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Gold and Free Banking versus Central Banking

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In spite of the officially declared “independence” of the Federal Reserve from the immediate political control of either Congress or the White House, America’s central bank is, nonetheless, a branch of the U.S. government that is responsible for setting monetary policy, overseeing a variety of banking regulations, and influencing market interest rates. As a result, politics is always present when it concerns the Federal Reserve, as witnessed in the nomination of Dr. Judy Shelton to serve on the central bank’s board of governors. Dr. Shelton has become a lightning rod for angry opposition, not only due to Donald Trump, who as president of the United States nominated her to fill one of the seven slots on the Federal Reserve’s Board of Governors, but the fact that she has long been a public and vocal advocate for a return to some version of the gold standard as an “anchor” for limiting discretionary policies by the central bank. Most academic and policy-oriented economists ...

Needed: A New System

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Hope springs eternal for statists. When President Trump was coming into office four years ago, conservatives were filled with hope and optimism that Trump would save America from its deep morass of crises and chaos. Alas, it didn’t happen. American society is just as dysfunctional as it was when Trump became president. Now, it’s the liberals’ turn. They too are now filled with hope and optimism that their man — Joe Biden — will save America from the crises and chaos that afflict our land. It ain’t gonna happen, and the sooner the American people finally come to that realization, the sooner we will be able to get our nation back on the right track — toward liberty, peace, prosperity, and harmony. The problem is that you’ve got an inherently defective system — the welfare-warfare system under which we live. No one ...

The Dangerous Pursuit of Empire: Russia, China, and the United States

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Giving up the reality, the nostalgia, or the dream of empire is very difficult for those in political power, and even for those citizens who have bought into their government’s indoctrination and propaganda. Historically, empire-builders and political leaders often seem to hold certain attitudes and ideas in common. First, they believe that they and their group or nation are on a “mission,” based on a religion or superiority of their nation or culture, for which history or destiny has chosen them to bring salvation, or justice, or “civilization,” to the rest of humanity. Second, there is almost always some other nation or group or people that is their nemesis, a force opposing and hindering the achievement of the destiny or special role in history of the chosen group or nation. The opponent not only wishes to stop the virtuous nation or people and its leaders but for its own nefarious global purposes must attempt to destroy the virtuous nation and its ...

Libertarian Splits in the War on Terrorism

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Libertarian Splits in the War on Terrorism by Jacob G. Hornberger, October 2001 Responses to the September 11 attacks have split the libertarian movement like no other issue I have seen since I discovered libertarianism almost 25 years ago. Limited-government libertarians have always maintained that one of the essential functions of government is to protect the nation from invasion or attack. The ...

Libertarian Splits in the War on Terrorism

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Libertarian Splits in the War on Terrorism by Jacob G. Hornberger, October 2001 Responses to the September 11 attacks have split the libertarian movement like no other issue I have seen since I discovered libertarianism almost 25 years ago. Limited-government libertarians have always maintained that one of the essential functions of government is to protect the nation from invasion or attack. The ...