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By George



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The Flight of the Barbarous Relic  
"Virtually everything every American needs to know about the Federal Reserve, fiat-money central banking, and monetary history" in novel form.

Demagogue's Survival Guide
Since you're in politics, you're seeking legally coercive control...

State Treachery
... a strong distrust of government is indigenous to the American character.





"This new world hath been the asylum for the persecuted lovers of civil and religious liberty from every Part of Europe. Hither have they fled, not from the tender embraces of the mother, but from the cruelty of the monster; and it is so far true of England, that the same tyranny which drove the first emigrants from home pursues their descendants still." -- Thomas Paine, Common Sense, January 10, 1776


Sound Money: Fight for It!
September 29, 2011

Isn't it ironic that gold and the gold standard have been dubbed the barbarous relic when it's the paper systems that are forced on us that are reducing the world to barbarism?

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Austrians Remove the Burden of Fear
June 21, 2011

Bad ideas are sometimes the hardest to de-throne.  It’s probably accurate to say most people think of money as the paper currency printed by governments.  And it is money in the sense that it functions as a medium of exchange, but is it sound, is it vulnerable to inflation?  Its very existence is evidence that it is, so why are so many people reluctant to switch to a money that isn’t?

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Who said it, when and where?
June 14, 2011

Over the years I've accumulated a long list of quotes about money and banking extracted from online articles and books I've read.  Unlike most other sites that post pithy remarks from famous authors, I include hyperlinks to their sources, so that anyone who wishes can not only verify a quote but, perhaps more importantly, read the context in which it was used.

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From "golden fetters" to handcuffed investors
June 7, 2011

"The financial policy of the welfare state requires that there be no way for the owners of wealth to protect themselves." - Alan Greenspan, 1966

If investors attempt an alternative such as purchasing physical precious metals, the government will either restrict those activities or abolish them.  One way or another it will see that it has the "captives" needed to pay its bills.

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That Other Invisible Hand
May 27, 2011

As Adam Smith explains, the free market brings its wonders to the world by virtue of an invisible hand.  Individuals cooperating under the international division of labor and seeking generally to satisfy their own wants end up promoting the general welfare, often without intending to or without realizing it.

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The Triumph of the Bankers

May 24, 2011


In spite of its success in bestowing wealth on some men while funding an unnecessary war, [1] the National Banking System proved unsatisfactory to financial leaders.  (See “Who Paid for the Civil War?”)  Even with laws discouraging or restricting redemption, crises still occurred, and banks had to contract and deflate to survive. 


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Central Banking Quicksand

May 20, 2011


The German hyperinflation was one of many runaway inflations of the last century.  Hungary, China, Bolivia, Argentina, Peru, Brazil, Russia, Austria, Poland, Greece, and the Ukraine, among others, all experienced hyperinflations in varying degrees.  But the worst case of monetary destruction happened in Yugoslavia from 1993-1994.


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Who Paid for the Civil War?
May 20, 2011


When war broke out in 1861, the federal government was without its own money machine, though that would soon change. As expenses from the war mounted, the U.S. government once again issued Treasury Notes to help finance it. The Act of July 17, 1861 authorized Secretary of the Treasury Salmon P. Chase to issue notes at 7.30%, a rate chosen to make interest calculation so easy they...


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Inflation, Government's WMD
May 17, 2011


Inflation’s standard definition is too narrow to provide an appreciation of the extent of its harm; it is far more than a deterioration of the currency’s purchasing power.  It’s also much more than a “hidden tax.”  Government’s perennial fiat inflation is a subtle WMD.


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Wildcat Inflation Fighter

May 16, 2011


Though banking and government have had a corrupt relationship throughout history, the Suffolk Bank and Independent Treasury System, both of which were prominent during the “wildcat banking” era of the 19th Century, represent significant efforts at reform. 


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Selling Fraud

May 15, 2011


By most accounts, selling a central bank to an educated populace should be a daunting public relations task, if not an impossible one.  Think of trying to convince the Pope to swear allegiance to the devil or getting a politician to resign and get a productive job.  Yet selling lies, even Big Lies, is an area where power lovers have excelled throughout history with unsurpassed brilliance.


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Inflation Inferno I
April 28, 2011

Governments and bankers hate gold because its supply cannot be inflated on command. They work hard to establish and retain a monetary system under their control that can respond quickly to their demands for inflation — or what today is called "accommodation."

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Is the Fed dollar "safe and stable"?
January 4, 2011

If we want a safe and stable monetary system we need to eliminate the elements that make our current system grossly unfair and unstable.  The Fed must be abolished, and the government must be excluded from monetary matters altogether. We need free market money - probably gold and/or silver - run by free market institutions.   Government's one role would be to protect private property and uphold contracts, which would make it difficult, if not impossible, for banks to engage in the fraud of fractional reserve banking.  Only then could we look to the future with realistic optimism.

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How an Economy Grows
November 2, 2010

Since World War II, most economists have been apologists for government growth.[1] Now the "experts" who never see a crisis coming tell us that we must once again abandon free-market principles to save the free-market system.

Full Article

Did the Cream Rise to the Top - or Something Else?
October 29, 2010

Economics has been called the “dismal science” for over 150 years.  This is unfair.  Outside of the Austrian school, economics, in parroting the methodology of the hard sciences, has forfeited its claim to being “scientific.” Since World War II especially, economists have been mostly apologists for government growth and propagandists for more of the same.

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Bad Monetary Policy Is Redundant
September 3, 2010

Why is it that if a private individual or firm prints money they're engaged in the high crime of counterfeiting, which is another name for inflation, whereas when the Fed prints money it's called "monetary policy" and is considered our best tool for avoiding inflation?

The only good monetary policy is no monetary policy.


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ATM Salvation

July 3, 2010

Would you buy a gold bar from a vending machine? If the ATM were located in a secure area, and the bars carried an acceptable premium over the current spot price and could be purchased in units as small as one gram or as large as an ounce, would you consider swapping your unbacked paper money for an authenticated 24-karat gold bar?

Full article

Thomas Paine, Liberty's Hated Torchbearer

June 8, 2010

As the 18th century's most influential political pamphleteer, Paine's reputation was born with the American Revolution he was largely responsible for creating, and he wanted to spend his last years among people with whom he shared a passion for liberty.

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The Never-Ending Saga of Economic Crises

June 4, 2010

From that point on, government, through its proxy the federal reserve, could create paper claims to economic goods without concern about redeeming it for a unique kind of economic good: gold. By government fiat, real money was no longer money. By government fiat, paper money and bank deposits redeemable in paper money were now real money. The federal reserve could create money at will without worrying about an equivalent amount of metal on deposit. Member banks could continue making loans on small fractions of their deposits without worrying about suspicious depositors suddenly rushing madly to the banks for gold coin redemption.

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By the Way, Free Markets Are Free
January 29, 2010

Having failed to learn what causes depressions and how to treat them when they arrive, our nation's leaders are steering us straight into a monetary catastrophe. Predictably, the major media voices are clinging to the assurances of Keynesians, who see new wads of debt and paper money and conclude that the good times are ready to roll again; don't pay any heed to the millions still looking for work.

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Pens for Hire, Cheap
January 6, 2010

No one traveling in hostile country should ever be without reliable protection. When the territory in question is intellectual, it always helps to have the aid of fighters who've been there before. In fact, two of the most seasoned pros are yours for only the cost of the effort required to understand their arguments. Fortunately, these straight-shooting writers have made that cost minimal.

I'm speaking of Thomas Paine (1737–1809) and Frederic Bastiat (1801–1850).

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Other Interesting Sites

Wikileaks Mirrors

Ron Paul's
Campaign for Liberty

Strike the Root

Classics of Libertarian Thought

BK's FED Economics Portal

Greenspan's 1966 "Gold and Economic Freedom"

Ludwig von Mises Institute

"V" for Vendetta





 George F. Smith