Darryl Robert Schoon discusses the rise of the Federal Reserve and the fall of the USA. Debt-based money issued by the Federal Reserve fed the insatiable appetite of government. It was US military spending after WWII that emptied US vaults of gold, forcing the US dollar and the world monetary system off the gold standard. The rest is history and what isn't is about to be.
DRSCHOON.COM features the articles of Professor A. E. Fekete of the New Austrian School of Economics, a leading expert on gold and its role in financial markets and the economy.
The Wisdom of Adam Smith for Our Own Times
- A Rejoinder -
Let us celebrate the 291st birthday of the great Scottish economist together and let us rehabilitate his Real Bills Doctrine!
Richard Ebeling in the June 3rd issue of the Daily Bell under the same title contributed a much needed reminder of the relevance of Adam Smith's wisdom to our contemporary world. I am not going to speculate whether the omission of not mentioning Adam Smith's Real Bills Doctrine was accidental or deliberate. However, it is well known that post-Mises Austrian economists have taken a disdainful view of the Real Bills Doctrine and it would have been nice to have Ebeling's coherent articulation of their position. I can do no better than revisiting Adam Smith's great contribution to the theory of money and credit (which, significantly, received the nihil obstat of Carl Menger a hundred years later) for the benefit of the Daily Bell's readership. full article...