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Other people's work

Posted By Kurt Schuler On June 2, 2014 @ 11:18 pm In Uncategorized | 2 Comments

Vern McKinley will be speaking at the Cato Institute [1] on June 4 at an event titled "Run, Run, Run: Was the Financial Crisis Panic over Bank Runs Justified?" The event will also be streamed over the Internet live and can be replayed on video later. If the Velvet Underground [2] reference was intentional, Vern, I like it.

Larry Parks had an article [3] called "Bitcoin's Futile Quest to Be a Currency" in the Wall Street Journal. (To be clear, Parks is not opposed to Bitcoin trying to be a currency; he says that rules adopted in March by the U.S. Internal Revenue Service stand in its way.)

Mark Spitznagel had a book that was published in 2013 but that I only found out about today, The Dao of Capital: Austrian Investing in a Distorted World [4]. Here is a transcribed conversation [5] between Spitznagel and Nassim Taleb that touches on the book, which I have not read.

Finally, The Gold Standard Now has begun to post the complete records of the Reagan-era U.S. Gold Commission [6]. Portions have long been available on the Internet, but not the complete records. I suggested posting them here months ago, but the editors have not seen fit to accept any of the suggestions I have made regarding new material.

ADDENDUM: Another new book that I have not read is Brian P. Simpson, Money, Banking and the Business Cycle, in two [7] expensive volumes [8]. The author says, "It builds on the business cycle theory developed by Ludwig von Mises and Friedrich Hayek." Apparently the author is a proponent of 100% reserve banking.

2 Comments (Open | Close)

2 Comments To "Other people's work"

#1 Comment By Vern McKinley On June 3, 2014 @ 10:13 am

Sorry Kurt, my kids are younger so I am trying to stay current on music:


#2 Comment By Brian Simpson On June 9, 2014 @ 10:37 pm

Dr. Schuler,
Thank you for the addendum. I apologize for the expense of the volumes. Unfortunately, I have no control over the prices. I asked my publisher (Palgrave Macmillan) if the prices could by lowered and the publisher said they could not be.

I am a proponent of 100-percent reserve banking but my views on this issue are different than the contemporary Austrian economists who advocate 100-percent reserves. Unlike them, I do not believe fractional-reserve banking is inherently fraudulent and I do not believe fractional reserves should be outlawed. My position is that if we actually achieved a free market in money in banking, competitive pressures on banks would lead them to hold 100-percent reserves on checking deposits. I discuss why in detail in chapters 4 and 5 of volume 2 of my book.

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URL to article: http://www.freebanking.org/2014/06/02/other-peoples-work/

URLs in this post:

[1] Cato Institute: http://www.cato.org/events/run-run-run-was-financial-crisis-panic-over-bank-runs-justified

[2] Velvet Underground: https://www.youtube.com/watch?v=CGqwy_DQnS4

[3] article: http://online.wsj.com/articles/lawrence-parks-bitcoins-futile-quest-to-be-a-currency-1401661605

[4] The Dao of Capital: Austrian Investing in a Distorted World: http://www.amazon.com/The-Dao-Capital-Investing-Distorted/dp/111834703X?tag=freebank07-20

[5] conversation: http://www.nationalreview.com/article/379180/inequality-free-markets-and-crashes-nassim-taleb-mark-spitznagel

[6] U.S. Gold Commission: http://www.thegoldstandardnow.org/why-the-gold-standard/the-reagan-gold-commission-records

[7] two: http://www.amazon.com/Money-Banking-Business-Cycle-Integrating/dp/1137335319/ref=sr_1_1?ie=UTF8&qid=1401844968&sr=8-1&keywords=%22Money%2C+Banking%2C+and+the+Business+Cycle%22&tag=freebank07-20

[8] volumes: http://www.amazon.com/Money-Banking-Business-Cycle-Alternative/dp/1137340770/ref=pd_sim_sbs_b_1?ie=UTF8&refRID=12SQCZ084JQECGWB2VE1&tag=freebank07-20

[9] : http://www.youtube.com/watch?v=V8CQjV8vXJE

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