A big thanks to Eric Hull for leading our last Junto discussion!
We are still looking for a discussion leader for next time but we already have decided on the topic. It is will be Murray Rothbard's "The Case for a 100% Gold Standard". This can be found here: http://mises.org/daily/1829
There is a small preface at the beginning of the webpage and you'll need to scroll down a ways to get to the start of the book. We are getting this up so early since it is a somewhat longer read than we have had in the past (comparable to The Law by Bastiat). Feel free to post some discussion questions as comments to this post.
Thanks everyone!
The audio can be found here:
ReplyDeletehttp://mises.org/media/1852
http://mises.org/media/1859
So in the wise words of Brother Webb, Why don't we have a clam shell standard?"
ReplyDeleteClam shells indeed!!!
ReplyDeleteA heads up, Matt Huff is going to be doing the discussion.
Printing press operators have never liked the gold coin makers.
ReplyDeleteThe market has chosen gold. They could have chosen fingernail clippings.
The global competition in currency has done a better job of keeping inflationists honest, not self-restraining central bankers.
Kind of like competition providing better quality and safety than licensing and regulation.
Some discussion questions:
ReplyDeleteWhat is the purpose of money?
Why is gold the optimum choice? (Thanks Brother Pooley for answering this one already :) )
Why does Rothbard suggest that fractional reserve banking is fraud? Do you agree with his assessment?
How does the 100% gold standard fit into the Austrian Business Cycle?
What are some pros that would come from having a 100% gold standard? Any perceived cons?
On deposit $100,000
ReplyDeleteFactional Reserve limit 10%
Prime lending rate 4.3%
Amount Loaned $1,000,000
Amount of money earned for the year $43,000
I feel like that in and of itself tells you who is in favor of fractional reserve banking...
See
ReplyDeletehttp://www.ft.com/cms/s/0/eda8f512-eaae-11df-b28d-00144feab49a.html#axzz14hWpmZKH