Tuesday, April 6, 2010

America on a New Road to Serfdom and the Continuing Relevance of Austrian Economics

Richard Ebeling emails:
Dear Bob:

Yesterday, Monday, I gave a talk at George Mason University in Fairfax, Virginia, sponsored by the GMU Student Economics Club, and the Future of Freedom Foundation.

My talk was on "America on a New Road to Serfdom and the Continuing Relevance of Austrian Economics."

A video of my talk was posted on the Future of Freedom Foundation website today.

The link is here.
Note: I have a very busy schedule today, so I won't have a chance to view the video until tomorrow. There are very few video links I would put up without watching them first, but Richard is as sound as they get when it comes to liberty and Austrian economics. So when he chooses to talk on, "America on a New Road to Serfdom and the Continuing Relevance of Austrian Economics", I know that's exactly what the speech is going to be about and that there will be many important insights. Enjoy.

I'll probably have further comment after I view the video.


  1. I enjoyed Prof Ebelings lecture. A great review of the sorry history of 20th century socialism. He seemed a bit stunned that despite the colossal failure of the socialist governments, the "ghost of central planning" has not died. He acknowledges it is irrational as it eliminates the only rational compass we have to communicate our economic needs and wants. Yet his solution is to continue a rational debate.

    The political leaders and their supporters who impose central planning upon us after seeing the bloody results in the 20th century are not only irrational, they can only be described as insane. Rational debate will not persuade them. On this I must disagree with Prof. Ebeling. Words will not save us.

  2. In my linked article, A Seignior Will Arise To Provide Seigniorage, I relate very briefly that many, such Daniel Hannan, in his book 'The New Road to Serfdom' warn of global governance.

    And I also, write that Philip Aldrick of the Telegraph reports that Mr Strauss-Kahn criticised Europe’s disjointed response to the eurozone sovereign debt banking crisis after Germany and other states resisted his calls for bolder action on Tuesday December 7, 2010 warning that “piecemeal” fixes would not work and a “comprehensive” solution is needed.

    Germany and France are pushing for an EU summit the week ending December 17, 2010, to approve a proposed treaty change that would allow debt-stricken euro zone states to make an orderly default, with private sector bondholders sharing losses on a case-by-case basis. However eurozone finance ministers did not agree on any new action this week to stop the crisis, making investors wary.

    I note that Dominique Strauss-Kahn has given “the clarion call” for a comprehensive solution to the European Financial Institution, Sovereign Debt Symbiosis Crisis.

    I believe the Strauss-Kahn call for a comprehension solution will go unanswered.

    A catastrophe is coming out of rising sovereign debt interest rates, as well out of further global competitive currency devaluations at the hands of the currency traders, resulting in a financial market place implosion, the European Financial Institutions, EUFN, will fall quickly falling in value, taking the entire global financial system down, resulting in Götterdämmerung, an investment flame out, bringing forth a new age.

    And the accompanying rise to power of a Sovereign-Chancellor, Revelation 13:5-10, such as Angela Merkel or Herman van Rompuy or John Redwood; and also a Seignior-Banker, Revelation, 13:11-17, such as Wolfgang Schäuble, or Olli Rehn, or Jean-Claude Trichet, or Gordon Brown, with fiscal sovereignty to control deficit spending, enforce internal country devaluations, provide a common EU Treasury for both taxation and transfer payments, assure mutual guarantees of the EU debt, and as Timothy Geithner called for, implement unified regulation of banking globally. All seigniorage, both credit and fiscal will come and go through the Seignior, who will make decisions on where money is spent.

    I foresee national sovereignty passing away throughout the world, as Leaders’ Framework Agreements establish ten regions of global governance as called for by the Club of Rome in 1974; hence people will no longer be citizens of sovereign nation states, rather residents living in a region of global government.