I saw today over at EconomicPolicyJournal that Krugman will be guest hosting on Bloomberg a he’ll be interviewing Ron Paul around 4:00.
Who will come away with the upper hand in what is sure to be a heated conversation. It’s Keynesian Economics Vs. Austrian Economics, Free Markets vs. Central Planning.
Hopefully this turns up on youtube since I’ll miss it today.
Update: Here is the full youtube clip.
Notice Krugman never even tried to deny the fact that inflation is theft. He must, I imagine, recognize the truth in this statement. I wish that Ron would have mentioned one of the most telling Keynes quotes I’ve ever come across.
“The best way to destroy the capitalist system is to debauch the currency. By a continuing process of inflation, governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens. ~ John Maynard Keynes”
I’d love to see Krugman try and explain to the U.S. citizens why the government must confiscate their wealth for their own good.
Overall, I think Dr. Paul did a fantastic job defending liberty and sound money. I’d love to see this topic debated every single day. Keynesianism is the logic that government and central banks push on an ignorant society to enslave them. It’s empty and fact-less. It stems from arrogance and pride on the part of the ruling elites. Austrian economic philosophies, on the other hand, are those embraced by a society tempered with distrust of government and a firm understanding of what it means to be free and prosperous.
Just watched this again. About 11 minutes in, Krugman and Paul got into a discussion about the notion that people are free/or not to barter with gold and silver in private transactions. Paul mentions that you go to jail if you do that. Krugman says, that’s not his understanding of the law.
The precedent that has been set by the indictment of Bernard von Nothaus is, I believe the case which Dr. Paul is referring. And yes, Bernard is facing 20+ years in jail for the charges the federal government has against him.
In some cases, Liberty dollars have been considered contraband and are taken from the rightful owners by law enforcement. If that theft is legal, then it would seem to me that we, indeed, do not have the right to barter with privately minted gold and silver coins. Now no one has been jailed for simply owning or using Liberty dollars, yet, that I know of. But the precedent that we are allowed by law to exchange goods and services for whatever medium of exchange we prefer is one that will largely be determined by the outcome of the Bernard von Nothaus retrial, if it ever happens.
GATA submitted 2 amicus briefs to the court in North Carolina which outlined, perhaps better then any other document the constitutionality of alternate currency.
To Ron’s point, Bernard was labeled a “Domestic Terrorist” for producing his coins.
Attorney for the Western District of North Carolina, Anne M. Tompkins, described Bernard von Nothaus and the Liberty dollar as “a unique form of domestic terrorism” that is trying “to undermine the legitimate currency of this country.” The Justice Department press release quotes her as saying: “While these forms of anti-government activities do not involve violence, they are every bit as insidious and represent a clear and present danger to the economic stability of this country”.
I wonder if Krugman would agree?