center
Ludwig von Mises Institute
Free Banking, Larry J. Sechrest
"... the debate over central banking and free banking is the most important economic issue of the day. Central banking accepts all the methodological precepts of socialist central planning. It is constructivist. The planners pretend to know more than they can know. They presume that their knowledge is better than the market. They use their power to override market signals of prices and interest. And the results are about as successful as socialism, and he proves this point with the first formal model of central vs. free banking, one that combines Hayek, Selgin, and Garrison to show that a competitive system would be self correcting where a centralized one is not."
"As long as money remains a tool of the state, that tool will continue to serve the state as a well-spring of income redistribution, social engineering, and military adventurism. A laissez-faire approach to money and banking is more than merely conductive to efficiency and stability. It is likely to prove to be the necessary precondition for prosperity, justice, and peace."
The above quotations are from the review at http://www.mises.org/store/Free-Banking-P517.aspx
Tiger by the Tail, F. A. Hayek
competitive free market money
Events - past
Mises Circle, Vancouver, September 13, 2008 — all day event: "Choice in Currency: A Path to Sound Money"
Choice in Currency: A Path to Sound Money
The Mises Circle Met in Vancouver (Sponsored by Almaden Minerals Ltd.), Saturday, September 13, 2008, Vancouver Convention Centre
There is a way out of the present crisis: end the government's money monopoly. For reasons of history and bad economics, it is usually assumed that government must have sole control over the nation's money, and enforce this control with demands that no one may use any money other than that which the government has approved. In fact, money is a market commodity. It originated that way, without the help of the state. Indeed, the government is truly incapable of causing a money to come into existence. What the government does is nationalize a money that already exists, and then proceed to destroy it. That is precisely what happened in the case of all modern currencies. So how can we return money to its natural market home? Why is this so necessary? Featuring Walter Block, David Gordon, Joseph Salerno, Thomas DiLorenzo, and Lew Rockwell, this conference will address these questions and provide answers that are radical but practical, too, provided we have the will to do what's right.  Additional information on this seminar is available online.  Registration is $75 (US), and includes sessions, refreshment breaks and lunch.  [REGISTER NOW].
Tentative Schedule 9:00 a.m. Registration
9:30 a.m. Welcome
9:45 - 10:15 a.m. Walter Block, "How Private Markets Can Provide Money"
10:15 - 10:35 a.m. David Gordon, "The Ten Best Books on Money"
10:45 - 11:15 a.m. Joseph Salerno, "A New Currency for the World"
11:15 - 11:45 a.m. Thomas DiLorenzo, "The Founding Father of Central Banking"
11:45 a.m. Lunch
1:00 p.m. Llewellyn H. Rockwell, Jr., "The Social Imperative of Sound Money"
1:30 p.m.  Panel Discussion
2:00 p.m. Adjourn
Questions: contact Patricia Barnett.
Participants in vMulligan
Invited: Robert Himber, Brad Hughes, Jim Bennett
Leif Smith, Jim Bennett, Ricardo Valenzuela, Margaret Olsen