Wednesday, March 12, 2014

If You Think Keynes Hated Savers...

By, Chris Rossini

...wait until you read what John Law, destroyer of France's currency in the early 1700's, had to say about them!

Charles Crist quotes Law on page 103 in his book The Triumph of Gold (free download at
"Money is only yours by the right that you have to receive it and use it to satisfy your requirements and desires. Beyond that, its use belongs to your co-citizens without committing a public injustice and a crime against the state, of which I do not consider you capable. Money bears the stamp of the ruler and not your own, in order that you may know that it belongs to you only because it circulates, and that you may not appropriate it in any other way. . . . It is on these occasions also that one feels the felicitous use of sovereign authority; law is necessary to save men from their own hands.”
How very blunt.

Is this the same exact attitude held by today's paper pushing destroyers? Of course!!!

Today's thieves just use a different language, with things like: "We have to make sure consumers are spending" or, "Consumer sentiment has dropped off recently", or "The Fed needs to stimulate consumer demand."

Same mentality as John Law...different wrapper.

Things didn't work out for John Law and following the monetary disaster, as Murray Rothbard points out:
"hard-money doctrines prevailed easily throughout the century, from Law's former partner and outwitter Richard Cantillon down to the Founding Fathers of the American Republic."
What a shame that financial catastrophe must be the impetus for people to come to their senses and to toss out the paper pushers.

Once waits in the wings as today's crop of "geniuses" work hard on securing their spots in the history books as "The New World's" version of John Law.

Chris Rossini is on Twitter

1 comment:

  1. Wicked quote, Robert you should frame this in your office!

    Sounds like JW is his reincarnation although light years behind Law's genius.

    Jerry Wolfgang shame on you if you fail to come up with something more Statist than this - please outdo your intellectual forbearer John Law and show us your infinite wisdom in all it's glory.

    Should you fail at the above task - you should just kill yourself as you'd have then proved to be an absolute disgrace and waste of my tax money spent on the govt's internet trolling programme.