Sunday, September 20, 2015

Thomas DiLorenzo on Morning Joe speaking on Hamilton's Curse


  1. Tom was awesome, even though it appears he was blindsided by questions from all sides well outside of the scope of his book.

    I know Pat Buchanan is a mercantilist, but I never guessed he was a full-on central bank, national debt, economic central planning advocate. "Hamilton is my hero! He created the U.S. economy!" Economies need all-wise, all-powerful social engineers to architect societies and economies? Pat is supposedly the "conservative's conservative"? Just proves that so-called conservatism is a muddle-headed mess of nonsense. Buchanan really didn't seem nonplussed when Tom accused him of identifying with a statist.

    Eyebrows also raised when Morning Joe asks incredulously: "are you advocating an end to central banking?" Even Tom seemed taken aback by such disingenuousness -- or is it just Joe's cluelessness?

    Tom's parting shot was awesome: "of course I'm not happy that Hamilton was killed in a duel, but unlike Dick Cheney, at least Aaron Burr had a reason to shoot."

  2. Professor DiLorenzo has done great work on Lincoln and Hamilton. I highly recommend all three of his relevant books.

  3. Mises and Rothbard had different solutions to credit expansion.

    "But even if the 100 per cent reserve plan were to be adopted on the basis of the unadulterated gold standard, it would not entirely remove the drawbacks inherent in every kind of government interference with banking. What is needed to prevent any further credit expansion is to place the banking business under the general rules of commercia1 and civil laws compelling every individual and firm to fulfill all obligations in full compliance with the terms of the contract. If banks are preserved as privileged establishments subject to special legislative provisions, the tool remains that governments can use for fiscal purposes. Then every restriction imposed upon the issuance of fiduciary media depends upon the government's and the parliament's good intentions. They may limit the issuance for periods which are called normal. The restriction will be withdrawn whenever a government deems that an emergency justifies resorting to extraordinary measures"
    -Ludwig von Mises (Human Action p. 440).

  4. Here is Gary North's awesome article where he discusses Mises vs Rothbard on fractional reserve banking and also on statism.