The Ethics of Money Production
Posted by Orrin Woodward on July 28, 2014
The Cobden Centre’s Andy Duncan did an excellent review of Jorg Guido Hulsmann’s fantastic book The Ethics of Money Production. In my opinion the number one battle for freedom begins with checking the Five Laws of Decline (FLD) destruction of the monetary system by the State elites. What is the point in checking government through representative government, separation of powers, term limits if the government can have access to practically unlimited funds? The State, simply by partnering with the Big Banks, runs a fraudulent Fractional Reserve Banking system anchored by the State’s favored central bank to bilk society’s monetary system.
Indeed, my new book And Justice For All spells out how the elites plunder the production of society. Since Adam Smith and Jean Baptiste Say, economists have recognized the 3 factors of all production – labor, land, and capital. The elites have plundered all three factors of production. Thankfully, Human Slavery (the plunder of society’s production through the monopolization of labor) is diminishing worldwide along with Land Serfdom (the plunder of society’s production through monopolization of land). However, Financial Subjection (the plunder of society’s production through the monopolization of capital) is exploding.
Why is it, you ask? Simply put, society cannot resist oppression until it discovers its source. The central planning of the financial system is inconceivable, illogical, and inconsistent since its underlying presuppositions run counter to our alleged free market system. Nonetheless, because the FLD rewards too tempting to ignore, the State and Big Bankers fill society with propaganda designed to confuse and disorient. As a result, the elites capitalize on society’s ignorance for massive FLD gains. Fortunately, anyone who invests the time to read and understands The Ethics of Money Production will not remain ignorant.
LIFE Leadership intends to play its part in educating society in the 8F’s of life to play its part in the restoration of liberty. Below is a portion of Andy Duncan’s review.
The book is divided into three beautifully-written main parts:
- The Natural Production of Money
- Monetary Order and Monetary Systems
These three parts cover everything you might think of, from the invention of metallic money all the way through to the end of Bretton-Woods and then the later creation of the Euro. However, the heart of the book is a sequence of four chapters — in the second part of the book on Inflation —with two of these chapter titles, alas, unfortunately insisting on the use of American spellings and the appalling employment of the letter ‘zed’; the chapter content, however, is still very good, even if has fallen under the unwelcome control of an American spell-checker:
- Legalized Falsifications
- Legal Monopolies
- Legal-Tender Laws
- Legalized Suspensions of Payments
When you are the elite organisation calling yourself ‘The State’, you have a monopoly on law in a particular territory; it is with this power that you can subvert and distort the natural order of private property, thus leading to the impoverishment and helotry of everyone else within that territory, under your rule, even leading to the ridiculous notion that any debt this elite runs up — to maintain their position of privilege — is somehow ‘owed’ by the subjugated population, despite no-one ever asking their opinion about whether this debt should have been taken on by the elite and despite all the benefits of the spending of that debt going directly into the grasping hands of that same privileged elite.
The whole problem with money is the state’s imposition of legal privileges for bankers, given to bankers in return for the promise that they will always soak up the debts of politicians, to enable politicians to enslave their populations over time in a Procrustean bed of warfare and welfare, to the ultimate benefit of the politicians and their friends, and to the detriment of everyone else.
These chapters make clear how that mechanism of monetary enslavement operates, and therefore how we can break that mechanism and become free again from the appalling bondage of government bonds. It is with the removal of these legal privileges and a restoration of the natural order of private property rights that we will be able to put the wheels back on the cart, get moving again, and put the politicians back in their place,