John Zube

Towards a comprehensive encyclopedia on free banking (P - S)





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E - H

I - O

P - S

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PAPER MONEY: Money notes issued by governments or their central banks are, as a rule, not only tinted by tainted, especially by their money issue monopoly power and by their monopolized, forced and wrongfully manipulated and, usually, depreciating “value standard and its compulsory acceptance, both enforced by “legal tender” laws. – J.Z., 18.11.09, 4.8.10. - PAPER MONEY OF GOVERNMENTS, CENTRAL BANKING, MONETARY DESPOTISM, MONEY ISSUE MONOPOLY, LEGAL TENDER, FORCED VALUE FOR MONOPOLIZED NATIONAL CURRENCIES

PAPER MONEY: of all the contrivances for cheating the laboring class of mankind, none has been more effective than that which deludes them with paper money.” – Daniel Webster – Quoted by Paul Bakewell, Jr., What Are We Using For Money. D. Van Nostrand Co., Toronto, New York, London, 1952, p.140. - Yes, if it is monopoly money with legal tender. – However, not only the laboring class, as creditors of their employers, are so cheated, but all creditors are. In the long run even the debtors are harmed thereby, for under monetary despotism it becomes more and more expensive and difficult for them to get any credit. - J.Z., 29.7.10. – MONETARY DESPOTISM, LEGAL TENDER, INFLATION, WORKERS, DEBTORS, CREDITORS.

PARTEI DER VERNUNFT: - - has at least one sound point in its German platform, a general stand for monetary freedom. - I do not know as yet what school of monetary freedom it does subscribe to and whether it is tolerant towards all tolerantly practised monetary freedom or free banking experiments. - J.Z., 21.4.11. - Hint by Klaus Falke.

PARTIAL OBSERVER, THE, The Partial Observer - Monopoly Money - - Cached - 30 Apr 2009 – And in a real free market, money would be defined by the market and valued by the market, not monopolized and depreciated by the government. ...

PATEL, RAJ, How Free Is The Free Market - - Cached - Saying that free market money threatens capitalism is completely absurd! Free market money threatens our phoney fiat "too big to fail" bailed-out casino ...


PAYMENTS: For ultimate payments are, of course, the services desired and which are received in exchange finally for services rendered. - Louis F. Post, Social Service, New York, Wessels & Bissell Co., 1910, p.197. – Sound money tokens or clearing certificates, even gold- or silver coins, merely facilitate the exchange of goods and services. The cheapest and yet quite sound tokens, certificates or accounts, competitively supplied, will tend to replace the more expensive ones. - J.Z., 5.8.11. - WAGES, SALARIES, PROFITS, SERVICES, FREE EXCHANGE, MONEY, CLEARING, BARTER

PEACE: Free-Market Money: A Key to Peace. - by Steven Horwitz, - OpEdNews - Quicklink: Free-Market Money:A Key to Peace -  - Cached - 12 Mar 2008 – Quicklink: War finance has long been the overt and covert rationale for an expansion of government's role in the banking system. - ALSO: free market money: a key to peace - docstoc - By Steven Horwitz - - 21 Mar 2011 – Preview and download documents about free market money: a key to peace. Docstoc is a community for sharing professional documents, ... ALSO: Free-Market Money: A Key to Peace? - Free-Market Money: By HORWITZ, STEVEN,  | Strike-The-Root: A Journal Of ... -  - Cached - 5 Mar 2008 –War finance has long been the overt and covert rationale for an expansion of government's role in the ... - My two libertarian peace books, online at - do also describe full monetary and financial freedom as being among the essential requirements to finally achieve a peace based upon justice, freedom and tolerance for all people, regardless of their religion and ideology, able and willing to practise them only tolerantly, i.e., among themselves. - J.Z., 9.8.11.

PERMACULTURE RESEARCH INSTITUTE: Money Literacy - Part III Permaculture Research Institute - - Cached - 13 Jan 2010 – In truly free market, money itself would be free, not subject to decree and legal tender law. Everyone is free to associate and use any form ... - Monetary freedom strikes roots in strange places! - J.Z., 27.7.11.

PHYSORG.COM/NEWS, Experts fear long oil effect on marine life, food chain -  - Cached - 18 Jul 2010 – What's wrong with free market money? People used to use gold and silver. ... There are all sorts of concepts for free market money and they ...

PLUNDER BUND: People seem to have adopted the cynical approach of "Everyone else is using the law for their own gain, so why shouldn't I join in and get my fair share? After all, it is legal, you know." - Dean Russell, Government and Legal Plunder. Bastiat Brought Up to Date, FEE, May 85, ISBN-0-9106614-70-9, 116pp, p.14. - DIS., MUTUAL PLUNDER VIA TAXATION & GOVERNMENT HANDOUTS, LEGALIZED, STATISM, TERRITORIALISM, PUBLIC OPINION

PLUNDER: The present day delusion is an attempt to enrich everyone at the expense of everyone else; to make plunder universal under the pretence of organizing it. - Frederic Bastiat, quoted in Richard W. Grant, The Incredible Breadmachine, self-published, n.d., indexed, 286pp, p.185. - WELFER STATE, WAR ON POVERTY

POLITICIANS: It's so cold I saw a politician with his hands in his own pockets. - Bob Hope, 1903-2003. - JOKES, TAXATION

POLLEIT, THORSTEN, Ending the Monetary Fiasco — Returning to Sound Money - "This talk was given as the Ludwig von Mises Lecture at the Austrian Scholars Conference on March 14, 2009." - Roy Halliday, in section on Genuine Money.

POLLEIT, THORSTEN, Is Higher Inflation Inevitable? by Thorsten Polleit - ... - Cached - 3 Jul 2011 – Sound money is free-market money, money that is the result of the free supply of and the free demand for money. It is money that is produced ... - FREE MARKET MONEY, FREE SUPPLY & DEMAND FOR MONIES, ALL KINDS OF MONIES.

POLLEIT, THORSTEN, Polleit-Talks - - Cached - “Free market money is necessarily commodity money” Conference "Zivilcourage und freies Marktgeld”, 3 February 2011, Munich "European economic outlook" - Commodity money only in the sense of wanted consumer goods and services, not only of commodities like silver and gold coins or certificates, although such weight units might also be used as optional or contracted for means of payment and value standards. - But did T. P. understand it in this way? - J.Z., 25.7.11. - Mere clearing certificates or accounts, that use sound value standards without promising redemption in them, are certainly not "commodity monies", although they can be used to purchase consumer goods and services. - "None is so blind as he who will not see." - J.Z., 27.7.11.

POLLEIT, THORSTEN, The Faults of Fractional-Reserve Banking - December 27, 2010. - "To get the ball rolling, Austrian economists (in particular those in the Misesian-Rothbardian tradition) uncompromisingly call for replacing fiat money with free-market money – money that is produced by the free interplay of the supply of and demand for money." - Roy Halliday

POLLEIT, THORSTEN, Toward a New Monetary Order - June 25, 2010. "The global monetary fiasco is a reminder that it is high time to seek monetary reform along the lines of that which is recommended by the Austrian School of economics. It is the only way to protect and maintain peoples' freedom and economic well-being." - Roy Halliday, in section on Genuine Money. - ALSO IN: POLLEIT, THORSTEN, Toward a New Monetary Order by Thorsten Polleit | TowneForCongress ... - - Economy - Cached - So if one wishes to hold a positive view on the progress of civilization, it necessarily implies that the future monetary system will be a free-market-money ...

PORLIER, MARC, Fear or Rational Uncertainty? | Marc Porlier | -  - Cached - 16 Feb 2009 – ... there was reckless speculation, there was artificially low interest rates, not real wealth, and certainly not honest, free market money. ... - there were? - J.Z.

POSNER, Prof. Eric, Is Fractional Reserve Banking Fraudulent? - by Walter Block. - Prof. Eric Posner comments on the Block-Caplan debate on fractional reserve banking, and Walter Block answers Posner. - Roy Halliday

PRACTICAL MEN: Practical men … are usually the slaves of some defunct economists.” – John Maynard Keynes. – Keynes is personally defunct but his worst and most influential teachings, Keynesianism for forced and exclusive currencies, they are, alas, still very much alive among politicians and economists, at least the ruling ones. – J.Z., 23.2.08. - They know nothing better and do not want to know anything better – largely because Keynesianism gives them an enormous power and also an unfortunately still popular excuse for further wrongfully and irrationally meddling with the currency. – J.Z., 19.3.09, 5.8.11. - As if any standard, even a value standard, were established to be manipulated and, as a rule to be reduced in value, here in purchasing power. - J.Z., 10.2.11. - Nothing that promotes free exchange should be monopoized. - J.Z., 5.8.11. KEYNESIANISM, MONETARY DESPOTISM, MONETARY "POLICY", INFLATION, CENTRAL BANKING, MONEY ISSUE MONOPOY, INFLATIONISM

PREGNANCY: Pregnancy lasts 9 months, abortion is forever.” – From leaflet of “Survivors of Abortion”. – How much easier and cheaper would it be to bring up children and to get them educated under full economic freedom, freedom in education and, especially, full monetary and financial freedom, combined with clearing and credit freedom? – We should ponder why, in “primitive” societies children were often considered to be an asset rather than a burden. - J.Z., 1.4.08, 5.8.11. – Financial freedom would also include personal loans for education and upbringing. We are much more productive now in almost every sphere except in conceiving and realizing voluntary and peaceful societies, all for their volunteers only, each going ahead at the own speed or stagnating or relapsing as much as they want to. Why should we, nevertheless, consider children an economic burden? One reason is that we keep them unproductive for all too long in schools in which they learn all too little and the joy in learning to know new and interesting things, natural for a child, is almost destroyed in them and they become conditioned to obey numerous irrational rules and commands. - and the choices of others are imposed upon them. - J.Z., 10.2.11. - ABORTION, EDUCATION, UPBRINGING COST, FINANCIAL & MONETARY FREEDOM, CHILDREN

PREJUDICES: Most economic fallacies derive … from the tendency to assume that there is a fixed pie, that one party can gain only at the expense of another.” – Milton Friedman, Economic Freedom and Representative Government”, 1973. - Two of the worst fallacies are 1.) that there is only a limited amount of employment opportunities available and 2.) that only a limited amount of sound money can be issued. - In reality, additional labor and more products and services offered open up more exchange opportunities and more occasions to issue and withdraw sound currencies or clearing certificates or accounts, that are optional and free market rated and, therefore, safe from any serious and lasting depreciation. At most they can suffer a temporary discount or a discount in far away places, a fall in their foreign exchange rate, which would speed up their return to the issuer, who has to accept them at par. - J.Z., 22. 11. 06, 5.8.11. - FALLACIES IN ECONOMICS, DIS., WIN-WIN RELATIONSHIPS, OR ZERO SUM GAMES? MUTUAL CONVENIENCE RELATIONSHIPS, ECONOMIC FALLACIES, FLAWED AXIOMS, FALSE ASSUMPTIONS, WRONG CONCLUSIONS, MALTHUSIANISM

PRESSURE: To stop inflation excess pressure on the economy must be curbed.” - Popular opinion. - This amounts to another of the many camouflaging and misleading terms. The decisive pressure is that of the note printing presses for turning out forced and exclusive currency - and that of politicians, given the power of monetary despotism, to "spend" more, largely in newly printed money. This kind of pressure upon all prices and wages, fees and taxes, is usually ignored. By the note issue monopoly and legal tender laws an exlusive and forced currency it is pressed upon all creditors, at its nominal face value, no matter how much its purchasing power has already been reduced and continues to be lost through further such issues, usually far exceeding a sound reflux foundation. The forceful pumping out of this kind of "money" into general circulation, pushes all prices up, sooner or later, although unevenly. This increasing of prices, expressed in depreciated legal tender money, is the only safety valve remaining and by its activity we do usually recognize inflation sooner or later, even under all kinds of "monetary controls" on top of the basic control of monetary despotism. - J. Z., n.d. & 9.4.08, 12.2.11. - EXCESS PRESSURE & INFLATION, DIS.

PRICE, HUGO: FEKETE & HUGO PRICE: Fekete and Hugo Price Hinder Free Market Development - Gold Speculator - - GS Database - SilverStockReport - Cached - 4 posts - 4 authors - Last post: yesterday - Nobody should expect society to return to free market money by violating free market principles! Why should silver investors, ... - Fekete and Hugo Price Hinder Free Market ... - Silver Stock Report - - Cached - 29 Oct 2009.

PRICECONTROL: A comprehensive prices and incomes policy is one of the biggest possible distortions of the economy, with its attendant gluts, shortages and unemployment.” - Terry Arthur, 95 % Is Crap, p.200.

PRICECONTROL: A feverish patient does not recover from the fever by stopping or removing the fever thermometer. But price “controllers” seem to thinks that this absurdity is possible. – J.Z., n.d. – What makes it worse, in the case of inflation, is that the price controllers caused the inflation in the first place, by over-issuing their paper money, which they have turned into monopoly money and given legally a forced acceptance and a forced value at its nominal value, regardless of how much they have already depreciated its value through the over-issue. Without the issue monopoly and legal tender power they could not cause inflation. Thus to prevent artificial and nominal price rises coming form the money side the money issue should be “controlled”, in a free-market way, by abolishing the monopoly to issue money and subjecting all exchange media and value standards to free competition so that the good exchange media and the good value standards could drive out the inferior ones. That is the only kind of “control” that would work, by preventing inflation in the first place. – J.Z., 10.3.08.

PRICECONTROL: A government can no more determine prices than a goose can lay hen’s eggs.” – Ludwig von Mises, Human Action. – But they can and do certainly interfere with the production and distribution of eggs. – And most people are still all too ignorant, prejudiced or stupid to put up with this. – They are government-“educated”. - J.Z., 11.3.08.

PRICE CONTROL: A referendum introducing price control would be almost as wrong as one introducing slavery. Indeed, the latter is only an extreme case of price control. - J.Z., 73. - REFERENDUM, DIRECT DEMOCRACY, SLAVERY

PRICECONTROL: A wage, price and rent freeze can no more be commanded and realized than a real frost for a district or territory. – J.Z., 11/73. – All attempts to do so commit wrongs and do much harm. – J.Z., 10.3.08, 5.8.11. (Naturally, here I did not have fridges and freezers in mind.) - J.Z., 12.2.11.

PRICECONTROL: A wage-price freeze in the midst of inflation is not the solution to any problem. – Jack Allen Horrigan, in article: “Inflation Island”, Oct.71. – But they help to distract most people from the government’s legalized powers and practices, which do make inflation possible in the first place. – J.Z., 11.3.08.

PRICECONTROL: All coercive pricing, such as wage and price controls: Unless the rewards for goods and services are allowed to be freely set by consumer preferences, producers have no performance guidelines. What ought or ought not to be done cannot be judged from the record. In the absence of such information activity declines. The hand that really feeds is severely bitten.” – Leonard E. Read, Castles in the Air, p.115.

PRICE CONTROL: An inflation can be stopped by well administered price and wage controls.” - Popular opinion. - Your proposal reminds me of an actual resolution of the town council of Halle, Germany, which outlawed nuclear explosions within the precincts of the town. That resolution is sure to be a great help when the town is targeted by a nuclear bomb dropped from an aircraft or by a nuclear missile or delivered as a suitcase bomb. Try to stop an IBM (Intercontinental Ballistic Missile) with a stop sign! - We might as well try to outlaw death. - If you are trying to stop a moving car, make sure you also stop its motor or at least put it out of gear. Otherwise you will be in trouble with your breaking efforts. - The same applies to the motor of inflation: the money issue monopoly associated with legal tender power (compulsory acceptance and forced value). For once this monetary despotism is legally established then it is usually abused by governments, setting their note printing presses into motion. A bad motive to abuse these powers will rarely be lacking to politicians dependent on votes and on bribing voters with stolen or inflated monopoly money. - One of the effects of "price controls" is that then you can buy e.g. a pound of sugar for the old price of e.g. 10 cents - but you will have to pay $ 3 for the bag it comes in. – J.Z., n.d. & 12.2.11. - INFLATION, DIS., PRICE CONTROL, JOKES.

PRICE CONTROL: An inflation must be stopped from the side of prices because a wage control would be a one-sided and anti-social measure.” - Popular point of view, especially among employees. - Price control includes control of the price of labour as a commodity or service. - Prices, by their very nature, are uncontrollable. Firstly, not they are controlled, - they do not mind, they have no mind, but the people charging them are controlled. Price control is people control. A price is an agreement between at least two people. These two people are controlled and enslaved by price controls - leading to surpluses or shortages. The argument against wage controls applies as well to price controls. - Actually, there are not two sides to this. Wages are prices and prices are wages. - J.Z., n.d. – DIS. WAGE CONTROL, RENT CONTROL, PLANNING, RATIONING

PRICECONTROL: And no price and wage controls can work in the fact of major emissions of paper money.” – Howard Katz, OUTLOOK, I/73, p.21. – Actually, the only kind of price control which does then still work is that of the black market and that of the “free” market remaining, which accounts with its increased prices, reckoned in the depreciated money and its “value standard”, for the past inflation and for the further anticipated depreciation of that forced and exclusive currency. – J.Z., 11.3.08. – Katz, too, failed to distinguish between unsound paper money with a monopoly and legal tender power and sound paper money, optional, i.e. refusable and market rated and using a sound value standard and kept at par with that sound value standard not, as he supposed to be necessary, by redemption in rare metals, but by readiness to accept it a par, with its nominal value in rare metal, in the purchase of daily wanted consumer services and goods, as well as debt payment receipts, primarily by the issuers of such paper monies themselves, and also, largely, by the acceptance of it at least by their primary debtors. – So the extent that such a readiness to accept exists and is wanted by the holders of such paper money, it could be issued far beyond those amounts of paper money that could be redeemed by its issuers in rare metal coins. Those, who still want to convert such paper money into gold coins or bullion, should be referred to the free gold market – the greatest redemption fund of all. - J.Z., 12.4.08. - However, all gold bugs should be free to confine themselves to such exchanges. - J.Z., 12.2.11.

PRICECONTROL: And so we have the system of wage-price dictation which is as old as tyranny itself. Many civilizations have tried it. And it never worked. - - Price ceilings were a factor in food shortages which starved out half of the urban population of the Roman Empire. - - Wage-price “controls” in effect throughout medieval times held living conditions to a level of static squalor. Only when controls become unenforceable – after the Black Death swept Europe – did the slow progress toward a better life begin.” - National Taxpayer Union, in INDIVIDUALIST, 10/71.

PRICECONTROL: Another evil of price control is that, although it is always put into effect in the name of an alleged “emergency”, it creates powerful and vested interests and habits of mind which prolong it or tend to make it permanent. Outstanding examples of this are rent control and exchange[rate - J.Z.] control. Price control is the major step toward a fully regimented or “planned” economy. It causes people to regard it as a matter of course that the government should intervene in every economic transaction.” - Henry Hazlitt, What You Should Know About Inflation, p.14. - That is already largely “achieved” via e.g. taxation and the monetary despotism of central banking! – J.Z., 11.3.08.

PRICECONTROL: Any price either above or below the point of a free market price, forced by some “Joe” armed with political authority rather than with rights as owner, is injustice.” – F. A. Harper, Stand-By Controls, 1953.

PRICECONTROL: Anyone may rewrite price tags, but the real price of a good cannot be controlled by law. Price controls tell lies.” – Leonard E. Read, Thoughts Rule the World, p.19. – Under legal tender laws and laws monopolizing the issue of money, not everyone is free to mark out the prices for his goods, labor and services in sound value standards and sound exchange media. He is then forced to mark them out in the prescribed unsound one. And being forced to accept an unsound and depreciated currency, his only defence option is to increase his prices expressed in this depreciated money or to sell only on the remaining free market, called the black market. – J.Z., 10.3.08.

PRICECONTROL: But finally, and worst of all from the standpoint of inflation, price control diverts attention away from the only real cause of inflation – the increase in the quantity of money and credit. Hence it prolongs and intensifies the very inflation it was ostensibly designed to cure.” – Henry Hazlitt, Inflation, p.15. - Hazlitt, too, omitted to state clearly enough, that inflation presupposes legal tender and a money issue monopoly. Without these feature the competitively issued and free market rated private currencies cannot cause a general price inflation. At most such a currency could be somewhat depreciated, temporarily, but it could not affect sound value reckoning and pricing, for goods, services and wages, which would go on and the other currencies would not be depreciated as well. – Another point overlooked by H. H. here is that. it is precisely sound value reckoning, which would occur under free choice of value standards, that money circulation and credit as well as clearing of transactions would be increased, without causing an inflation. – He, too, made the mistake of misjudging all private and competitive money and credit relationships by the bad examples provided by forced and exclusive currencies. - J.Z., 11.3.08, 12.2.11.

PRICECONTROL: Can a price support system operate without causing butter mountains and wine lakes?” – From a NEWSWEEK adv. in SCIENTIFIC AMERICAN, 2/78, p.1. – Over-valuing a foreign currency can also over-supply it, while undervaluing it can cause as "shortage of foreign exchange". Here, too, as well as for the currencies of monetary freedom, only free exchange rates can settle their correct price. Wrongfully interfering actions have consequences and legalizing such interventions does not make them right or brings better results, in any sphere. - J.Z., 12.2.11. - PRICE MAINTENANCE, SUBSIDIES, PRICE CONTROL, AGRICULTURAL POLICIES, BOARDS, FARM POLICY

PRICECONTROL: Control politicians not prices.” – J. Neil Schulman, Alongside Night, p.55.

PRICECONTROL: Cosmetic, not therapeutic: Freezing individual prices and wages in order to halt inflation is like freezing the rudder of a boat and making it impossible to steer, in order to correct a tendency for the boat to drift 1 degree off course. …” - Milton Friedman, An Economist Protests, p.15. – Alas, small degrees of inflation of the government’s forced and exclusive currency was also M. Friedman’s way of macro-economically mismanaging the whole economy, naturally, with the best intentions and with numerous “excuses”. To my knowledge he never seriously considered full monetary freedom and its real as opposed to imagined effects. – J.Z., 11.3.08.

PRICECONTROL: De-control prices. – J.Z., n.d.

PRICECONTROL: Deregulate all prices.” – Robert Poole Jr., reason, 2/74, p.28.

PRICECONTROL: Do not let them control or attempt to control prices – for they do not know what they are doing to us thereby. And do not forgive them even their attempts at price controls, immoral and ignorant actions that can only do wrong and harm. It was never right, has never worked and they should know about this – but still don’t. It amounts to ignorance in action. They are not leaders but misleaders. – J.Z., 14.11.73.

PRICECONTROL: Free prices from existing controls. – J.Z., n.d.

PRICECONTROL: Freezing the Price Thermometer.” – F. A. Harper, in Essays on Liberty, 1/187.

PRICE CONTROL: Governments cannot make all goods cheaper but they can sure make everything more expensive. - J.Z., 74.

PRICECONTROL: He who says A must say B, and the logic of price and wage controls is marching us straight into a totalitarian, collectivist state; in short: fascism.” – Murray Rothbard, Energy Fascism, quoted from FREE ENTERPRISE, Oct. 74.

PRICE CONTROL: How little governments comprehend about the pricing system is indicated e.g. by their water, sewage and garbage rates in N.S.W., Australia. - They raise separate "availability" charges on top of service charges. - Imagine your baker, butcher or greengrocer doing this to you. - J.Z., 5.11.02.

PRICECONTROL: How long will it be before our ‘intellectuals’ begin to see through fallacies that are as old as the economics of Emperor Diocletian?” – John Chamberlain, THE FREEMAN, 6/73.

PRICECONTROL: However, the “in thing” at present is maximum prices, not minimum ones, and maximum prices across the board rather than a few specific ones. “Dammit man, we’ve got to stop this galloping price inflation”, say the politicians. “We can’t let prices find their own level – they’d go through the roof”. – Poppycock! Why didn’t they go through the roof in those halcyon years when we hadn’t got price controls? If you’re with me so far, you’ll know why – we hadn’t got governments who printed and threw notes around like confetti. Prices are simply measures of exchange value. If the supply of the unit of measurement, the pound (*), remains constant, then prices in general cannot go through the roof.” - Terry Arthur, 95 % Is Crap, p.194. - - (*) Rather: If the supply of exchange media is adapted to the requirements of trade, while its value standards remains constant and the exchange media’s nominal value remains at par, in a free market, against its sound value standard and all prices, wages, rents etc. remain also priced out in sound value standards. – Naturally, this requires monetary freedom rather than monetary despotism, with the latter meaning legal tender power -compulsory acceptance of and a forced value for - the government’s monopoly money. - J.Z., 10.3.08, 12.2.11.

PRICECONTROL: If government did not have the power to set wages and prices, no one would feel the need to bribe anyone for a favorable ruling.” – Allen C. Brownfeld, THE FREEMAN, 11/73. - BRIBERY, CORRUPTION

PRICECONTROL: If prices are not allowed to ration goods and workers, there must be some other means to do so.” – Milton Friedman, Capitalism and Freedom, p.134.

PRICE CONTROL: If the government could successfully outlaw price rises, after it inflated the money circulation, then it could also successfully outlaw gravity. -  J.Z., 73.

PRICE CONTROL: If the price control and monopolisation of money issues and of value standards were abolished, the price control of other goods and services would no longer be an issue. - J.Z., 73, 9.4.08.

PRICECONTROL: It is only through the working of the market that the true price of goods and services can be established. If the government interferes, it can only confuse the issue, inhibit efficiency in production, cause shortages, and prevent consumers from getting the best available products.” – Willie E. Helms, THE FREEMAN, 11/74.

PRICE CONTROL: Katz adds a new twist to libertarian denunciation of wage and price controls by labeling such measures as pro-inflationary. “Their purpose is not to stem the rise of prices, which the administration pretends is caused by some strange outside forces. Their purpose is to fool the public so that continued issues of paper money can go on and on.” - Dennis Corrigan on Howard S. Katz, in OPTION, 10/76. – INFLATION & PRICE CONTROLS

PRICE CONTROL: Let good money drive out the bad - and inflated prices would be controlled in the only way moral and practicable, i.e. from the money side. How? When the note-issue monopoly of the central bank and the forced acceptance and value of its notes are repealed, then better money issues are becoming free to out-compete any all to scarce or deteriorating government money and its scarcity, it being an exclusive and imposed currency and also prevent its over-supply at a forced and depreciating value. Free market monies would thus tend to stabilise prices, as far as this can be done and is desirable - from the money side. - J.Z., 78, 9.4.08, 5.8.11, 5.8.11.

PRICECONTROL: Low maximum prices shorten the supply and promote black markets. – J.Z., n.d.

PRICECONTROL: Nature has put us all on a Price Fixing Commission which reports almost instantly.” – Dr. H. G. Pearce, Seven Lectures on Economics, p.21.

PRICE CONTROL: No price control - but everybody to be free to reckon and account, price, charge and contract in stable value units and to issue his own kind of money tokens or clearing certificates, alone or in association with others, to the extent that he finds voluntary acceptors for them - and thus to be able to protect the prices of his goods or services from monetary manipulations. - J.Z., 78, 9.4.08.

PRICE CONTROL: No price is fairer than the one established in a daily and hourly referendum in a free market. - J.Z.,

PRICECONTROL: one of the economic truths stressed by the late Professor Ludwig von Mises, namely that the government-imposed price ceilings, of which rent controls are one example, produce effects which, from the point of view of the very persons who advocated them, are even worse than the state of affairs they were trying to remedy. - - Whenever enacted and enforce, rent controls have always exaggerated the shortage of rental housing – and they always will.” – Bettina Greaves, THE FREEMAN, I/76, p.62.

PRICECONTROL: price and exchange control – is at the intellectual level of mirror smashing. It keeps others from seeing what we have to offer and us from seeing what they have to offer in exchange. – Leonard E. Read, Talking to Myself, p.63/64.

PRICECONTROL: Price and income controls produce shortages and unemployment. Furthermore they cannot control inflation, …” - Terry Arthur, 95 % Is Crap, Summary.

PRICECONTROL: Price and wage controls are like attempts to keep water levels from rising after rains. In this case the “rain” consists of government printed coins and notes with a forced acceptance in circulation and a forceld and exclusive “value standard”, so that all prices and wages have to be priced out and paid with this kind of nationalized and uniform forced currency, usually systematically depreciated, sometimes only slowly but all too often even depreciated fast. – How anyone can still entrust money issue and value standard determination to governments after the prolonged experience we have had with their mishandling of such trust, remains a riddle to me. Can most people still be simply too lazy to really think about alternatives to his system, although they suffer under it every day? – They are often ready to patiently tackle many other riddles and puzzles, which are much more difficult to solve. – When will they, finally, emancipate themselves monetarily, opting out of this big and imposed “MONOPOLY” game? - J.Z., 2/73, 10.3.08.

PRICECONTROL: Price and wage controls, to precisely the extent that they can be made temporarily effective, only distort, disrupt, and reduce production – again leading toward impoverishment. – Henry Hazlitt, The Conquest of Poverty, p.149.

PRICECONTROL: Price control as a cure for inflation is worse than the disease.” – Source?

PRICE CONTROL: Price control by the Federal Government means that the Federal Government wants to ban some of the effects of the inflation it causes. - J.Z., 73.

PRICE CONTROL: Price control disenfranchises the consumer - who ought to be free to bid more in order to be sure he gets what he wants. - J.Z., 73.

PRICE CONTROL: Price control has never, does not, will never and can never work. It is just a senseless notion - and a very popular one. - J.Z., 73. - The "price controllers" merely control the language of "price controls" but their controls do not control the reality of prices. However, they can do much wrong and harm by their interventions. - J.Z., 5.11.02.

PRICE CONTROL: Price control ignores the cause and vainly tries to fight the effects. - J.Z., 77.

PRICE CONTROL: Price control in inflations is comparable to continuous force-feeding and then outlawing over-weight. - J.Z., 74, 27.7.11.

PRICE CONTROL: Price control is a declaration of war by the government against all producers, traders and consumers, a war which will be lost by all who participate in it. – J.Z., 78.

PRICECONTROL: Price control is a step towards slavery. – J.Z., n.d.

PRICECONTROL: Price control is as futile as King Canute’s beating of the waves, in order to subdue them.” – J.Z., 6.9.73, 10.3.08.

PRICE CONTROL: Price control is like an attempt to prohibit a river level to rise - after heavy rains. - J.Z., 73.

PRICE CONTROL: Price control is people control. – Tom Anderson, STRAIGHT TALK, 29.12.77. – PRICE CONTROL

PRICECONTROL: Price control is people control. “It was persons, however, who were fed to the lions when they were caught charging more than the legal price.” – Ben Moreell, in THE FREEMAN, 7/74.

PRICE CONTROL: Price control is still another shackle on the producers and consumers - as if they could bear limitless burdens and still produce and exchange just as much. - J.Z., 73, 5.11.02.

PRICECONTROL: Price control means a systematic discouragement of production and thus systematic impoverishment. – J.Z., 9/73.

PRICECONTROL: Price control means might not right. – Luckily, even might is rather powerless in this sphere, at least in the long run. The right prices tends to re-establish themselves, in accordance with the depreciation of the forced and exclusive currency, immediately on black markets, later generally. All price controls failed. The ignorance of the authorities is demonstrated by the fact that they tried and tried again – over ca. 4000 years! – J.Z., 74, 10.3.08.

PRICECONTROL: Price control means people control.” – Source? – The products don’t mind, neither do ignorant people. – J.Z., n.d.

PRICECONTROL: Price control means that laws are passed to make official prices tell lies.” – F. A. Harper, Essays on Liberty, I, p.192.

PRICE CONTROL: Price control means trimming the coins and the people. - J.Z., 73.

PRICECONTROL: Price control never worked before and by its very nature cannot work in the future, either. – J.Z., n.d.

PRICECONTROL: Price control: Thou shalt not change!” – Lee Eckermann – PRICE CONTROL

PRICECONTROL: Price controllers used the term “price control” like an incantation. They say the word, they believe in the possibility of applying it and thus they repeat it and its “actions” again and again, like others do with a prayer against an emergency situation, or still others who use a magic formula or ritual against something they dislike. – No matter how often they fail in such attempts, they try it again and again, just like the other true believers. “All you need is love!” or: “All you need is price control!” – There are also still people who believe in the effectiveness of curses! Or in outlawing prostitution, alcohol consumption or drugs, even wars! – What is usually ignored, not known or forgotten is that the wanted price controller, the government, caused the inflation in the first place, by its legalization of monetary despotism, and that the complainants about inflated prices still believe in governments and in governmental monetary despotism. – J.Z., 10.3.08.

PRICE CONTROL: Price controls are anti-trade.” – Leonard E. Read, Thoughts Rule the World, p.19.

PRICECONTROL: price controls created an utterly useless, but very well paid bureaucracy which imposed burdens on the consumer. – If they kept prices under economic levels – production was reduced, and artificial shortages followed. If they are convinced by clever arguments to approve prices above the level of the market, then they achieved the opposite of their aims.” – George Hardy, The Doom of the Welfare Society, p. 72.

PRICE CONTROL: Price controls need only national discipline and political courage and then they will work.” - Popular opinion. - That was the opinion of King Canute, too, when he whipped the waves in order to make them subside. - Price controls never worked, even when there was plenty of discipline (including the death penalty), courage and determination. French revolutionary soldiers swore in public to accept Assignats like ready and sound cash - but had soon to renounce their oaths when they could not buy bread and butter with them for themselves, their wives and their children. - What influence does national discipline and political courage have on the note printing presses running full steam? At best, under the present religion of monetary despotism, politicians determine to counter a galloping inflation by a radical deflation that causes mass unemployment and mass bankruptcies. Discipline and courage are less valuable than comprehension, sensible and free actions, rights and liberties in the monetary sphere, too. Napoleon I & III had the insight and political courage not to attempt the impossible, namely to control the effects of the note printing presses running hot, but to stop the cause, the note printing presses for legal tender money, producing an exclusive and forced currency while sound alternative exchange media and value standards remain suppressed. (Obviously, neither of them comprehended and applied full monetary freedom.) Popular opinion and governmental "experts" hold, between them, that all subjects but the note printing presses and monetary despotic powers of the government need to be controlled. - That is like trying to introduce political freedom by controlling subjects even further than political despotism already does. - J. Z., 2. 4. 97, 12.2.11. - DISCIPLINE & COURAGE, DIS.

PRICECONTROL: Price controls, as their advocates have claimed all along, do work like magic. They can makes things disappear in the twinkling of an eye.” – Robert M. Bleiberg, Wage and Price Controls, in Champions of Freedom, p.115. – JOKES, PRICE CONTROL

PRICE CONTROL: Price rises today are an arbitrary exploitation of the consumers which ought to be stopped and could be stopped by price controls (ceiling or maximum prices). – Popular opinion. - The fallacies involved in all price control attempts and the benefits of free pricing are probably best demonstrated by Dr. Harper's small tabulation of prices at, above and below the market price level and the corresponding increases and decreases of demand and the of the turnovers resulting from these factors. Whoever looks at this tabulation and understands it fully, will never favour any price controls again. - Moreover, while note printing presses are working hard - to print more forced and exclusive currency - and while this currency is not hoarded - but forced into and remains in circulation, no degree and severity of price controls will help to stabilise prices and keep production going in full. Likewise, no attempt at providing not maximum but minimum artificial prices or wages will help the sellers of these goods and labour to find more buyers, achieving the sale of all their goods and produce and all their labour power. Price control attempts completely misunderstand a free monetary, free enterprise and free trading market economy and its regulating system, free pricing for everything, settling all demand and supply situations as well as possible, to the greatest and most lasting advantage of all concerned. - Price controls have been tried for over 4,000 years and always failed. Ignorant and prejudices people and rulers, nevertheless, try them again and again, never learning from history and current failures. As G. Ch. Lichtenberg once said: People usually presume that it is they who master the words, but reality is often quite different and they are mastered by the words they use. The very term "price control" implies that prices can be effectively controlled. Their terms and wishes are their commands and so they demand price controls and try to implement them, although they are really impossible to achieve without so disturbing the economy that all are wronged and harmed thereby. - J.Z., 24.3.97, 5.8.11. - Dr. Harper's little table on market-prices vs. controlled prices and their effects should be inserted here. - J.Z., 12.2.11, 5.8.11.

PRICECONTROL: Price support converts a temporary problem of oversupply into chronic surplus. Left alone, oversupply quickly corrects itself.” – Progress Party, report: The Beef Squeeze. - PRICE SUPPORTS

PRICECONTROL: price supports rob us of the most important function of free prices – the guiding of production and consumption of goods and services in accordance with the wishes of those most directly concerned.” – Essays On Liberty, I/143. – Harper called it: “Freezing the Price Thermometer”. - Essays On Liberty, I/187. – Or heating it up. – J.Z.

PRICECONTROL: Prices are fair when they are freed.” – C. S. Hopman, Dec. 87. – FAIRNESS, MARKETS, EXCHANGE, CONTRACTS

PRICE CONTROL: Prices are inflated only if you are forced to pay with coercively inflated money and the seller is forced to accept your inflated money. - J.Z., 75, 22.4.08. - In other words, he is neither free to price out his goods and services in a sound value standard nor to accept alternative and competitively supplied good monies in payment, including the IOUs, clearing certificates and shop currency notes that he had issued himself. - J.Z., 12.2.11.

PRICECONTROL: Prices are signals. Signals should not be distorted.” – Source?

PRICE CONTROL: Prices are the outcome of the interplay of peoples’ decisions to buy or not to buy.” – Dave Osterfield, THE FREEMAN, 10/74. – He should have added: and to sell or not to sell. – J.Z., 1/75.

PRICE CONTROL: Remember, laws are not almighty. … It is beyond the power of despotic princes to regulate the prices of goods. …” - John Witherspoon, quoted by Robert G. Bearce, in THE FREEMAN, May 77, p.301.

PRICE CONTROL: Repeal all artificial wage- and price controls set by fiat. – JAG, Aug. 22, 72. – If the governments legalized powers of monetary despotism were repealed then attempts to control its consequences would, obviously, be quite superfluous. Then neither inflation nor deflation nor stagflation could occur. – On should deal with the causes, not the symptoms. – J.Z., 11.3.08.

PRICE CONTROL: restore price as the instrument (or weapon) of choice.” – Ralph. Harris and Arthur Seldon, Not From Benevolence, p.81. – CHOICE

PRICE CONTROL: Seeing that price control never worked before – why should it suddenly work now? – J.Z., 10/73.

PRICE CONTROL: So-called price controls are economic falsehoods by which people are enslaved.” – Leonard E. Read, Castles in the Air.

PRICE CONTROL: So far … we have been afloat on an economic sea of unknown prices. We have prices which do not tell the truth. Not knowing where we are, how are we to reach our destination? … the procedure of controlled prices, which corresponds to the process of sailing blindly around on this sea, back and forth, until sometime – we hope – we chance to arrive at port. Second, we may choose the procedure of complete abandonment of price controls. Though this seems like a policy of drifting aimlessly at sea, it corresponds to taking our bearings from the reliable stars. It is a time-tested market process of buying and selling that will guide us to port. We understand its workings, but we cannot duplicate them through controls. …” - F. A. Harper, Writings, p.41.  - I find his short table on prices set above, at and below the market level and the results of them in production, sale and surpluses, more convincing than any mere verbal description but can only try to reproduce it electronically, as an image. – J.Z., 23.3.08.

PRICE CONTROL: Sound economics as about as simple as this: Were the price of cheese to be coercively fixed at, say, $ 20 per pound, there would be no consumption. And were it coercively fixed at, say, 2 cents per pound, there would be no production.” – Leonard E. Read, THE FREEMAN, 4/73, also in Who’s Listening? p.39.

PRICECONTROL: Still more controls are no way out. – J.Z., 11/73. – Let currencies be competitively issued and valued – and there will be no inflationary price increases, which governments vainly try to control. Good exchange media will then drive out inferior ones and good value standards will also drive out inferior ones. – J.Z., 10.3.08.

PRICE CONTROL: Stop the note printing presses, not prices! – J.Z., 9.11.73. – At least the note-printing presses for exclusive and forced currencies. The others can’t do much harm. One can reject or discount optional, market rated and competitively issued notes. – J.Z., 10.3.08.

PRICE CONTROL: the businessmen who ask for wage and price controls are asking for their own elimination and the socialization of the society.” – Milton Friedman in Australia 1975, p.62.

PRICE CONTROL: The extreme case of price and wage control is the income of a slave: It is Nil. - J.Z.

PRICE CONTROL: The Federal Government’s attempt to control prices is as immoral and absurd as the attempt of a tribute-gathering barbarian tribe forcing their victims not to increase prices in order to recover their losses due to the tribute. – Inflation is also a tribute-gathering process, imposing a tax via inflation. – J.Z., 11/73. – It forces an inferior means of payment with an inferior value standard upon people, at its nominal value, as if it were a full payment of the free market price, although its value is actually only a fraction of its nominal value. – J.Z., 10.3.08.

PRICE CONTROL: The freeze and the phase-two controls outlined by the President are like putting a brick on top of a boiling kettle to keep the lid from blowing off. If, simultaneously, the flame under the kettle is turned down, the brick may prevent the lid from blowing off. But if the flame is turned up, the pressure will build until the lid blows off or the kettle explodes.” - Milton Friedman, An Economist Protests, p.18/19.

PRICE CONTROL: The imposition of price and wage controls during peacetime is an abdication of fiscal responsibility. Such controls treat symptoms and not causes.” - Robert M. Bleiberg, Wage and Price Controls, in Champions of Freedom, p.115. – During wartime they weaken a country’s economy, too. – J.Z., 11.3.08.

PRICE CONTROL: The imposition of price and wage controls is a sure sign that the Government wants to inflate. (*) After all, Governments are not foolish. (**) The people who do these things aren’t stupid. They know the record of history. They know as well as you and I do that wage and price controls don’t have anything to do with inflation, then why do they impose them? Because they want to inflate and this is a way in which on the one hand they can inflate and on the other give the public the impression that they are doing something about inflation. In addition, they want to postpone the evil consequences of inflation…” (***) - Milton Friedman in Australia 1975, p.63. - - (*) Inflate further! – (**) – Aren’t they? – (***) If they knew their history then they would know that this kind of cover-up does not really undo the wrongs and harms of inflation. At most it allows them to go on with it a while longer. - J.Z., 11.3.08.

PRICE CONTROL: The lesson that government price fixing does not work is never learned.” – Richard Nixon, 1965.

PRICE CONTROL: The only price which is fair to everybody is the free market price. - J.Z., 73.

PRICE CONTROL: The price in a market is like the reading on a thermometer. Both are useless unless they are natural. There is no more wisdom in artificially fixing the price of an article than there would be in making the mercury immovable, and then pretending that the reading shown indicated the temperature of the patient. …” - Sir Ernest Benn, Modern Government, p.142.

PRICE CONTROL: The whole recorded history of man is strewn with the wreckage of the great civilizations which have crumbled under price controls; and in forty centuries of human experience, there has never been – so far as I can discover - a single case where such controls have stopped, or even curbed for long, the forces of inflation. On the contrary, in every instance I can find, they have discouraged production, created shortages, and aggravated the very evils they were intended to cure.” - Irving S. Olds, ISIL LIBERTY QUOTE LIBRARY 03. - & INFLATION

PRICECONTROL: This, of course, leads to shortages, queues and allocations; and, most important of all, removes the incentive for people to increase the supply.” – Samuel Brittain, THE BULLETIN, 7.12.63. – PRICE CONTROL

PRICE CONTROL: Those in power soon find that price and wage control is a tremendous weapon with which to curry political favor or to punish opposition. That is why “parity” formulas are applied to farm price and escalator clauses to wage rates, while industrial prices and dwelling rents are penalized.” – Henry Hazlitt, What You Should Know About Inflation, p.14.

PRICE CONTROL: Throughout forty centuries of human experience, price controls at their best have always been a miserable failure. At their worst, they have led to famine and bloodshed – to defeat and to disaster.” – Irving S. Olds. - ISIL LIBERTY QUOTE LIBRARY 03. - One of many traditions that ought no longer to be frequently revived - apart from volunteers, for themselves, to learn its lessons - but rather completely ended for all those making this choice for themselves. - J.Z., 23. 11. 06. - FOR 40 CENTURIES!

PRICE CONTROL: To fix the prices of goods, especially provisions in a market, is as impracticable as it is unreasonable.” - John Witherspoon, quoted by Robert G. Bearce, in THE FREEMAN, May 77.

PRICE CONTROL: Trying to tackle severe inflation by price controls is like trying to cure carbuncles with Band-Aids. – PROGRESS, May 1977. - INFLATION

PRICE CONTROL: Unfortunately, the general experience overseas has been that the politicians have used the controls as an excuse to indulge in even more inflationary policies.” - Kenneth Davidson, THE AGE, 14.4.77.

PRICE CONTROL: wage and price controls are only a temporary panacea that attempts to deal with the symptoms of inflation rather than the cause and, at best, leads to economic dislocations and shortages.” – Paul Stevens, THE FREEMAN, 11/74.

PRICE CONTROL: Wage and price controls of all forms lead to shortages and unemployment.” – Roy Childs, Liberty Against Power.

PRICE CONTROL: Wage-price controls, for example, have failed a thousand times.” – William H. Peterson, in THE FREEMAN, Feb. (year?)

PRICE CONTROL: Wage-Price Freeze: “Governments ask for self-restraint of business and labor because of their inability to manage their own affairs – which includes the control of money – and the natural human tendency to pass the buck.” – Prof. Milton Friedman. – It is not, rightfully, rationally and economically the affair of any territorial government to control the monies which a really free economy would use. Obviously, as a long history has shown, governments cannot even always or mostly control their own money issues properly and should thus certainly not be give the power to control all other potential money issuers. – That, too, would be like entrusting the control of crime to the Mafia. – J.Z., 11.3.08. - FREEZING PRICES, WAGES, MONEY VOLUME?

PRICE CONTROL: What he would do is control, control, control. But not the money supply! Oh no! (The Government sins, and we go to prison.)” - Terry Arthur, 95 % Is Crap, p.199, on Robert Neild, in GUARDIAN, September 30, 1974.

PRICE CONTROL: When buying and selling are controlled by legislation, the first things to be bought and sold are legislators.” - P. J. O'Rourke, ISIL LIBERTY QUOTE LIBRARY 03.

PRICE CONTROL: When government dictates prices above fair market value (price supports, minimum wages, etc.), there will eventually be surpluses. When prices are forced below market value (rent controls, price ceilings, etc.), there will be shortages.” – Stormy Mon, A Liberty Book, p.64. – PRICE CONTROL

PRICE CONTROL: When the policeman tells you what price you must pay or at what price you must sell, he is, in effect, forcing you to buy or sell contrary to your wishes; in other words, he is controlling you. All attempts at price control have failed; the results have been surpluses and shortages and economic chaos. People control is rank injustice.” – Leonard E. Read, The Love of Liberty, p.97. - In the hunger years after WW II in Germany, to supplement their hunger-causing rations, city people often travelled long trips to the countryside to obtain there, by barter or black market prices, some extra food. On the return trip we often encountered policemen – not there to protect us but to confiscate our food, , as “contraband”, as items unofficially obtained on the black market, one not planned and regulated by the government. This certainly did not endear these policemen to us. Did these “protectors” and their families consume what they confiscated or did they resell it on the black market? Later, when West Berliners were still free to buy some cheaper food in East Berlin, upon their return trip to West Berlin, they were also often stopped by the East Germen “people’s police” and robbed of these purchases. Police control and confiscation of goods is not a strange concept to me. Nor is it today, e.g. for drug producers and drug buyers. – On the other hand, these policemen certainly inspired a love of liberty and were considered by us as official robbers. - J.Z., 20.3.08.

PRICE CONTROL: Whoever favors price control ought also to favor its consequences: rationing, black markets and shortages. – J.Z., 13.6.73.

PRICE CONTROL: Will wage and price controls be a permanent necessity? The market provides an effective permanent form of control over wages and prices. Replacing the market with sweeping government controls would be certain to halt economic growth and destroy personal and political freedom. If the U.S. becomes a collectivist society it will not be because the socialists win any arguments, it will be via permanent wage and price controls.” - Milton Friedman, An Economist Protests, p.XV. – Via taxation, central banking, the postal monopoly, tariffs and numerous other government interventions it is already, largely, a State socialist regime! – Price-, wage- and rent controls are just additional aspects of it. - J.Z., 11.3.08.

PRICE CONTROL: You know why price and wage controls are imposed? They are imposed whenever a Government wants to inflate. …” - Milton Friedman in Australia 1975, p.62/63. - - Rather, when a government wants to inflate its currency even further than it has already done so far. – J.Z., 11.3.08.

PRICE INCREASES & INFLATION: While increased prices, when coming, mainly, from the goods side, will deter some buyers, increasing prices, coming mainly from the money side, due to an exclusive currency, with legal tender power, will encourage many buyers fearing even further price increases. - J.Z., 24.6.11, 29.6.11. - Ulrich von Beckerath was the first to point out this distinction to me. - Typically, when I met him first, one of his first questions was: What do you know about legal tender? I answered truthfully: Nothing, although I had seen it mentioned numerous times of all the paper money that I had seen. - J.Z., 5.8.11. - SALES DIFFICULTIES & SALES INCREASES, INFLATION, GOODS SHORTAGES & PRICE INCREASES

PRICE INCREASES: A popular point of view which does not sufficiently discriminate between them, is that dearness or rising prices are identical with inflation. Price increases might merely indicate an increase in quality, for prosperous buyers no longer interested in cheaper alternatives. E.g., when I was last time in Germany any second-hand furniture (except antiques) had no longer any market value in shops. Even when you put it out on the street, it would rarely be picked up by anyone except garbage trucks. To get it legally removed, you had to pay for it! - A dearness may comes from the goods side, as a result e.g. of a natural catastrophe or bad harvest or of e.g. some energy resource believed to be running short or being somewhat artificially blocked. Inflation proper can occur only from the money side and even here it requires compulsory value and compulsory acceptance - which are involved in all despotic monopoly and legal tender money issues. - Price increases should not be mixed up with dearness or inflation. A price increase can come from inflation or have as a cause a reduction in the supply of goods in relation to the same demand for them. In the latter case we have dearness. A price increase can also be partly due to inflation and partly due to a shortage. Inflation and dearness are completely different terms with quite different meanings. Inflation arises exclusively from the money-side while dearness arises exclusively from the goods-side. When a country does, for instance, treat its medical doctors badly and they are free to emigrate and much better appreciated and paid elsewhere then, sooner or later, a scarcity and dearness of doctor's services will result. The dearness of doctor's services can also result from the artificial restrictions upon the entry of new doctors in the field. - J. Z., 24.3.97, 5.8.11. - Long waiting periods for health care in public hospitals do also indicate governmental interventions with the demand and supply process and the pricing it would lead to under free market conditions. - I just received a notice in which they did not even bother to indicate whether I would have to wait for a hospital bed for 8 days, weeks or months! - J.Z., 30.8.02. – “There are almost as many administrators as there are nurses in the NSW health system” – reports THE DAILY TELEGRAPH,, March 19, 2008, on page 19. -DEARNESS & INFLATION ARE IDENTICAL – IN POPULAR OPINION, DIS

PRICE INCREASES: Price increases must not be mixed up with dearness. Price increases may be due to inflation or they can be caused by a reduction of supply in relation to demand. In the latter case it would be dearness. Price increases may also be due partly to inflation and partly to dearness.” - Ulrich von Beckerath, 25.1.52.

PRICE INDEX: In terms of purchasing power, according to the Consumer Price Index, an item that cost $1 in 1913 cost over $20 in 2006. See also: "Why the U.S. Dollar Constantly Loses Value" by Robert Morley. No Silver in the Silver Lining, by Tim Swanson, MISESDAILY ARTICLE, [2] posted 28.2.08.

PRICE LEVEL: Australia has the lowest food prices in the developed world, according to a study conducted by the US Dpt. of Agriculture, for 1987/88, as stated in a leaflet by ARA, Australian Retailers' Association, 1/1, 1988. - Alas, I can no longer find this association in the 96/97 Sydney telephone books. Otherwise, I would have asked them for their monthly turn-over figures, i.e., for their potential capacity for the issue of their own money with shop-foundation. - (Income statistics would be a reasonably good guide since, for most people, much of their income, apart from savings, investments and large purchases like land, houses, cars, is spent upon consumer goods and services. - J.Z., 12.2.11.) - Statistics like this might be correct or incorrect. It depends upon whose prices and for which goods are selected and combined in an index. There are hundreds to thousands of different ways for doing it and the selection can be very selective and self-interested to push the case for one or the other vested interest group. It depends also upon whether you catch the prices of a year of bad harvests or good ones, during a lull before an inflation-caused spurt of prices or afterwards, during a period of credit restriction or deflation and upon the correctness or incorrectness of still somewhat manipulated foreign exchange rates. Thus all such comparisons should be taken with more than a grain of salt. It is so easy to make mistakes with statistics or to lie with them. I have come to greatly distrust e.g. any government determined CPI. - J. Z., 29.4.97. During the great German inflation of 1914-1923, Heinrich Rittershausen once checked back upon those, who actually compiled the detailed price figures for the index statistics and found out that these compilations were already very unreliable at that level, done usually by junior clerks who wanted to get over such a chore with the least possible effort to themselves. GIGO again. - For instance, potato prices, when free, vary over a year from 1 to 20 points and dozens of varieties of potatoes exist and the conditions of their harvesting, storage and sales do also vary greatly. So, which price, for which kind of potatoes, etc., will a junior clerk, in a hurry, and disinterested in the job, pick among all these options? - Look through any kind of super market, e.g., among soaps, pens and tooth brushes. Their types and prices vary greatly. So, which is the average price for each of these "detailed" consumer goods? After that experience Rittershausen ceased to be an advocate of index currencies. - J. Z., 9.9.02. - PRICE LEVEL FOR STAPLE FOOD ITEMS, INDEX CURRENCY, CPI

PRICE LEVEL: It is better to stabilise the price level and to let only the value standard fluctuate than to let all prices fluctuate only to stabilise the standard of value. - Popular opinion. - When some people do not trust any particular standard of value then it should not be forced upon them. Freedom of choice for value standards is required, too, not just freedom for the provision of means of exchange and of clearing avenues. If some people believe that some or the other price index is the best possible value standard for them, then they should be free to use it in all their transactions. However, others will anticipate that prices and even the general price level will also fluctuate in response to other effects than monetary interventions and that these fluctuations ought to be measured, as far as possible, with the value standard which THEY do trust. Value standards are usually selected and adhered to only because they represent something that fluctuates very little compared with other goods and services. When people disagree which standard is best for them - then let them choose their own. Even the best possible standard should not be forced upon anyone. The "standard" that tries to use or establish a "stable price level" is in my opinion one of the worst possible ones. It ignores e.g., the price effects of natural catastrophes, wars, civil wars and revolutions. - Forcefully keeping the prices low in such situations by correspondingly withdrawing currencies will have catastrophic effects upon those who participate in that measure. - Under monetary freedom they will not "have to" make such currency reductions nor will they be able to undertake them. Each issuer could then only reduce his own circulation - and why should he? - J.Z., 24.3.97, 5.8.11. - STANDARD OF VALUE & PRICE FLUCTUATIONS, DIS.:

PRICE MAKERS & INFLATION: The point which is made in THE AUSTRALIAN ECONOMIC REVIEW is: "PRICE-MAKERS never lose out to price-takers. And employees are price-takers, whether in their capacities as employees or consumers." - Pop opinion. - In reality all people are to some extent price makers and price takers - at the same time, by their choices as producers and consumers. All appear as buyers and as sellers on the market. All can rightfully set price limits only for themselves, not for others - and others do not have to take their offers. - J. Z., n.d., 3. 9. 02, 5.8.11. - DIS.

PRICE REDUCTIONS: Reduced prices should not be mixed up with cheapness. They might be due to deflation or due to an increase of the goods offered in relation to demand. In the latter case only would it represent a genuine cheapness. The reduced prices can also be due partly to deflation and partly to a genuine cheapness.” - Ulrich von Beckerath, 25.1.52.

PRICE SYSTEM: The price system works so well, so efficiently, that we are not aware of it most of the time. We never realize how well it functions until it is prevented from functioning.” - Milton Friedman, ISIL LIBERTY QUOTE LIBRARY 03. - Unfortunately, it is not yet allowed to function freely when it comes to the supply of sound exchange media, and sound value standards. People who know only the wrongful and flawed monopoly money of governments do wrongly assume that free pricing, discounting, boycotts and other refusals to accept would not work in the monetary sphere, contrary to the fact that it is not monetary freedom but monetary despotism that does not and cannot properly work in that sphere. - J.Z., 12.2.11. - MARKETS, FREE EXCHANGE

PRICES: A free economy, free enterprise, and free men, cannot exist without free prices – all prices, and all types of prices.” - F. A. Harper, Writings, p. 27. – Alas, he did not discuss free enterprise, consumer sovereignty, free pricing or voluntary taxation for whole political, economic and social systems, as expressed in societies, communities and even competing governments, all without any territorial privilege and all with voluntary members only. – Not did he, to my knowledge, discuss full monetary freedom sufficiently or cooperative production options. - But the Institute for Humane Studies, that he founded, does now at least try to establish a complete freedom library, alas, largely only on paper rather than on microfilm, disks, online and on a H.D. – All people and institutions still have their hang-ups, no matter how good they are otherwise. – Those, who do know me, do know at least some of mine. - J.Z., 23.3.08.

PRICES: A policy of 'charging what the market can bear' is no more justifiable when practised by business than by unions.” - Mr. Snedden, an Australian politician, probably in the 1970’s. - Yes it is, in a genuinely free market, where every supplier of goods, services and labour is a free competitor, at the local, state, federal and even international level and the just price is so haggled out for the money as well as for the goods, services and labour. - J. Z., n.d., & 3.4.97. - DIS., WAGES, CHARGING WHAT THE MARKET WILL BEAR, MARKET PRICES

PRICES: According to the subjective theory of value, the value of an item exists in the mind of the person who would use it. Far from costs determining prices, it is really the other way around. The cost factors of production will be determined by the prices producers expect the final good to command in the market. - What all this means is that consumers have as much control over prices as do producers. Each has the ability to say “no”.” – Sheldon Richman, THE FREEMAN, 9/78, p. 545. - Within a system of monetary and financial despotism the payment options for both are all too limited and wrongfully as well as irrationally restricted. – J.Z., 12.2.11. - CONSUMERS, PRODUCERS, SUBJECTIVE THEORY OF VALUE

PRICES: Add to this the sensitivity of the price system as a continuous measurement device of the diverse wants, needs, hopes, ambitions, fears, greed, and other motivations of humanity, and you have a lever that can move the world.” – John Semmens, THE FREEMAN, 3/79. - There can be no quite free pricing without full monetary and financial freedom and under other wrongful and anti-economic restrictions, like prohibitions, quotas, compulsory licensing. - J.Z., 12.2.11.

PRICES: Advocates of big government justify every proposal on the basis of what it allegedly will do for the people. The price tag is never displayed.” – Earl W. McMunn, THE FREEMAN, 7/75. – Display the price tag for every government service! – J.Z., 75. - Have every governmental or public service competitively offered and priced. - Starting with competitive exchange media and value standards. - J.Z., 12.2.11.

PRICES: All price rises are inflationary.” - Popular opinion. – “Oh the terrible over-simplifiers!” says a French proverb. - "By analogy, all women are people, yet not all people are women, so, while inflation always causes prices to rise, not all rises in prices are caused by inflation." - Source? – “Whereas with monetary inflation all prices go up and in the same ratio with each other (*), other price increases are 'local', that is to say they are confined to the particular service or commodity concerned. For instance, if taxes on tobacco, beer or petrol were to be increased, anyone not buying these commodities would not be effected.” (**) - E. R. Riverton, in PROGRESS, March 72. - (*) at least after a while. - (**) apart from the small factor that is involved in the make-up of all other prices. Non-smokers, teetotallers and non-drivers do not always buy only from non-smokers, teetotallers and non-drivers and if they happen to do so sometimes, then their abstaining suppliers do not, as a rule, always buy from other such abstainers. - What distinguishes monetary inflation of prices from price rises due to goods shortages (dearness) is that in the former case the price rises remain or require the further evil of a deflation to become somewhat reduced, whilst in the latter case there is an automatic market response that sooner or later leads to a cure for the high prices due to goods shortages. Namely, the high prices stimulate production and thus lead rapidly to a reduction of prices, perhaps even below the former level. - Moreover, most shortages are merely local. As soon as the goods in short supply can be freely imported from anywhere in the world, where they are still relatively abundant, these shortage prices will fall again. - J. Z., n.d. – After a destructive storm in Queensland the prices for Bananas are expected to rise to $ 5 a kg., because "protection" against cheap imported bananas from overseas is automatically taken for granted and unprotestingly accepted by consumers. - J.Z., 12.2.11. - PRICE RISES & INFLATION, DIS.

PRICES: An article is worth what it will fetch. No more, no less. The buyer is not interested in your costing system, or in the size of your family.” – Sir Ernest Benn, in Abel: Benn, p.154. - Both sellers and buyers depend presently upon monetary despotism instead of becoming independent of it via monetary freedom. - J.Z., 12.2.11.

PRICES: And it does not matter if the ‘list prices’ of electrical appliances, motor cars etc. are increased – as long as there are enough efficient traders, who are willing to discount their profit margins competitively.” – George Hardy, The Doom of the Welfare Society, p.55.

PRICES: And the price is always a natural price, fixed by natural circumstances. A fancy figure fixed by law, such as a minimum wage, or imposed by a combine like the net price for a book, is not a price at all; it is merely a passing political hindrance to progress. A natural price will alter from time to time as circumstances alter. It is, indeed, of the utmost importance that it should be allowed to change quickly and freely, and thus perform its proper function of indicating the different conditions of each day and each transaction. …” - Sir Ernest Benn, Modern Government, p.140.

PRICES: As the 16th-century Spanish Dominican and Jesuit School of Salamanca were eventually driven to conclude, the nearest approximation to ‘the just price’ is the value established in a free market. On this footing, the only meaning of ‘exploitation’ is that producers or consumers are denied the reward that would be forthcoming in a free market.” – Ralph Harris, The End of Government …? p.35. - JUST PRICE

PRICES: Back in 1973, at the Libertarian Party convention on Cleveland, Howard Katz remarked that one of the biggest problems with inflation was the tendency of people to think in terms of “rising prices” instead of “shrinking money”.reason, 2/78. – “Shrinking money” is also an indefinite and misleading term. What is shrinking is merely the value or purchasing power of the exclusive and forced paper money “value standard”, which does not permit pricing in sound alternative value standards due to the legal tender laws and the money issue monopoly. When both kinds of legalized coercion are repealed or can be safely ignored, then goods priced out in sound value standards will be at a higher price only - when such payment is accepted at all - in the inflated money and will be the same as before when paid in sound alternative money. Thus the real culprit could be identified immediately and easily. – J.Z., 10.3.08. - INFLATION, DEPRECIATING MONEY, SOUND PRICING IN SOUND MONEY WITH A SOUND VALUE STANDARD, DIS.

PRICES: Balancing Supply and Demand: The natural tendency of the free market is to point supply and demand toward a balance. Implicit in the free market is free pricing. A rise in the price of a good or service discourages demand and encourages supply; the opposite effect is produced when price falls. If tomatoes rise to $ 10 per bushel, consumption declines and production increases. If they drop to 50 cents a bushel, consumption increases and production decreases – hence supply and demand are always tending toward a balance. (Should taste for tomatoes go out of vogue entirely, supply and demand would still equate – at zero.) Observe that this most efficacious way of economic life requires no more knowledge on the part of any participant than the ability to read a price – attunement with reality!” – Leonard E. Read, Then Truth Will Out, p.45. - The supply and demand for exchange media would also be automatically regulated by their rating against sound and self-chosen value standards. - J.Z., 12.2.11.

PRICES: Clearly, if a commodity (theoretically, almost any commodity) had been used as a medium of exchange (rather as a value standard! – J.Z., 11.3.08.) over the past decades instead of government’s fiat money, prices would have remained relatively stable. It is important to realized that it is not commodities that are rising in value, but fiat money that is falling in value.” – Paul Stevens, THE FREEMAN, 1/75.

PRICES: Consumer preferences determine relative prices. (*) (For the moment we can ignore the possibility of changes in general price levels.) Consumers determine what is made, how much is made, and at what price it’s sold. Of course, one man’s spending is another man’s income. So the ‘costs of production’ (plus a profit or minus a loss, which we’ll come to in a minute) are necessarily equal to the price which is paid. …” - Terry Arthur, 95 % Is Crap, p.188. - (*) To the extent that one can ignore the exchange media supply and the value standard (which under monetary despotism tend to be inflated or deflated) - and other aspects of unfree economies. – J.Z., 10.3.08.

PRICES: Consumer prices and wages do tend to go up faster than down. - J.Z., 9.4.00. – Under monetary despotism with its central banking and almost continuous inflation. Under full monetary freedom, including stable value reckoning, prices for most goods and services would tend to remain stable or go down only through technological and scientific developments. Charges, or wages or salaries or fees for labor services would tend to go up. – J.Z., 10.3.09. – INFLATION, MONETARY DESPOTISM, CENTRAL BANKING, MONETARY FREEDOM, WAGES

PRICES: Demonstrations and riots can help to reduce prices.” - (Belief e.g. among students in India and Indonesia.) - If one can manage to believe that prices are arbitrarily increased by those in power, who, supposedly, would be at liberty to lower prices, if only they were not so "greedy", then one can arrive at this false conclusion, too. - It well demonstrates how little enlightenment effect free public education has had on billions of people. - J. Z., 3.4.97. – Businessmen would gladly reduce their prices, if they could and if, thereby, they could increase their turnover and their profit. – J.Z., 9.4.08. - DIS., DEMONSTRATIONS & RIOTS

PRICES: Do away peremptorily with all policies and measures destined to enhance prices above the height of the unhampered market! Do away with all this dismal stuff of price supports, parity prices, tariffs and quotas, intergovernmental commodity control agreements and so on! …” - Ludwig von Mises, Planning for Freedom, p.184.

PRICES: Effects of Price Freedom: If the price is fixed at 50 c, then 1 unit is wanted, 6 are offered, remain in surplus and 1 is traded. - - If the price is fixed at 40 c, then 2 units are wanted, 4 remain surplus and two are traded. - - If the price is at the free market price at 30 c, then 3 units are offered and 3 units are traded. - - If the price is fixed at 30 c, then 4 units are wanted, two are offered and there is a shortage of 2 units and only two units are traded. - - If the price is fixed at 10 cents, then 6 units are wanted, only 1 unit is offered, there is a shortage of 5 units and only one unit is traded. – Summing up of a convincing small chart compiled by F. A. Harper. - I wish I could reproduce it as an image and insert it here. – J.Z., 10.3.08.

PRICES: Every man has his price”? – Speak for yourself, if you can be bribed. – Or do you think you are the only exception from this “rule”? - My price will have to be paid to my enemies – as a prize on my head! – J.Z., 30.4.83, 10.3.08. – HONESTY, DISHONESTY, BRIBERY, CORRUPTION, DIS.

PRICES: Every one produces what he is best fitted to produce as long as he can get a price that exceeds his cost. The price is established by free competition on the market. Since no one may arbitrarily raise his selling price (*), profits can be increased only by reducing costs. Thereby the profit motive becomes a perpetual promoter of technical or organizational progress. If prices were to rise above the equilibrium, larger profits would tend to augment production and supply, thereby restoring equilibrium. – What holds true of goods is supposed to be equally true of labor and capital. Under-payment of labour would be a strong incentive to increase production because of excessive profit margins. Thereby the price of labour (wages) would increase because of competitive demand for additional labour from the employers. And, contrariwise, labour could not be overpaid long, because the highest-cost producers would be forced out of production, thereby reducing the demand for labour.” - Gustav Stolper, This Age of Fable, p.54. - (*) without losing customers. – J.Z.

PRICES: Every rational being has the right freely to settle the price to be paid for its products, labour, capital etc., together with its business partner or customer, employer or tenant, etc. – Comment: No legally fixed minimum or ceiling prices, wages, fees or rents of any kind are rightful. Everybody is free to ask for or to pay more or less than a “fixed” price or rate. – Point 25 from the human rights draft in PEACE PLANS No. 4. – PRICE CONTROL, WAGE CONTROL, RENT CONTROL ETC.

PRICES: Everything is worth what its purchaser will pay for it.” - Publilius Syrus, Maxim 847. - WORTH, VALUE - Provided only the buyer is sufficiently informed. - J.Z., 12.2.11.

PRICES: Farmers sometimes aver that they have a right to receive prices that yield cost of production plus a profit. No one has a right to get any particular price for a product. What he has a right to is freedom to sell for whatever the market will pay, to search for a better market, to store and sell later if he wishes, to quite producing one crop and to produce another.” – Oscar W. Cooley, Rights Are Freedoms, Not Powers, in THE FREEMAN, Aug. 1976, p.467. - He has also the right to pay and to be paid in other exchange media and clearing certificates or clearing house credits than those presently monopolized by the government. And the right to determine his exchange media and other debt certificates in anyother value standards than then one now prescribed for all by the government. That freedom has at least the potential to greatly increase his own ability to pay as well as that of his customers. Alas, rarely ever do they ask for or explore that freedom. – J.Z., 2.4.08, 12.2.11, 5.8.11. - DIS., PROFIT, RIGHT, COSTS OF PRODUCTION, MARKETS

PRICES: Free market prices, for example, act as a barometer measuring the balance of supply and demand. High demand and low supply will push the price barometer up, and send a signal to suppliers and investors to increase the supply. Their motivation for acting on the signal is the prospect of better profits. And obviously, the reverse also holds true. - - However, when prices are fixed by legislation, this system can no longer operate. …” - John Singleton with Bob Howard, Rip Van Australia, p.32.

PRICES: Free market pricing (*) goes down and down by reason of innovations and cost-cutting. (**) Consumers are the beneficiaries. Government pricing goes down only in those instances where the earnings of some are coercively taken and given to others for nothing or next to nothing.” – Leonard E. Read, The Love of Liberty, p.45. - (*) prices? Reckoned in sound value standards they tend to go down … – (**) Not the prices of e.g. personal servants, labor or professional services. They tend to go up, even when reckoned in sound value standards, while commodity prices tend to go down. – J.Z., 11.3.08.

PRICES: Free Price – the Heart of a Free Economy: A free economy cannot exist without free prices. Any statements or inferences to the contrary are delusive. Actions based on any other assumptions are either pitfalls or baited traps. Free prices are so much at the heart of a free economy as to be almost another name for the same for the same thing. Prices are the forms of expression of all economic decisions, and free decisions have no other means of expression than through free prices.” – F. A. Harper, Writings, p.50. - - However, is quite free pricing quite possible under monetary despotism, when all means of payment and all value standards are monopolized and reduced, under coercion, to those offered by the government, a legal tender currency, with forced acceptance and a forced value, using an arbitrary and ever changing and mostly depreciated paper value standard? I would deny that. Free pricing and a really free economy, a really free market, requires competitively issued optional and market rated exchange media, clearing certificates and clearing avenues and free choice among value standards used in note issues and in price indications. – J.Z., 23.3.08.

PRICES: Free pricing tends to balance supply and demand.” – Common saying. – J.Z.

PRICES: Governments prosecute retailers for over-charging – but who can prosecute governments for over-charging for their inferior services and even negative services? – J.Z., 8.9.84. - And for inflating the supply of its money? Legal tender, i.e. forced acceptance and forced value, combined with its money-issue monopoly, makes the refusal or discounting of its money and sound value reckoning impossible for those depending upon monetary exchanges – as most people are by now. – We should not only be able to opt out from under their money system but out from under their territorial rule as well, without having to emigrate. - J.Z., 10.3.08, 12.2.11. – MONETARY FREEDOM, PANARCHISM

PRICES: Hayek … discusses the price system as a means for communicating knowledge in society, for integrating the production machinery of society …” - R. A. C., BOOKS FOR LIBERTARIANS, Jan. 73, reviewing: F. A. Hayek, Individualism and Economic Order.

PRICES: He said: ‘at any price’. And he meant: ‘with all coercion’.” – Werner Mitsch. - - Historically, many liberties and rights were actually bought from the feudal masters. Government-controlled education does not teach such facts. And class-warfare trade unionism does not consider how cheaply and soon most enterprises could be bought from their owners via a regular take-over bid, paying with industrial bonds and repaying in instalments, largely out of the additional productivity thus obtainable und full self-management. It would also be much cheaper to “price” foreign conscripts into defection or letting themselves be taken prisoner and then to liberate them, if one has right on one’s side, than to incapacitate or kill them or take and keep them as prisoners. – The cheapest way to get rid of our rulers might also be to give them a golden hand-shake and not to elect any new ones. – (For some of the worst, just put a price on their head! - J.Z., 12.2.11, 5.8.11.) Very high old age pensions could actually be very cheaply bought, under prolonged instalment payments, all very productively invested, at the highest interest rates obtainable, tax-free and free of regulations and government-caused inflations, deflations and stagflations - i.e. if there were no government interventions in this sphere at all. – Housing could also be cheap under conditions of full liberty: At the price of a mass produced car, according to Buckminster Fuller. - J.Z., 23.2.08, 12.2.11. - DIS., COERCION, FORCE, COMPULSION, PURCHASING FREEDOM & INDEPENDENCE, TYRANNICIDE, GREAT LEADERS, PENSIONS.

PRICES: Higher prices are no more the cause of inflation than wet streets are the cause of rain.” - Bettina Bien Greaves, during a CISLE seminar, quoted in her Mises Bibliography, vol. II. - A good analogy but every analogy has also its flaws. Wet ground and, obviously, all water surfaces, through evaporation, do also produce rain, even though the locally evaporated water will generally be precipitated later and somewhere else. - J. Z., 11.5.97. - INFLATION, DIS.

PRICES: His own industrial and commercial ideal comprised four elements: four elements always found in combination. They were: first, High Production; secondly, High Wages; thirdly, High Profits, and finally, Low Prices. No one (not one? – J.Z.) of these four elements could long exist without the others. To pursue any one of them in splendid isolation, without thought of the other three, had never yet failed to provoke disaster.” – Deryck Abel, Ernest Benn, p.35.

PRICES: Housewives have a justified complaint. But they should complain to Washington where inflation is produced, not to the supermarket where inflation is delivered. …” - Milton Friedman: An Economist’s Protests, p.25. – It is already delivered by the batches of newly printed notes delivered from the government’s note printing presses, to the government for its "spending", and all of the private industry of a country - for its monetary “exchanges. Under the government's note issue monopoly and its legal tender laws for it, it can issue supply notes beyond that quantity, which would be accepted at par with their nominal value under a competitive supply of free-market rated notes using sound value standards. Until sufficiently enlightened voters finally demand the repeal of this monopoly and wrongful coercion, governments will not readily give up these legalized wrongs, which keep them "financial", at a huge cost to the whole economy. The fastest way to introduce monetary and financial freedom might be a very well prepared and organized monetary and financial freedom revolution, tolerantly and cleverly conducted by volunteers. Here proper timing could be crucial, too. So far only all too few, mostly only isolated individuals, are somewhat prepared for this. Most of the currently undertaken or proposed monetary and financial experiments are still all too flawed or incomplete. - J.Z., 11.3.08, 12.2.11.

PRICES: I agree very much that the major costs of inflation are the false cures that governments try to take. Price and wage controls in all of their nefarious forms are one of the worst consequences of the inflation disease. (*) They are not a cure for the disease. On the contrary, they always make it worse; they temporarily slow it down at the cost of a later explosion. (**) That has been the experience uniformly.” - Milton Friedman in Australia 1975, p.26. - - (*) It is not a disease but a legally and coercively created condition which allows the government to inflate its exclusive and forced currency, via its issue monopoly and legal tender power for its inflated currency. – (**) They do not even slow the inflation down. They merely prevent some of its symptoms, the inflated prices, to appear immediately. - J.Z., 11.3.08.

PRICES: I believe we must admit that the replacement (achievement? – J.Z.) of the concrete goals that we pursue by the observation of purely abstract signals has been not only the sole possible way in which a worldwide division of labor could have been created, but also the only way in which today we are able to maintain a economic order which, by making use of much more information than any one person possesses, can keep the present population of the world alive.” – F. A. Hayek, A Conversation with Hayek, in Science & Socialism, p.12. – Prices steer us to those things we need or want and can afford. – As prices for our labor, services or capital, the also make us able to pay our way. - J.Z., 10.3.08. - - INFORMATION SERVICE OF PRICING, DIVISION OF LABOR, KNOWLEDGE, INFORMATION, AUTOMATIC BALANCING OF SUPPLY & DEMAND

PRICES: In a free market, says Smith in effect, prices are regulated by negative feedback.” – F. A. Hayek, The Confusion of Language in Political Thought, p.12. – Just as much by positive feedback. – J.Z., n.d.

PRICES: In the absence of the magnet of differential monetary rewards, the only theoretical alternative would be a universal system of conscription and direction of labor to assign the working population to the most ‘useful’ tasks – though in practice without market pricing for outputs it would be impossible to form any objective assessments about which goods and services could most ‘usefully’ be produced.” – Ralph Harris, in Dr. Rhodes Boyson, editor, Right Turn, p.20.

PRICES: In the Communist Manifesto Karl Marx and Frederick Engels asserted: “The cheap prices of its commodities are the heavy artillery with which capitalism batters down all Chinese walls.” We may hope that these cheap prices will also batter down the highest of all Chinese walls, viz., those erected by the folly of economic policies. - To express such hopes is not merely wishful thinking.” – Mises, Planning for Freedom, p.184.

PRICES: It is surely obvious that we cannot have trade with Asia, and at the same time ban Asian imports, that we cannot have lower prices, and at the same time, ban low priced goods.” – Arthur Mottarelly, in an essay quoted by PROGRESS, 7/75.

PRICES: Let me emphasize the fundamental proposition that every question of pricing is a question of property rights. We could have asked: What system or property rights shall be used? The existing system of property rights establishes the system of price determination for the exchange or allocation of scarce resources.” – A. A. Alchian, in IEA paper 17: Pricing and Society, p.6. – He should have added that pricing and property rights and free exchange are already fundamentally interfered with by monetary and financial despotism. – J.Z., 11.3.08.

PRICES: Locked in a ‘neo-classical’ mechanistic-equilibrium view of the market, economists have for too long seen the price system only as a system of signals transmitting already-known information. The current resurgence of interest in ‘Austrian’ economics can, it must be hoped, contribute towards the insight that the price system operates to discover as yet unknown information.” – Prof. Israel M. Kirzner

PRICES: Low monopoly prices, like for scarce water in Australia and high monopoly prices, like for postage stamps, electricity supply, sewage and garbage removal, court costs, and social insurance levies (instead of low rates corresponding to highly productive and safe investment of insurance funds) often appear at the same time, leading to over-use or under-use of some services. Alas, we are not free as yet to completely opt out of some or all territorial government services or disservices. The water and sewerage service prices in Australia contain also the absurdity of an “availability charge” which for me amount to most of the costs involved. - The fact that government policies go often in opposite directions at once does not lead to wide enough criticism but rather to complacent acceptance. – J.Z., 26.4.96, 29.3.08.

PRICES: Menger … his model more correctly identified prices as the result of both subjective and objective criteria, springing from the demands of individuals and the real physical supplies of corresponding goods.” – Thomas W. Hazlett, on Carl Menger in THE FREEMAN, May 77.

PRICES: Most prices are now so loaded with taxes that they are no longer mainly prices but mainly taxes. It is thus a misnomer to call them prices - as if they were still free market indicators. The same applies, naturally, to inflated prices. - J.Z., 76.

PRICES: my Czech friends said that in the system the reformers wanted, most products would be controlled by the price system, but prices of necessities, such a milk and bread, would be fixed by the government. I argued that if the price system was better for other things, it was even more important to use it for necessities.” – David Friedman, The Machinery of Freedom, p.131.

PRICES: Nobody in these days will have the wisdom or the patience to remember that a high price is the shortest cut to healthy competition, greater production, and thence to plenty and cheapness.” – Ernest Benn, Modern Government, p.35.

PRICES: On 14.3.66 in South Vietnam a “profiteer” and “speculator” was executed “to fight inflation”. Price control is people control. – J.Z., n.d. – It also demonstrated how insufficient the "freedom" was that was defended in South Vietnam against the still more totalitarian aspirations of the communists. – J.Z., 11.3.08, 12.2.11. - SPECULATION

PRICES: Once the tradesman has made up his mind to take a certain price for his goods, he may not raise it even if he has the chance.” – Kiddushin, 30b. - From a collection of Jewish proverbs: The Wisdom of Israel, ed. by Lewis Browne, Four Square Book, 1962. - Honesty instead of haggling as a religious duty! – J.Z.

PRICES: Pardon us for being sceptical, but in our experience whenever a government has stabilized prices, they somehow end up higher than we’d ever dreamed possible.” – TANSTAAFL, 3/76. - STABILIZATION OF PRICES

PRICES: People consider prices as so justified, realistic and necessary that they are willing to pay even monopoly prices without protesting. – J.Z., 15.2.76, 11.3.08.

PRICES: Potemkin village? Does this mean that the wage and price controls are nothing but a modern Potemkin village that have no real effects on the economy? Hardly. The controls have appreciable, and adverse, effects on output and on productivity.” – Milton Friedman, An Economist Protests, p.35. – The Potemkin villages too, wasted resources and labor and kept the ruler misinformed about the condition of his economy and his people. – J.Z., 11.3.08.

PRICES: Price acts as the indicator or objective expression of value; it measures value but does not constitute value.” – Ridgway K. Foley Jr., THE FREEMAN, 2/75.

PRICES: price as recorder of preferences, as allocator of resources, as irreplaceable source of information on costs.” – Arthur Seldon, in 1985, p.44.

PRICES: Price Freedom clears the market, maximizes production and favors neither producer nor consumer.” – Viv Forbes, COMMON SENSE, Sept. 84.

PRICES: Price has an important function to perform. It equates the wanting of things with the supplying of things. The two are in balance only at the free market price. (*) Any other price, either higher or lower, causes a surplus or a shortage; it reduces trade; it penalizes economic welfare. (**) And in like manner, if the price of work is too high, it causes a surplus of labor – ‘unemployment’.” – F. A. Harper, partly in: THE FREE MANS ALMANAC. – Unemployment has other causes, too, especially the lack of sound exchange media – something that often happens when the supply of exchange media is monopolized. – Harper wrongly assumes here that the supply of exchange media is always sufficient to make every desired exchange easily possible. But labor, goods and services can only be bought to the extent that their potential buyers are sufficiently supplied with sound exchange media. A centralized and monopolized note-issuing bank can only rarely, if ever, achieve that condition, if at all, for long and for all people in a territory. - J.Z., 10.3.08. – (*) The fully free market price requires full monetary and financial freedom, too. - (**) Actually, there are too many consumers who do not shop around sufficiently for the best bargains offered. Lack of time and energy maybe involved or the false assumption that a particular supermarket would already offer the lowest prices for all its goods. Shopping is also often done by those, who did not earn the money with which they shop, so they get careless with its spending. - J.Z., 11.3.08 - UNEMPLOYMENT, LABOR, MONETARY FREEDOM VS. MONETARY DESPOTISM, SALES & SALES DIFFICULTIES.

PRICES: price is a tool that mankind cannot do without.” - Arthur Seldon, Charge, Temple Smith, London, 1977, p.24.

PRICES: Price is the monetary message of self-interest, the voice of subjective judgments. Its call penetrates not only our own society, but societies the world over. For instance, if one wants more tomatoes for his canning business, he only has to announce an attractive price; it’s that simple. – Further, no more market wisdom is required on the part of potential suppliers than the ability to read a price; anyone can do it. In a word, tomatoes go where price beckons. But this is my point: Price coordinates or brings together the countless fractions of expertise involved in tomato production and distribution; soil culture, planting and harvesting machinery, trucking and railroading, indeed, bits of know-how too numerous to calculate.” - Leonard E. Read, Let Freedom Reign, p.23/24.

PRICES: price wars and competitive bidding do not protect monopolies, for such economic coercion is simply implausible in a free market. As Branden indicates, a large, rich company cannot assume heavy losses in order to drive out competitors (as by buying-out competitors or forcing them out of business by selling at a loss or slashing prices) then begin to charge exorbitant prices to recoup its losses. For this would stimulate new competitors to emerge and take advantage of the high profits to be had. New competitors would invariable force prices down to the market level, and the large companies would be forced to reset their prices at market level or court bankruptcy by engaging in incessant price wars. “It is a matter of historical fact that no ‘price war’ has ever succeeded in establishing a monopoly or in maintaining prices above the market level, outside the law of supply and demand.” – O’Neill, quoting Ayn Rand, in Ayn Rand, p.59. – MONOPOLIES, PRICE WARS, COMPETITION, DIS.

PRICES: Prices … appear as a voluntary disposal of income, sized and timed to suit the payer and vividly related to the quality and quantity of the purchase, chosen by free customers from competing sellers. Prices symbolize not a deprivation by an assertion of power.” – Ralph. Harris and Arthur Seldon, Not From Benevolence, p.79/80.

PRICES: Prices allow us to plan, evaluate our costs, make clear and responsible choices. They restrain our demands on nature and on each other.” – Gary North, in THE FREEMAN, Dec. 73, p.732.

PRICES: Prices are consequences.” – Henry Hazlitt: The ABC of Inflation.

PRICES: Prices are expressions of value judgments No policeman or anyone else can determine the value of this or that for you or me. Value is always a subjective determination.” – Leonard E. Read, THE FREEMAN, 2/75. Also in: The Love of Liberty, p.97. – VALUE, SUBJECTIVE VALUE

PRICES: Prices are the outcome of the interplay of peoples’ decisions to buy or not to buy.” – Dave Osterfield, THE FREEMAN, 10/74. – He should have added: and to sell or not to sell. – J.Z., 1/75.

PRICES: Prices are the sure indication of just how far we are from a free-for-all economy. - THE FREEMAN, Dec. 73, p.732.

PRICES: Prices come down when government stops interfering.” – Bob Ryan, LIBERTARIAN OPTIMISM, 4/78. - Some would also go up to their proper market level. - J.Z., 5.8.11.

PRICES: Prices deter many people from buying and wasting much or too much only once they really start to hurt. Public authorities, with their price controls, often maximum prices set below market prices (added to by “availability charges”, which I consider to be quite wrong and absurd, but which are widely and complacently accepted from them), lead to over-use and shortages, then to rationing, prohibitions and punishments of “wastrels”. Public authorities seem to have no idea of free pricing, even while they pretend to levy “economic prices.” – J.Z., 29.6.95, 5.8.11. – I moved to Berrima, NSW in 1960, because here I got a rent-controlled small government-owned house for only 13 shilling and 6 pence a week, while in Sydney I had to pay 6 pounds for a single room. But then housing shortages are also a result of multiple government interventions. Already decades ago ca. 150 different bureaucratic barriers existed for larger building projects. If there were complete freedom in this sphere then, according to Buckminster Fuller, a house could be as cheaply produced as mass-produced cars. – J.Z., 29.3.08.

PRICES: Prices in our economic affairs are the counterpart of the decisions of juries. A free (honest) decision of a jury rests on the freedom of the jurors to express their honest opinions, and it is the same within a price system…” - F. A. Harper, Writings, p.50.

PRICES: Prices Must Tell the Truth.” – F. A. Harper, Writings, p.54, heading of a chapter. Ibid, he says, on the same page: “Prices must be completely free, if they are to tell the truth.” – Free prices tell the truth, controlled prices lie. – J.Z., 17.6.92. - PRICE CONTROL.

PRICES: Pricing is a peaceful way of resolving argument and conflict.” - Arthur Seldon, Charge, Temple Smith, London, 1977, p.25.

PRICES: Prof. Abba P. Lerner rediscovers Adam Smith and emphasizes that the essential utility of the price system consists in inducing the individual, while seeking his own interest, to do what is in the general interest.” – F. A. Hayek, The Uses of Knowledge in Society, p.17.

PRICES: Since today’s generally rising prices are simply an effect of inflation, there can be no cure to rising prices until the artificial creation of money substitutes and credit by government is halted.” - Paul Stevens, THE FREEMAN, 11/74.

PRICES: Slichter’s argument throughout was based on assumptions that are neither proved nor warranted. One of these is that a rising price level is necessary for prosperity. This is refuted by a wealth of historical experience. The great American boom from 1925 to 1929, for example, occurred in spite of a falling price levels. – And Slichter did not seem to remember that depressions are caused chiefly by a collapse of previous inflations.” (*) - Henry Hazlitt, Inflation, p.35. - - As if they could not also be caused by a deflation, a deflation that is, at least sometimes, to be expected as long as the money supply is monopolized. Moreover, one should remember that while fallen prices encourage buyers, falling prices discourage them. In the latter case they hold back their purchasing power as long as they can. – And this can also have further deflationary effects. – - (*) There are at least about 150 other crisis theories. This one does not appear to me to be more plausible than most others. All of them should be anthologized and thoroughly discussed, instead of everyone merely picking and mentioning his favorite theory. – Anyhow, inflations and deflations are only aspects of monetary despotism and impossible for all exchange media and value standards under free competition for both of them. - J.Z., 111.3.08. – PROSPERITY, DEFLATION, INFLATION

PRICES: Stabilization of prices is a euphemism for keeping prices steadily high.” – Robert Carnaghan, in FREEDOM REVIEW. - PRICE CONTROL

PRICES: The ‘Coordination Problem’ Hayek addresses is the coordination of the efforts of individuals (and their business enterprises and governments) to achieve a harmonious total effort. The market economy achieves this ‘coordination’ though a price system. We, as market participants, do not have to know the actions of others. We only have to know the prices of the goods, and in maximizing our welfare we will act in a manner such that, when the actions of all the market participants are added up, a total balance is achieved.” – Clifford F. Thies, NEW GUARD, 6/78. - COORDINATION, HARMONY, MARKET, EQUILIBRIUM

PRICES: The “reign of terror” during the French Revolution was, in part, a unsuccessful attempt to enforce price laws. (*). Shopkeepers and laborers were taken to the guillotine and beheaded.” – National Taxpayer Union, in INDIVIDUALIST, 10/71. - (*) Or deal with refusals to accept the government’s paper money at its prescribe legal tender face value. – According to some research, up to 90 % of the executions took place as a result of price control laws. The refusals to abide by them or to accept the Assignats led, naturally, to many sharp arguments between sellers and intending buyers, and some of them could then be used to accuse the one who uttered them to be a royalist or counter-revolutionary. The death penalty was proclaimed for refusals to accept this paper money. - J.Z., 28.3.08.

PRICES: The acme of the policies of all self-styled progressive parties and governments is to raise artificially the prices of vital commodities above the height they would have attained on the markets of unhampered laissez-faire capitalism. Only an infinitesimal fraction of the American people is interested in the preservation of a high price for sugar. The immense majority of the American voters are buyers and consumers, not producers and sellers of sugar. Nonetheless the American Government is firmly committed to a policy of high sugar prices by rigorously restricting both the importation of sugar from abroad and domestic production. Similar policies are adopted with regard to the prices of bread, meat, butter, eggs, potatoes, cotton and many other agricultural products. It is a serious blunder to call this procedure indiscriminately a pro-farmers policy. Less than one fifth of the United States’ total population are dependent upon agriculture for a living. Yet the interests of these people with regard to the prices of various agricultural products are not identical. The dairy-man is not interested in a high, but in a low price for wheat, fodder, sugar and cotton. The owners of chicken farms are hurt by high prices of any agricultural product but chickens and eggs. It is obvious that the growers of cotton, grapes, oranges, apples, grapefruit and cranberries are prejudiced by a system which raises the prices of staple foods. Most of the items of the so-called pro-farm policy favor only a minority of the total farming population at the expense of the majority not only of the non-framing, but also of the farming population.” – Ludwig von Mises, Planning for Freedom, p.182. – FARM POLICY, SUBSIDIES, PRICE STABILIZATION, AGRICULTURAL POLICY

PRICES: The classical economists demonstrate that each constellation of the market has a corresponding price structure. Prices, wages, and interest rates are the result of the interplay of demand and supply. There are forces operating in the market, which tend to restore this – natural – state if it is disturbed. Government decrees, instead of achieving the particular ends they seek, tend only to derange the working of the market and imperil the satisfaction of the needs of the consumers.” – Ludwig von Mises, Omnipotent Government, p.59.

PRICES: The cure for high prices is the high price itself. It reduces prices by increasing supply and reducing demand. The cure for lower prices is the low price itself. It increases prices by reducing supply and increasing demand.” – J. F. Gordon, Armidale, NSW, in FINANCIAL REVIEW, 3.5.77. – Provided the high prices were not just prices driven up by inflation and the low prices were not just caused by deflation. During an inflation the increasing nominal prices may actually encourage buying while during a deflation the decreasing prices may discourage buying. – J.Z., 10.3.08. - HIGH PRICES, DEARNESS

PRICES: The entire defence of the free economy is built upon the theory that high profits in any quarter will automatically attract competition in that region, and the weapons of the attack will be either lower prices or better service.” – Henry Meulen, THE INDIVIDUALIST, 8/76. - Naturally, if there are any legally upheld monopolies, prohibitions or extortions then, to that extent we do not have a free economy. – J.Z., 11.3.08.

PRICES: The experience of Nazi Germany certainly did not disprove the statement that price control is doomed to failure within an economy not completely socialized. (*) Those advocates of price control who pretend that they are preserving a system of private initiative and free enterprises are badly mistaken. What they really do is to paralyze the operation of the steering device of this system. One does not preserve a system by destroying its vital nerve; one kills it.” – Ludwig von Mises, Inflation and Price Control. - (*) And within such a system it is just part of its numerous other failures. – I is also a failure in a system that is completely or almost completely State-socialized. - J.Z., 11.3.08.

PRICES: The free play of prices is the key to the success of a market economy. Prices and wages must be free to change, to fluctuate, to reflect the continually and endlessly changing conditions of supply and demand. Without the freedom of prices to move, the enterprise system is a mockery.” – National Taxpayers Union, in INDIVIDUALIST, 10/71. - - And the exchange media and their value standards should also be competitively offered, optional in their acceptance and subject to a free pricing or discounting system in general circulation, precisely to prevent their depreciation in most instances – excepting, naturally, that their issuers would always have to accept their kind of IOU’s at par with their nominal value standard. – Without full monetary freedom no really free pricing! Because without it the demand sector is confined to using a monopoly currency. - J.Z., 29.3.08.

PRICES: The free price clears the market.” – Roepke. (“Der freie Preis raeumt den Markt.”) - - SALES, FREE PRICING, PRICE CONTROLS, WAGE CONTROLS, RENT CONTROLS, MARKET, DEMAND, SUPPLY, EQUILIBRIUM – F. A. Harper’s short table on the subject is still the clearest short proof that I know of. – J.Z., 23.2.08.

PRICES: the function of prices is precisely to communicate, as rapidly as possible, signals of changes of which the individual cannot know but to which his plans must be adjusted. …” – F. A. Hayek, Denationalization of Money, p.67.

PRICES: The housewives have the time but not the inclination for comparison shopping because, mostly, they spend only the money earned by their husbands. The husbands, usually, do not have the time and energy for comparison- or bargain-shopping either. Thus many shops get away with high prices, especially if they are conveniently located. – J.Z., 19.1.05. – This applies even to large shops like Woolworth chain stores, which once used to be bargain shops and now only rarely are. – Moreover mental arithmetic seems to be so poorly taught or rarely practised so that some shops get away with offering larger food containers at a higher unit price than that of the smaller tins etc. – Perhaps they rely on the unchecked premise of many of their customers that the larger tins etc. will contain the goods at a cheaper price, even if the opposite is actually the case. – But then shop assistants are often so careless that they do not price out goods at all. – So they might merely have wrongly priced such items. - J.Z., 22.10.07. - COMPARISON SHOPPING, BARGAIN SHOPPING, CONVENIENCE SHOPPING & THE USUAL MARRIAGES

PRICES: The idea that prices can go down while wages and profits increase, naturally never entered their heads, because in all history this had never occurred.” (*) – Rose Wilder Lane, The Discovery of Freedom, p.63. – And yet this is the natural result of productivity increases under freedom, in the average. Exceptions from this rule merely indicate that large segments of the world population do sometimes, rather suddenly, become additional buyers on the world market. Then, temporarily, they can drive prices up, until production is geared up to cater to this additional demand. – J.Z., 11.3.08. - - (*) Is it true that this never happened? For much of history, due to an almost permanent deflation, prices were close to emergency sales prices. But as we have seen in our life time, the prices of e.g. ball point pens, cheap digital watches, computers, hard disks, CDs, DVDs etc. have gone down and much software is already offered free of charge. – J.Z., 12.4.08.

PRICES: the only “just price” for any transaction is the price voluntarily agreed upon by the two parties.” – Murray N. Rothbard, J.L.S., Winter 77. - JUST PRICES, FAIR PRICES, DIS.

PRICES: The only just price is the free price.” – F. A. Harper, Stand-By Controls, 1953.

PRICES: The presumption was that multiple producers competing against one another as well as against consumers would lead to a total price of goods on the market equal to total cost. Although at given moments individual producers would make profits while others would lose, the competitive drive would cause unproductive procedures either to find more efficient means of production, or else go bankrupt and leave room for more effective innovators.” – Silvert, Man’s Power, p.122.

PRICES: The price of a commodity tends to equal its cost.” – Quoted in THE FREEMAN, 7/73, p.442. – But it is never fully determined by costs, but, rather, by demand and supply conditions. The price of old paintings, considered to be master pieces, is certainly not determined by their costs. – J.Z., 12.4.08. - DIS., COST PRICES

PRICES: The price of services varies directly with demand and inversely with supply.” – Ch. de Brouckere, Principles of Political Economy. – SUPPLY & DEMAND

PRICES: the price system is the indispensable condition not only of our wealth but of the survival of a large part of the population of the world. A system of market-determined prices is essentially a system which is indispensable in order to make us adapt our activities to events and circumstances of which we cannot know.” – F. A. Hayek, Science and Socialism, a Conversation, p.12.

PRICES: The price to be charged for any good or service shall be that which emerges from the voluntary exchange process.” – B. R. Rogge, THE FREEMAN, 3/75.

PRICES: The priceless system is not “priceless”! – J.Z., n.d.

PRICES: The process of inflation the money supply is the cause of the apparent rise in prices, both of which are caused by the loss of exchange value in our own money in our own country.” – Duncan Yuille, PROGRESS PARTY NSW BULLETIN, Oct. 76. – Our own money, issued by ourselves and accepted by ourselves in its reflux, could not be inflated because others would remain free to refuse or discount it and stable value reckoning would go on. Nor is it our own country, when we cannot freely secede from it to live under our own personal laws – together with other and like-minded volunteers. – Territorial governments, like their paper monies, have been given a compulsory “acceptance” and a forced “value” in the territories under their power. That very fact should teach us to desist from calling them our government and our money. In spite of its democratic camouflage it is a despotic government and a despotic money. – J.Z., 10.3.08. - DIS.

PRICES: The rise of prices, which is merely a consequence of inflation, is commonly talked of as if it were itself the inflation.” – Henry Hazlitt, Inflation, p.140. - DIS., HIGH PRICES, DEARNESS

PRICES: The shortcomings of modern economics: I fear modern economics has not really done its job in this respect by making it clear to the public that the price system is the indispensable condition, not only of our wealth, but of the survival of a large part of the population of the world. A system of market-determined prices is essentially a system which is indispensable in order to make us adapt our activities to events and circumstances of which we cannot know.” – F. A. Hayek, Knowledge, Evolution and Society, p.35. - FREEDOM FOR THE DETERMINATION OF ALL PRICES, MARKET PRICING VS. PRICE CONTROLS

PRICES: The supermarket operator does not set prices. He simply records the prices that are set by forces outside his control. Blaming him for high prices is like blaming a thermometer for the fever it records. Boycotting him is like breaking the thermometer to cure the fever.” – Milton Friedman, An Economist Protests, p.24. – Among my minor complaints against supermarkets are: 1.) Many goods are not priced out at all. 2.) Prices marked are often in disagreement with those charged by the cashier. 3.) Larger tins of the same brands and types of food are sometimes offering them at higher prices per weight unit than smaller tins. 4.) Often they are not priced competitively with the prices of their competitors. 5. Once I found the same kind of small kitchen knife, in the same very large store, displayed at three different locations – and priced out with 3 different prices. – In other words, they are all too often not as efficient as they believe themselves to be. – J.Z., 11.3.08.

PRICES: the things which get made are only those which can be made at a price which the consumer is prepared to pay. That’s why we don’t have any silver potato peelers.” – Terry Arthur, 95 % Is Crap, p.173.

PRICES: There are two fools in every market: one asks too little, one asks too much.” – Russian proverb. – There are also “leaders” who force people to act foolishly, by forcing them to either charge too much or not enough. – J.Z., 15.11.85. – That is the case e.g. for the water supply in water-poor Australia. – The “price” for it is artificially kept below that which would be its current market price under competitive conditions. Instead, we get water restrictions. – J.Z., 29.3.08.

PRICES: There is also such a thing as intentionally unpublished prices, e.g. for very expensive machines or bombers or battleships for a government. The attitude of their producers seems to be: We do not want anyone as a customer who has to ask for the price. – J.Z., 29.3.08.

PRICES: There is no demonstrated, superior alternative to the price system and Wall Street.” – Morgan O. Reynolds, in THE FREEMAN, May 1989, p.174.

PRICES: There is only one fair measurement of price for the individual in an economy. How long does it take him to earn his wife’s clothes … a pair of shoes …. a loaf of bread?” – Paul Mazur. – While that is certainly not a free market pricing, using a sound value standard and a competitively supplied exchange medium, buying competitively supplied and traded goods, it is a way to individually measure, somewhat, one’s purchasing power or living standard, using one’s labor hour as a value standard. In all such comparisons between State socialist countries, in which labor was, supposedly no longer exploited, the workers and consumers got little for their labor hours compared with the “proletarians”, supposedly exploited, in the capitalist countries. Nor were the “unexploited” laborers living in State socialist countries free to purchase direct, by mail order, from Western countries. If they had been free to try such purchases, they would have found out that their State socialist money would have very little purchasing power in the Western countries, so that their purchases there would have appeared expensive to them, too, or their own earnings, from their supposedly unexploited labor, rather low by comparison with those of the “exploited” workers in the West. – J.Z., 10.3.08.

PRICES: To their minds it appears that value is inherent in money as such … This sentiment is supported by the various legal regulations with which the Governments endeavour to control prices, and so to preserve some purchasing power for their legal tender. … The presumption of a spurious value for the currency, by the force of law, expressed in the regulation of prices, contains in itself, however, the seed of final economic decay, and soon dries up the sources of ultimate supply. A system of compelling the exchange of commodities at what is not their real relative value not only relaxes production, but leads finally to the waste and inefficiency of barter … The effect on foreign trade of price-regulation and profiteer-hunting as cures for inflation is even worse.” – J. M. Keynes, 1920, quoted in Anthony Fisher, The Case for Freedom, p.18.

PRICES: Value – price – can be determined in one way and one way only: by the free and unfettered market. In other words, value results from a subjective determination based on individual preferences. …” - Leonard E. Read, Castles in the Air, p.46.

PRICES: We have all lived for so long with a slow rise of prices that we forget that the natural tendency of man’s inventive genius should produce a fall of prices, not a rise. Remember the fall in car prices that Ford engineered, the fall in radio and television prices – in fact in every branch of engineering….” – Henry Meulen, THE INDIVIDUALIST, 8/75.

PRICES: what government tampering with the price structure of the market means. It diverts production from those channels into which the consumers want to direct it into other lines. …” - Ludwig von Mises, Inflation and Price Control.

PRICES: When you pay more you do not always get more – or much better quality. – J.Z., 5.9.97. But at least you satisfy your subjective value notions. – J.Z., 28.3.08.

PRICES: while taxation is forced expropriation by the government (legal theft), the price system is voluntary exchange. One is coercive and political, the other is voluntary and economic.” – Sam Wells Jr., OPTION, 4/77.

PRICES: Who, then, should regulate prices? The buyer and the seller themselves, without interference from politicians! Freedom of exchange! Freedom for both the consumer and the businessman!” – Robert G. Bearce, John Witherspoon: Disciple of Freedom, THE FREEMAN, May 77.

PRICES: with Professor Marshall, to think of prices not only as mere equations but as inducements to the human will, making it act.” – Dr. H. G. Pearce, Value, p.23.

PRICES: Within the market society the working of the price mechanism makes the consumers supreme. – They determine through the prices they pay and through the amount of their purchases both the quantity and quality of production. They determine directly the prices of consumers’ goods, and thereby indirectly the prices of all material factors of production and the wages of all hands employed.” – Ludwig von Mises, Omnipotent Government, p.49. – Provided, they are competitively supplied with sound exchange media. – But if they are over- or under-supplied only with an exclusive and forced currency then they prices they pay will be inflated, deflated or “stagflated”. – J.Z., 11.3.08.

PRICES: Without market prices, meaning without open entry to markets by buyers and sellers, there can be only random guesses by the planning bodies.” – Gary North, in THE FREEMAN, 5/76, p. 267.

PRICES: without market pricing for outputs it would be impossible to form any objective assessments about which goods and services could most ‘usefully’ be produced.” – Ralph Harris, in Dr. Rhodes Boyson, editor, Right Turn, p.20.

PRICES: Without the freedom of prices to move the enterprise system is a mockery.” – Committee to Restore Freedom, NTU, 1972.

PRICING: Even currencies (exchange media, clearing certificates or accounts) and their value standards should be under free pricing, i.e., free competition, free markets, optional, market-rated and refusable, subject to free associationism and secessionism, experimental freedom, voluntarism, laissez faire and experimental freedom. They should oblige only their issuers and other acceptors, under contract to the issuers, usually their debtors, to accept them at all and at par with their nominal value. Then the good exchange media would drive out the inferior ones, contrary to the popular misunderstanding of Gresham's law, which does require the issue monopoly and legal tender power for its issues. - J.Z., 13.2.11.

PRICING: Free pricing, competitive supplies and free trading rather than bureaucratic internal and external allocation of scarce resources, goods and services. – J.Z., 21.11.92, 19.2.08. – FREE MARKETS, FREE TRADE, FREE PRICING, FREE ENTERPRISE, FREE EXCHANGE, FREE BANKING, FREEDOM OF CONTRACT, FREEDOM OF ACTION, FREEDOM TO EXPERIMENT IN EVERY SPHERE BUT ALWAYS ONLY AT THE OWN RISK & EXPENSE, NO PRICE CONTROL, GUN CONTROLS, DRUG CONTROL

PRIDE: Pride is very much misplaced when it is vested in a uniform and managed national currency, regardless of how often and to what extent and for how long it is mismanaged and misleading, rather than in a sufficient supply of sound means of exchange and value standards. Uniformity, symbolism, flag-waving and coercive power, based on a false faith, wrong premises and numerous statist prejudices, are hardly sufficient substitutes for a sound money, currency, credit and clearing system. Monetary despotism, with its inevitable inflations, deflations, stagflations, impoverishment and mass unemployment and under-employment and the other disasters it tends to lead to - is hardly anything to be proud of as a monetary achievement. - Even the Jews, supposed to be clever in monetary matters, fell for this Jews in Israel, als for other wrongful forms of territorialism, for the supposedly rightful and effective mass extermination devices and for the collective responsibility notions that are involved in territorialism. - In such matters most of them are just as ignorant, prejudiced and irresponsible as are most of the other populations of the world. - J. Z., 11.5.97, 13.2.11, 5.8.11. – CENTRAL BANKING, MONETARY POLICY, NATIONAL CURRENCIES, STATE PAPER MONEY, CENTRALIZATION, NATIONALISM, NUCLEAR STRENGHT OR WEAKNESS

PRIMITIVE MONEY: Even primitives knew how to provide themselves with exchange media and value standards without the help of a government or its central bank. Government monies have so often depreciated their national forced currencies that primitive monies were resorted to again, as the preferable alternative. E.g., cigarette currency could, after WW II, buy almost anything in Germany that could not be bought with inflated government money. Sometimes governments were so helpless that they prescribed primitive money, as happened with tobacco, and postage stamps in the U.S. - The very variety of primitive and emergency monies issued in our past and present (including the present LETS fad, advanced only in its computer usage), does suggest that, without legal tender and severe prohibitions against private issues, many private issues would occur and that then at least some of them would be good enough to survive and spread, even in competition with the State paper money, then no longer legal tender but still a uniform currency of a central bank, based upon tax foundation. The variety of primitive monies suggests that a variety or privately or cooperatively issued competing monies might be possible today, i.e., that self-interested and rational people would voluntarily oblige themselves by their note issues and that these notes would be accepted and evaluated (priced) by self-interested and rational sellers and buyers. The subjective value theory would apply here, too. Let individuals and private payment communities decide what they are going to use as exchange media, clearing means and value standards for their transactions. No totalitarianism in this sphere, either! - J. Z., 17.4.97, 13.2.11. - Paul Einzig's book: Primitive Money, 1949, 1951, of which I have the 2nd. edition, revised and enlarged, 1966, is copyrighted. So I will here only reproduce some headings of its contents list: Mat & Bark Cloth Money in Samoa. Whales' Teeth Currency in Fiji. The Stone Money of Yap. The Bead Currency of Pelew. Pig Exchanges on the New Hebrides. Feather money of Santa Cruz. Shell Loans on the Banks Islands. Shell and Teeth Currency on the Solomon Islands. Debts in Dogs' Teeth on the Admiralty Islands. Shell and Yam Currencies of the Tobriand Islands. New Guinea's Boar Tusk and Shell Currencies. Rice Standard in the Philippines. The Drum Currency of Alor. Bronze Guns, Bees' Wax & Buffaloes as Money in Borneo. Gambling Counters as Money in Siam. Tin Ingots and Gold Dust in Malaya. Weighted Silver and Lead Currency in Burma. Tea Brick Currency in Mongolia. Coconut Standard on the Nicobars. Grain Medium of Exchange in India. Reindeer and Cattle Standard in Asiatic Russia. Iron Currency in Sudan. Salt Money of Ethiopia. Livestock Standard in Kenya. Bead Money of Tanzania. Cowries as Currency in Uganda. Calico Currency in Zambia.  Cloth, Metals & Slaves as Currency in Equatorial Africa. Cowries, Slaves, Cloth and Gin Money of Nigeria. Debased Brass Rod Currency of the Congo. Fur Currency in Alaska. Shell, Fur & Blanket Currency of Canada. Wampum and Other Shell Currencies in the U.S. Cocoa Bean Currency of Mexico. Maize Money of Guatemala. Arrows & Guns as Currency in Brazil. Snail Shell Currency in Paraguay. Copper Unit of Account in Ancient Egypt. Barley & Silver Money of Babylonia and Assyria. Sealed Ingots in Cappadocia. Sheep & Silver Currency in the Hittite Empire. Livestock and Weighed Silver Money of the Jews. Livestock Standard in Ancient Persia. Ox & Base Metal Currencies in Greece. Crude Bronze Currency of Pre-Roman Italy & Rome. Bronze Axes &Wheels as Currencies in Gaul. Cattle Currency of the Ancient Germans. Iron Sword Currency of Britain. Slave Girl Money of Ireland. Cattle Currency of India. Shell, Silk & Metal Currencies of China. For the Medieval Period he describes: Rings & Weighed Metal Currencies of the British Isles. Cattle Money in Ireland. Cattle, Cloth & Weighted Metal Money in Germany. Leather Currency in Italy & France. Cattle, Cloth & Fish Currency of Iceland. Ring Money of Denmark. Cattle & Cloth Currency of Sweden. Butter as Currency in Norway. Calves as Monetary Unit in Hungary. Fur Money of Russia. Cowries as Currency in India. Livestock Standard of the Mongols. Salt Money of China. Gold Dust Money of Japan. For the Modern Period he brings the following examples: Leather Money of the British Isles. Cattle Currency of Ireland. Rum Currency in Australia. Fur & Wheat Currency in Canada. Sugar Money of Barbados. Tobacco Money of the Bermudas. Tobacco & Sugar Money of the Leeward Islands. Mahogany Logs as Currency in British Honduras. Un-coined Silver Money in Russia. Grain Money in France. Commodity Units of Account in Germany & Austria. Almonds as Currency in India. Fictitious Monetary Unit in China. Rice Money in Japan. - With these primitive monies inflation may not always have been avoided but deflation and stagflation most likely were. To that extent these primitive monies deserve more respect and our modern ones less. - J. Z., 17.4.97, 23.5.97.

PRINCIPLES: A man is usually more careful of his money than he is of his principles.” – Edgar Watson How, Ventures in Common Sense, 1919, 30.4. – The fact that most people put up with the money of monetary despotism, instead of pondering their full monetary freedom options, indicates to me that they are not carefully enough with the money they use, either. – J.Z., 29.3.08. - In other words, they lack common sense in this sphere, too. J.Z., 13.2.11. – DIS., MONETARY FREEDOM, MONETARY DESPOTISM

PRINTING MORE MONEY: The government should print more money.” - Widespread view. - How much should it print? How does it know when it has produced enough, not enough, or already too much, under the legal tender and monopoly regime, i.e., when it has abolished the natural and free pricing for exchange media, value standards and contracts and their currency issue and acceptance limitations? Can the government "create" any money at all or can it, at best, only mobilise or anticipate its enforced tax credits and abuse its coercive monopoly position? Indeed, the advanced economy needs much sound currency or enough sound clearing avenues. But, does the central banking system provide either properly and sufficiently? Can it do so? If it could create money out of nothing, in spite of not being a productive but rather a counterproductive enterprise, then why don't all of us simply live on its hand-outs of paper money, lustily printed by it and "fairly" distributed to us, regardless of our work output, even when not working at all? If it could produce values out of nothing, why should we have to bother to work at all? Some Social Credit people seem to think that work and production would be unnecessary. We could all live on the "Social Dividend"! - But I look at it this way: Why should anyone, even a government, be authorised to issue cheques or notes upon our own labour, services and goods, without our individual consent? Why should we not rather use our own labour, services and goods, to issue our own currencies, refuse that of the government and buy with our currencies only those government or public services that we really want and that are supplied to us at competitive prices by competing agencies, selected by ourselves, individually, in realisation of our consumer sovereignty? Why should we tolerate tribute gatherers to live off our property and earnings? Why should we allow them to dilute these through inflation? Why should we be forced to accept and use their exchange media and “value standards” as the only ones? – J.Z., in monetary freedom notes, which are online, hopefully without the many typos that I detected during this slogans compilation effort, at - A long but still very incomplete file. – J.Z., 13.2.08. - GREENBACK PARTIES, SOCIAL CREDIT ADVOCATES, MONETARY FREEDOM VS. MONETARY DESPOTISM, Q., DIS.

PRINTING PRESSES: To stop inflation one has only to stop the note printing presses. - Popular opinion. - The government printing presses could be allowed to go on running - if only a) they were no longer allowed to produce a legal tender and thus an inflatable currency (with compulsory acceptance and forced value) and b) if the government's paper money would no longer enjoy a monopoly for money issues but, instead, free enterprises would be free to compete with it, i.e. allowed to drive out the bad government money with their better to excellent alternative, optional and market rated currencies, using good alternative value standards, too. - It is legal tender and the issue monopoly, and the usual spending habits of territorial governments that keep the government printing presses running. - J. Z., n. d. & 3.4.97, 9.4.08. - STOPPING GOVERNMENT PRINTING PRESSES FOR THEIR EXCLUSIVE AND FORCE CURRENCY, CENTRAL BANKING, MONETARY DESPOTISM, MONETARY FREEDOM, DIS.

PRIVACY: What other rights have we lost? Among them is the right to own and hold gold, the right to privacy of records, i.e., bank deposits, bank accounts, safety deposit boxes; the right to privacy in one’s home, freedom to plant and raise such crops as one wills, protection from arbitrary actions by government which erode the values of our savings by inflation, etc. The list is long. We are subjected to compulsory participation in Social Security, mandatory wage rates, compulsory membership in labor organizations, fixed rent controls, restrictions on choice of tenants and purchasers of our property and others.” – Admiral Ben Moreell, The Admiral’s Log II, p.119. – RIGHTS, HUMAN RIGHTS

PRIVATE BANKERS: The illusion, prejudice or myth that private bankers can arbitrarily increase and multiply deposits and credits, thus creating an inflationary additional "money", is one of the greatest supports for the continuance of monetary despotism. - It ignores, among many other things, that non-cash "payments" have no legal tender power. They can be and sometimes are refused and CAN suffer a considerable discount against cash. - This illusion overlooks, moreover, that government cash and accounts reckoning in it, can be inflated only via the government's money issue monopoly and its enforced paper value standard, combined in its paper money, a "legal tender" currency, which, as such, prevents pricing of the paper standard and of the exchange medium and free competition for both and the pricing of goods, services and labour in alternative and sound standards, not participating in the inflation of the forced currency of governments. With legal tender the bad exchange medium, the bad value standard, can, indeed, drive out good money and value standard alternatives. Without legal tender they could not but would, instead, be driven out by alternatives which payers and payees prefer to use. - J.Z., 3/97.  MONEY CREATION, CREDIT CREATION, GRESHAM'S LAW, LEGAL TENDER, BANKING, DIS.

PRIVATE COINAGE: The state's nationalisation of the minting business injured the free market and the monetary system in many ways. One neglected point is that government minting is subject to the same flaws, inefficiencies, and tyranny over the consumer as every other government operation. Since coins are a convenient monetary shape for daily transactions, the state's decree that only X, Y, and Z denominations shall be coined, imposes a loss of utility on consumers and substitutes uniformity for the diversity of the market. It also begins the long disastrous slide from an emphasis on weight to an emphasis on name or tale. In short, under private coinage there would be a number of denominations, in strict accordance with the variety of consumer wants. The private stamp would probably guarantee fineness rather than weight, and the coins would circulate by weight ..." - Rothbard, The 100% Gold Dollar, p.14. - The suppression of private coins with private acceptance foundations and produced out of cheap metals or plastic, has had probably an even worse effect. With gold value reckoning widely practised and gold coins only rarely used, in a few transactions and cheap metal coins easily given a gold weight value by ready acceptance as local currency, there is no need to resort to rare metals to provide change or small change. Private gold coinage should not be outlawed but there is no reason to use it widely. - J. Z., 17.4.97.

PRIVATE COINAGE: The third objective on the road to the gold standard would be the individual freedom to mint coins. The first coins were minted by private individuals and goldsmiths. And private coins have circulated throughout history.” – Dr. Hans Sennholz, Inflation or Gold Standard? p.63.

PRIVATE COINAGE: We can trust private manufacturers to mind coins according to the market’s specifications just as we can trust private firms to manufacture nuts and bolts to specifications, or carry the mail. Advocates of the free market maintain that private enterprise can provide every other product or service better than the government can. Why not coins?” – Charles Curley, THE FREEMAN, 6/75, p. 354. – The competitive supply of sound paper monies is even more important. Their value can be soundly measured in and maintained at par with that of certain rare metal coins or weight units – and this without them being so redeemable upon demand by their issuers. Convertibility into rare metals can be referred to the free market for them. To reckon, account, clear, price and express e.g. banknote values in rare metal coins or weight units and to so manage the issues of paper monies and their reflux that their par value with their nominal value is maintained, is quite possible and has often been done. Naturally their issuers would have to accept them as if they were corresponding rare metal coins or weight quantities of rare metals. – But in the general market everyone would be free to refuse or to discount them. This freedom, too, would be necessary to maintain their value and to regulate their volume in a market-like way. - J.Z., 12.4.08. – PRIVATE PAPER MONIES, COMPETING, OPTIONAL, REFUSABLE, MARKET RATED, WITH SOUND VALUE RECKONING BUT WITHOUT METALLIC REDEMPTION BY THE ISSUER.

PRIVATE ENTERPRISE: Private enterprise continually increases the prosperity of its customers whereas the government continually decreases the prosperity of its citizens. – Private enterprise maintains and expands itself by continually offering things to people they want, whereas government maintains and expands itself by depriving people of what they want, by means of forcibly seizing their goods, via taxation, forcefully preventing them from trading and living as they choose, through regulations.” - Patrick Brooks, 2/71.

PRIVATE ENTERPRISE: There is no private enterprise in the mixed economy. It is reduced to serfdom by taxes and numerous oppressive laws, especially by monetary despotism. – J.Z., n.d. & 12.3.08.

PRIVATE MONEY ISSUES: Just ANY private money issues is not good enough just because it is a private or cooperative one - except, perhaps, as a deterrent example. It must also be a sound issue, in theory and practice. People should be free and have the opportunity to learn about sound issue and reflux techniques theoretically, from complete information sources on such subjects, and also to learn from their own monetary freedom experiments, undertaken only among volunteers and at their own expense and risk only. No one has the right to undertake despotic monetary experiments at the risk and expense of non-consenting victims, especially not any government or presumed monetary authority. - J. Z., 21.9.95, 20.3.97. - If you are offered a payment in a private currency unknown to you, the test for its value is simple: Go to the nearest store and ask whether it would be acceptable there, at its face value or at a certain discount. You would not even have to go to a bank or to consult the exchange rates published in a newspaper. – J.Z., 9.4.08.

PRIVATE MONEY ISSUES: Such issues would depreciate the value of the state's paper money and must therefore be suppressed.” - A view popular among men of the street and many "expert" economists. - To use an analogy: When a bachelor gets a choice between a beautiful blonde and an ugly duckling, who is he likely to choose? Or when a girl has a choice between a guy coming close to her ideal and a mere jerk, whom is she likely to choose? Now, should the existence of the better choice be blamed for having caused the rejection of the lesser choice? Has the beauty or character involved CAUSED the ugliness or inferiority of the rejected parties? Or has it merely REVEALED them by comparison? - When there is no free choice and ugliness or a bad character or lowly producer is given a monopoly and legal tender value, while beauty, decency and productivity are outlawed, then ugliness etc. are given an artificial legal tender and monopoly value. That value it would, indeed, lose under freedom. But that kind of loss should be distinguished from a coercive depreciation of something that has great value by itself in a free market. The money of monetary freedom does not bring about such a coercive depreciation. It merely brings about competition and choice, free enterprise and free exchange and free value reckoning in a very important sphere, where it was so far suppressed. It would not prevent any state paper money from retaining whatever value it might still be able to retain for its issues e.g., through its tax-foundation. (Not exactly a free market foundation for it, either, but acceptable for this discussion.) When, under freedom, the good money is free to drive out the bad, because all creditors will tend to prefer it and reject the bad money, the situation is the same, as for the rejection of "wall flowers". The creditors do not cause the badness of the bad money. They simply refuse to use it. Just like they would e.g. inferior or untrustworthy shares. Thus government paper money could continue to exist only upon its merits, among those still prepared to accept it. The beautiful boys and girls do not MAKE the others ugly. They do not deface them, even while they might make impolite or satirical and inconsiderate remarks regarding them, which might hurt their feelings. It might also happen that many beautiful partners are only comparable to fool's gold, with beauty only skin deep, and many of the rejected ones might have been or might become the real bargains in these exchanges. Let the buyers and sellers beware, in this market, too. They should look for real values and not just appearances. - Anyhow, good money should not be blamed for the flaws of bad money and the resultant fate of bad money. Consumer sovereignty should be combined with free enterprise and free marketing in this sphere, too. Free markets should not be blamed because people, when free to choose, individually, not merely collectively, tend to prefer real values and would prefer them in this sphere, too. - Let the producers and exchangers decide, with THEIR dollars about the fate of the government paper dollars. And let the voluntary supporters of the government's paper dollars give them whatever value they want to and are able to give them, with their own goods, services and labours. They have no right to subjugate others to their preferred monetary despotism - but only themselves. - When private monies can be freely issued, then state paper money will only be accepted to the extent that it has used tax foundation properly, i.e., it is needed by or useful to subjected taxpayers to rid themselves temporarily of the current tributes imposed upon them, by paying off these extortionists with the extortionists own coins and notes or accounts of them. "Give to Caesar what is Caesar's!" But even then they should insist that the government paper money loose its monopoly as the ONLY permitted means for tax payments and, also, its legal tender character for general circulation. Only the legal tender towards the taxation offices should remain. All taxes, while these tributes or robberies are still allowed to be continued, should be determined in stable value standards and the tax offices should always have to accept tax payments in State paper money at par, even when, on the free market, this paper money would stand considerably below par. - Sooner or later, hopefully, a complete and successful tax strike would also include a refusal to accept any State paper money in any payments, thus rendering the State unable to pay and driving it into liquidation. (Temporarily, its armed hordes, including custom officers, might then have to be paid by the tax strikers themselves, from levies they impose temporarily upon themselves), in order to reduce the risk of armed clashes. In the long run, the free market would provide sufficient jobs for these then unemployed people, at market rates and with purchasing power that would be attractive to most of them, if they are prepared to work harder than they were before, in their State socialist bureaucracies. - J. Z., 6.7.93, 22.4.97, 9.4.08. - DIS., OBJECTIONS AGAINST FREE BANKING, MONETARY FREEDOM

PRIVATE MONEY ISSUES: Would they depreciate the government money and should they therefore be outlawed? When and if government money depreciation takes place after private monies have been freely issued, would that be the fault of the private issues or that of the lack of a sufficient foundation, especially of a sound reflux foundation, apart from tax-foundation, for the government's paper money? If the government paper money lost its monopoly and its legal tender power, i.e. its scarcity and forced value and if, as a result of its over-issues, it were widely refused or extensively discounted, then its tax-foundation demand for it would probably no longer be enough to keep it at par with a sound value standard. Thus it would be accepted, if at all, in general circulation, only at a considerable discount. Should then the sound private currency issues be blamed for this? Simply assuming that the additional and sound money would have depreciated the government money? The question answers itself when one sees that the competing monies are sound, i.e. they circulate freely at their nominal value, stated in a sound value standard, e.g. a gold weight unit. If the government’s paper money persisted in using its "managed" paper value standard only and if this were actually mismanaged, likewise the quantity of its issues, then who would be to blame for this? Without the money issue monopoly and legal tender power it would not longer be compulsorily “backed” by the goods, services and labour belonging to their owners, who, under the issue monopoly, would have had to accept this money, even if it had no legal tender, as long as it was the only permitted money, if they want to continue monetary exchanges at all. – Under full monetary freedom the government notes would then no longer be, in effect, "requisitioning certificates, paper money which should not have been issued in the first place. It would have lost its fiat money and monopoly status, as it should. Should sound private currencies be blamed for this? Government paper money should also lose the status as exclusive means of payment for taxes. For that could also give it a monopoly value. Other sound exchange media should be declared acceptable in tax payment, at their market values, while the great wrong of these tribute payments and transfer payments and payments for monopolised and over-priced government services and also for governmental disservices still continues. Government paper money should come to depend entirely upon its own merits, i.e., upon whatever merits it may be able to acquire somehow. E.g., as the subscription currency of a competing government, one that is only exterritorially autonomous and has only voluntary members - namely all those who had subscribed to its package deal of services. - The correct procedure for alternative and competing currencies would be to make them as sound and also abundant as possible, mediating every desired exchange, regardless of the effect or the bad light that this would throw upon the government's paper money, by comparison. Naturally, the government might also apply the “real bills doctrine” to its note issues and use a gold weight unit as a mere clearing and accounting standard. In that case, it could provide some service, at least locally. I doubt that it could do so for a whole large nation. It would not know all its customers well enough to keep its discounting sound and safe. The government's money should be left to its own fate, to survive only upon its own merits. Its issuers cannot rightly blame others for their own faults. - Here is an analogy: Compare the private issue of private shares with the issue of government securities that are issued without value preserving clauses and thus repayable in depreciated legal tender money. Would sound share issues have to be blamed if the price for government securities would fall, reckoned in good value standards? And if they were without value preserving clauses then their value might rise only nominally - when reckoned in depreciated government paper money? - Would the sellers of fresh and sweet apples have to be blamed if someone found difficulties in selling his old and rotting ones apples? – If the government tried to issue a fully redeemable gold certificate currency, then I for one would object. For to whom does the gold in the government’s possession belong? To politicians, bureaucrats, or their central bank? I for one would want my share of it paid out to me, in gold or redeemable gold certificates and would then withdraw my share by redeeming this certificate. - J.Z., n.d., 27.5.97, 11.9.02, 9.4.08 - QUANTITY THEORY, SOUND VALUE STANDARD RECKONING, FREEDOM TO ISSUE, MONETARY DESPOTISM VS. MONETARY FREEDOM & FREE BANKING, INFLATION, DEPRECIATION OF MONEY, FREE MARKET MONEY

PRIVATE VS. PUBLIC SPENDING: When a man spends his own money to buy something for himself, he is very careful about how much he spends and how he spends it. When a man spends his own money to buy something for someone else, he is still very careful about how much he spends, but somewhat less what he spends it on. When a man spends someone else’s money to buy something for himself, he is very careful about what he buys, but doesn’t care at all how much he spends. And when a man spends someone else’s money on someone else, he doesn’t care how much he spends or what he spends it on. And that’s government for you.” – Milton Friedman - Did M. F. clearly enough demand the opposite, in every sphere? - J.Z., 13.2.11. - TERRITORIALISM

PRIVATIZATION: A government contract is called ‘privatization’.” - Michael Cloud, Secrets of Libertarian Persuasion, The Advocates for Self-Government, 2004, - p.211. – This kind of “privatization” does not even go half-way. Nor does it privatize all governmental capital asset and distribute the sales proceeds to the citizens of taxpayers, as suggested e.g. in PEACE PLANS 19 C. – J.Z., 30.9.067. - & GOVERNMENT CONTRACTS OR OUTSOURCING

PRIVATIZATION: All proceeds from privatizations should end in the pockets of tax payers rather than politicians and bureaucrats. – J.Z., 15.10.93.

PRIVATIZATION: As mostly understood by politicians it means the government is selling to private people the public property that it holds in trust, i.e., what also belongs, partly, to me – and this without paying me a single cents of the sales proceeds or reducing my taxes correspondingly. – J.Z., 14.9.88, 9.4.08. – As usual, governments cannot be trusted with any money they received. – J.Z., 18.2.08. – Each citizen should be given his share, at most a brokerage fee should be paid and this rather to a private broker or consortium of private brokers than to the government or any of its bureaucracies. – J.Z., 9.4.08.

PRIVATIZATION: Every citizen should get his equal and transferable general share in the remaining national assets. Their convertibility into particular share issued for each nationalized firm or asset would then introduce a free capital market for theses assets and distribute shares in them in accordance with the preferences of the individual holders of the general shares. – J.Z., 1990. See: PEACE PLANS No. 19C. It deals with comprehensive privatization, combined with panarchism. In Australia it could have turned every inhabitant into a millionaire in capital assets. It is on the disc reproduced at - J.Z., 2.4.08, 13.2.11. - DENATIONALIZATION

PRIVATIZATION: In “privatized” Russia income tax is going up from 30 % to 50 %. The minimum wage has been increased, inflation runs at 15 to 22 %. - Taxes come up to 128 % of the authorized capital.” – Moscow radio news, 13.12.93. Monetary despotism still persists, i.e. monetary freedom is still outlawed. How would Russia and its former satellites have developed under full monetary and financial freedom and also under panarchism? – With all attempted improvements tried out only among volunteers? – J.Z., 15.2.08. – TAXATION, LIBERATION, DENATIONALIZATION

PRIVATIZATION: Mixed Economy: Marriages between public bureaucrats and private enterprises tend to combine the worst of these two. Here, too, divorce would be the better option and the ordinary citizen and tax payer should get his share in the formerly nationalized assets. – J.Z., 26.9.94, 30.3.08. – MIXED ECONOMY, DENATIONALIZATION, DEMUNICIPALIZATION, FREE ENTERPRISE

PRIVATIZATION: One general share, in the State’s capital assets, issued to each citizen and child or to each tax payer. Possibly in several convenient denomination or exchangeable into small pieces, 1/5th, 1/10th or even in 1 % of the whole share per person. Representing their personal share in all government assets. Handed out free, apart from a commission charge or claim to be made in the final settlement. Issued in advance of an election, which would determine the trustee to complete the scheme. Could be effectively used as an advertisement for e.g. a libertarian party and lead it to an election victory. The value of these share to develop freely on the market. They are to be usable as convertible capital assets only later on, via conversion into shares in particular government assets, at a market-rated conversion price for both. Remaining State socialists could e.g. use their share to buy up State enterprises for their future socialist State or society or community of volunteers. The elected trustee party or coalition of parties to arrange for the final conversion or these general shares into particular shares in all government assets, at market prices for both, but charging a commission to cover the costs of winning the election and the administration of this scheme. Finally all shares to all former government properties should be in the hands of the citizens or taxpayers, for them to deal with as sensible as they can or want to. – J.Z., 12.7.04, 22.10.07. – This project is part of a disc put online at - J.Z., 10.3.09. 13.2.11. - GENERAL PRIVATIZATION, GENERAL LIBERTARIAN FINANCE PLAN, PEACE PLANS 19 C

PRIVATIZATION: Privatization that is politically motivated and administrated is not really privatization. It goes only halfway by not paying the real owners but, instead, the politicians and bureaucrats, who had so far badly administrated them. It is almost like a reward for their disservices. The proceeds, like taxes, are spent by them not by us, to be largely wasted by them or used for their purposes. The taxpayers or citizens should get all the sales proceeds, best in form of transferable shares or industrial bonds. – See PEACE PLANS 19 C., online at – J.Z., 28.12.85, 30.3.08. 13.2.11.

PRIVATIZATION: Privatization, as it is all too often misunderstood and practised, puts the sales proceeds into the hands of politicians and bureaucrats, i.e., those who had formerly mismanaged them, almost like a reward for their mismanagement, instead of into the hands of taxpayers and other citizens, the nominal owners of national assets, who can then only hope for better services from the then privately run enterprises. Moreover politicians and bureaucrats, as exclusive negotiators on one side, are unlikely to get the best prices for them. Rather give each citizen his share in transferable capital certificates and let them hang on to them, to become gradually more valuable, under better management or let them sell them for what they can get for them on a free capital market. – J.Z., 4.11.91, 30.3.08.

PRIVATIZATION: The politician privatizing want to have the cake and eat it, too. They are, usually, not prepared to give us our share, in transferable certificates or at least in corresponding tax reductions. If anybody else acted like that one would call it embezzlement or fraud. – It wasn’t they who financed the national assets still remaining, but we, the tax payers victims did. – Huge territories were simply claimed by them territorial governments as their possession, expropriating the natives and in our times withholding the properties from us, although they claim that they would represent us. - J.Z., 17.11.87, 22.2.08. 13.2.11. – DENATIONALIZATION, SALE OF GOVERNMENT ASSETS.

PRIVATIZATION: The real issue is not so much public vs. private; it is monopoly vs. competition.” – E.W. Savas, quoted in “1985 Editorial Research Report”, p. 562.

PRIVATIZATION: While privatization is much better than nationalization, should we allow that the price for the national assets, all supposedly held in our name, goes to politicians and bureaucrats, as if they had been proper owners of them? Should we, as members of the nation have to pay a price for shares in national assets or shall we demand our own shares in our own share certificates? At most a brokerage charge should be paid by us and even with this I would not trust any politician or bureaucrat. – J.Z., 1.9.97, 30.3.08. - REPRIVATIZATION, DENATIONALIZATION.

PRIVATIZATION: Why should the government be indemnified, out of the sales proceeds, for losing its chance to further mismanage public enterprises? Why should not the tax payer and State subject get his share of this forced investment in national enterprises and losses due to their monopolies, back in form of freely distributed shares in whatever values remains of them? Paying the politicians and their bureaucrats for finally discontinuing the public monopolies and exploitation amounts to paying blackmail to them or to terrorists or to a Mafia type protection racket. – They will mismanage and waste the proceeds just like they did mismanage the nationalized enterprises before. – Privatization goes only half-way when the sales proceeds remain in their dirty hands to be used at their discretion. - J.Z., 12.2.86, 2.4.08.

PRIVATIZE GOVERNMENTS: Privatize, cooperatise, voluntarise governments and, especially, deprive them of their territorial monopolies and powers to impose unasked-for services and disservices upon dissenters and to charge for them via compulsory taxation. This means, among other things, that individual sovereignty and individual secessionism ought to be realized and that every secessionist has the right to a pay-out of his share in the remaining public assets, not in cash but in the form of transferable securities. The sooner this kind of privatization is undertaken, the higher the individual share would be. For several years now governments have “privatized” many of their assets but have not handed over the proceeds to their individual taxpayers and subjects but, rather, retained them for the benefit politicians and bureaucrats, and their schemes, so that they can increase or continue their spending sprees. In a few more years many of the sales proceeds from these assets will thus be wrongfully wasted. – J.Z., 27.10.98, 9.1.99.

PRIVATIZING OF THE PUBLIC SECTOR: That ultimate goal is the dissolution of the State into the social organism, the privatizing of the public sector.” – Murray N. Rothbard, in Outside Looking In, p.74. – For a comprehensive and attractive plan for this see PEACE PLANS 19 C, online at – J.Z., 12.3.08, 13.2.11. - In Australia, a few years ago, it could have brought every Australian citizen ca. 1 million dollars worth of transferable capital certificates, safer in their hands than in those of governments. However, the local state socialists could have combined their shares and run their own state socialist society or societies with them. – J.Z., 12.3.08.

PRIVILEGES: It is impossible to convince a ruling and privileged class that its privileges are unjustified and that they should cease maintaining them. One can sometimes convince individuals, however rarely, but never whole groups.” – Nehru. – (J.Z. tr. of the German version: “Es ist unmoeglich, eine herrschende Gruppe davon zu ueberzeugen, dass ihre Privilegien ungerechtfertigt sind und dass sie davon ablassen muessen. - Individuen kann man manchmal, wenn auch selten, ueberzeugen, ganze Gruppen niemals.) – Secessions of all the various dissenters from a territorial government, with all of them striving only for exterritorial autonomy for themselves, while respecting the exterritorial autonomy of all the other minorities and that of the remaining ruling class or majority, should be, by their very nature, much easier to achieve than any attempt to replace the existing territorial regime by another one, in which, most likely, one or the other group would again become dominant over all others. There are no unbreakable barriers against sound ideas, especially if they are persistently and soundly presented with modern means and if they offer the chance for all productive and creative people to get their ideals realized at least among themselves. - - Does one have to convince the privileged opponents once one is finally free to secede from them? Let the privileged try to maintain all their privileges only among the privileged, all only at their own risk and expense. That will teach them, if anything can. Seeing it is hopeless to try to convince them, let us all withdraw from them, their system, their laws, their institutions, non-violently, as far as possible, forcefully as far as necessary. - Imagine a comprehensive tax strike in which the strikers paid the government troops and policemen and also organized a refusal to accept any government legal tender paper money notes and created their own kind of exchange media, with sound value standards instead. How could the privileged go on operating then? – J.Z., 24.2.08. – PANARCHISM, SECESSIONISM

PRIVILEGES: Let all those, who want to give special privileges and rewards to special interest groups or achievers or aristocrats, gurus, actors, singers, inventors etc., give them as much as they like, from their own properties, incomes, services, their own time, labor and energies, their rights and their liberties, but not anything from ours. – Allow us and them exterritorial autonomy within volunteer groups. Then they can grant or receive all the privileges they want and we all the rights and liberties we want for ourselves. - To each his own choices. – - J.Z., n.d. & 14.1.93. - As Schiller said on some of the best people: They pay with what they are not with what they give. – As long as their supporters are satisfied, who would have a genuine right to complain? - J.Z., n.d., & 20.2.08.

PROBLEMS: The way to solve problems is to make it politically profitable for the wrong people to do the right thing.” – MILTON FRIEDMAN IN AUSTRALIA 1975, p.66. – I would rather say: The way to solve problems is to make it politically possible for the right people to do the right thing. But this requires voluntarism and full exterritorial autonomy under personal laws, i.e., full independence from territorial constitutions, laws, jurisdictions, politicians and bureaucrats. – J.Z., 12.3.08.

PROBLEMS: There are no big problems, there are just a lot of little problems.” - Henry Ford. -- The big problem is only how to realize for each and everyone the freedom to solve his own little and big problems by self-help, mutual exchange, free credit and insurance arrangements, fraternal and mutual aid associations. Even that is no longer a problem, since the solution to this problem has been practised to a limited extent, and also somewhat published for centuries. It is now only left to us to publish this solution sufficiently. With alternative media, like microfiche, floppy disks and CD-ROMs this could be very cheaply done - if only enough people bothered to gather and publish and read these texts on these and other affordable media of their choice. -- If a suitable market for all ideas did already exist, an Ideas Archive and Talent Registry, then even this would no longer be a problem. The required small numbers of supporters could then be easily found - for sufficiently fruitful collaboration, in accordance with their highest special interests. - J.Z., 13.10.02. - "Release all creative energies!" - as Leonard E. Reed suggested. Let each individual and each voluntary group try their own path to their kind of salvation or solution. It works in religion and in private decision-making. "Too many cooks spoil the broth!" - J.Z., 27.11.02. Money comes, usually, in small or lightweight pieces. But the right supply and reflux of it to the issuer and sound value standards for it and for all clearing and credit transactions, have been turned into major problems by numerous wrongful and interventionist law, causing economic crises, inflations, stagflations and deflations. To repeal this legislation requires, ultimately, only some light-weight signatures or votes but to achieve these, as well as the alternative of a monetary and financial revolution, at an opportune moment, required large-scale and prolonged thinking among many people. Merely to get them interested in such subjects is already a major problem. - If even the tiniest minorities could already quite freely act in this sphere, then for them this would be only a tiny problem, while it could already be a major profit options for them. - Rightful and rational solutions in this, as in many other spheres, are not impossible but territorially outlawed. - J.Z., 14.2.11. - BIG & LITTLE ONES, PANARCHISM, EXPERIMENTAL FREEDOM, IDEAS ARCHIVE, DIS.

PRODUCERS: The owner of producer’s goods in the frame of a market economy is forced to employ them for the best possible satisfaction of the wants of the consumers.” – THE FREE MAN’S ALMANAC – Alas, monetary despotism often prevents them from doing that and rather forces them to keep them idle or partly idle. – Monopoly money does not miraculously or sufficiently appear wherever or whenever it is needed most. - J.Z., 12.3.08. – Only forced and exclusive currency is, as such, often over-supplied and thus inflationary. Sound alternative currency options, that would drive inferior currencies out of circulation, remain wrongfully and irrationally outlawed. - J.Z., 14.2.11. - CAPITALISTS, CONSUMERS, MACHINES, FACTORIES, DEFLATIONS, DEPRESSIONS, CRISES

PRODUCERS: Whatever affects the well-being of the producers (you and me) affects the survival of all, including the parasites who would control us. We’re like Atlas, holding the world on our shoulders. All we have to do is say: NO!” – René Baxter, FREEDOM TODAY, 9/75. - I wish it were as simple as that. “No” seems to be the prayer of all too many libertarians. – Most do not even seriously consider individual and group secessionism and exterritorial autonomy for voluntary communities as alternative and resistance steps. Taxation departments and the military have learnt to cope with mere “no”- sayers. - J.Z., - One could also say the same about consumers and tax payers, usually rendered still more helpless than the well organized producers are. – A tax strike, like a mutiny and the refusal to further “consume” government services, will have to be well pondered and prepared in advance. – J.Z., 12.3.08.

PRODUCTION & CONSUMPTION: As a whole, mankind can obtain wealth only as mankind produces wealth. What is demanded for consumption in the present must be produced by present labor. From current production, and virtually from current production alone, can current demand for consumption be satisfied. … the law that demand for consumption determines the direction in which labor will be expended in production. (*)- Louis F. Post, Social Service, New York, Wessels & Bissell Co., 1910, p.126/27. - Both, production and consumption can function well enough and become balanced only once there are no obstructions in the supply of sound exchange media and clearing avenues. The obstructions are provided by legalized monopolies and coercion in this sphere: central banking, monopoly money with legal tender power and numerous other restrictions and penalties upon free production and free exchanges. – (*) The “financing” of wars by governmental printing presses, or those of its central bank, showed well how effective monetary demand, labor and services can be misdirected to arms production and away from production for peaceful consumers to satisfy their wants and needs. - J.Z., 17.8.10.

PRODUCTION: An increase in the supply of exchange media leads to inflation only when the productive capacity is already fully used. - Popular opinion. - When is a man's productive capacity fully used? When he works 8, 10, 12 or more hours a day? Is a machine, a factory's, an office's, a school's or university's capacity fully used when it is not used 24 hours a day? Is productive capacity wasted when every person sleeps in a single bed of his own, instead of 3 persons using one bed in shifts? - Productive capacity is a very elastic term. - The normal market valuation of a currency would be its market rating a) against the value standard that it expresses, b) against other currencies, c) against the value standard of other currencies. - Legal tender and the issue monopoly suppress that natural and free market measurement and also stop people from refusing to accept a depreciated or even merely suspected money and to replace it by sound exchange media and value standards. Thus inflations become possible. Then one tries to stop it with unnatural means, further measures of monetary despotism. - Freedom, here, too, is the answer. - The above popular statement overlooks that one can inflate prices only if one is a monopoly issuer and has legal tender powers. Otherwise prices, wages and services can be freely marked in stable value units, which are not depreciated when one issuer mismanages his issues so much that they do suffer a discount. The discounted single currency cannot drive up these so marked prices etc. nor can it drive sound currencies out of circulation. On the contrary, it will be driven out of circulation. While its discount is still tolerable, at least to some, it will be accepted by them at the discount, i.e. it will drive up their prices etc. only in the discounted currency, otherwise the price will remain the same as before. - If the statement were true then inflation could take place only if e.g. all enterprises worked 24 hours a day and night, i.e. in 3 shifts of 8 hours each or 2 of 12 hours each. And they would have to so work on weekends, too. In reality, most productive equipment is idle much of the time, even during working hours. Nevertheless, inflation has taken place and still does. - Moreover, the statement ignores the facts of stagflation, i.e. an inflation proceeding while many enterprises go bankrupt and there exist mass unemployment and great sales difficulties. With such a primitive and inexact rule no currency can be sufficiently stabilised. - J. Z., n.d. & 3.4.97. - & INFLATION, DIS.

PRODUCTION: Einstein ... Using a popular socialist slogan, he wrote that 'production for use' ought to replace the 'production for profit' of the capitalist order. (1956:129 ) ... Einstein appears to have been unaware that only calculation and distribution in terms of market prices make it possible to utilise our discoverable resources intensively, to guide production to serve ends lying beyond the range of the producer's perception, and to enable the individual to participate usefully in productive exchange (first, by serving people, mostly unknown to him, to the gratification of whose needs he can nonetheless effectively contribute; and second, by himself being supplied as well as he is only because people who know nothing about HIS existence are induced, also by market signals, to provide for his needs: see the previous chapter). In following such sentiments Einstein shows his lack of comprehension of, or real interest in, the actual processes by which human efforts are coordinated.” – F. A. Hayek, The Fatal Conceit, p.59. - An excellent refutation of state socialistic notions. But I wish that Hayek had pointed out the monetary connection, too, as he did, in his The Denationalisation of Money. When producers or owners issue goods and services vouchers upon themselves, in money denominations, to pay for what they need, want and use, certificates which they readily accept at par when someone buys something from them, and to the extent that their notes, IOUs etc. are readily accepted by their suppliers, then, obviously, they produced, for their own use, not only goods and services that others want to use but also the monetary means that permits them to sell these goods and services and that enables others to buy these goods and services, much easier than they could if they were totally dependent upon the money issued by other or even the monopoly money issued by the government's central note-issue system. Both, the issuers and the acceptors find the free exchanges using competing other kinds of currencies not only useful but both do also profit from these exchanges. Under consumer sovereignty, with the monetary demand freed, all production with be subjectively useful to sovereign consumers - not to their dissenting critics. But why bother about these critics. Let THEM buy what THEY want. More they cannot rightly ask for. Their preferences and priorities are different and they are their own. - J. Z., 25.4.97. – Einstein had in mind, probably, only the system of producing on a small scale, by tradesmen, upon local orders or anticipating a few more orders in a small local market. Something that still happens, to some extent, in our times. – J.Z., 16.4.08. – As if all producers were only engaged in trying to produce and sell useless goods! The buyer and users is the one to decide what some products are useful – to him! The subjective value theory is again to be applied. – J.Z., 20.3.09. - PRODUCTION FOR USE? DIS., EINSTEIN

PRODUCTION: Ludwig von Mises wrote: “Production is anarchistic” – and it is precisely that unplanned, competitive process that generates economic growth.” - David Boaz, ed., The Libertarian Reader, The Free Press, 1997. (Claiming copyrights even to the writings of Paine, Madison, Tocqueville, Mill, etc.! – J.Z.), p.203. - - It is not centrally planned and imposed but privately planned and chosen. - Free exchange and free consumption are also privately planned and executed and without their guidance, expressed in prices and totals of turnovers, "anarchistic" or unlimited production would lead to masses of unsold goods, and services, including jobs, an extreme depression. Full reliance upon and dependence upon the monetary despotism of central note issuing banks does often have the same result. And so does even the reliance of an exclusive currency of gold and silver coins, combined with redeemable gold or silver certificates. To my knowledge Mises never went beyond such an exclusive currency - to full monetary freedom. – J.Z., 3.10.07. - & ANARCHISM, EXCHANGE & CONSUMPTION SHOULD BE ANARCHISTIC, TOO

PRODUCTION: Production and the ownership of the means of production should be peacefully and non-violently reorganized to stop the class warfare ideology. This ideology on its own would perhaps not lead to the nuclear war threat. But in combination with territorial nationalism and dictatorships it certainty does. This reorganization would require e.g. extensive cooperative or partnership or self-management production, purchase of enterprises by their employees, extensive employee shareholding, open cooperatives; work cooperatives, all amounting to a kind of individualistic and propertarian or contractual workers control, one which rightfully and in a businesslike way preserves and spreads property rights, specialization, profit incentives and the division of labor. - - The topic is involved - particularly through the very large number of alternative methods for organizing production and dividing and sharing responsibilities, properties and job opportunities. They range over the full scale, from authoritarian and centralized coops - not much better than State enterprises or overlarge corporations, to small family enterprises, from cooperatives which reduce profit and property rights to those organizations which fully respect and develop them, even to syndicalistic corporations and federations of volunteers and to completely anarchistic ones. Any form of organization could be peacefully and rightly introduced e.g., by the purchase of existing productive enterprises, by their employees, from present owners, usually on terms, long terms, mostly using industrial bonds, all guaranteed by the cooperatively organized employees, as means of payment, for these, their own take-over bids. Usually they would be advised to keep all efficient managers as co-owners. - - See: Capitalism, Communism, Cooperatives, Ideological Warfare, Liquidation of Governments, Purchase of Enterprises, Socialism. - J.Z., An ABC Against Nuclear War, in PEACE PLANS Nos. 16 & 17, on - WITHOUT CLASS WARFARE IDEOLOGY

PRODUCTION: Production costs are more and more the smaller part of the total costs to the consumers.” - J.Z., n.d. - Would the same apply after the introduction of full monetary freedom? - J.Z., 19.8.02. – Most likely distribution costs will be greatly reduced under full monetary and financial freedom. – Sales will also tend to be larger and thus the production costs would come down, too. - J.Z., 10.3.09. - PRODUCTION COSTS VS. DISTRIBUTION COSTS, MONETARY FREEDOM

PRODUCTION: Production is the servant of consumption.” – Ulrich von Beckerath, Die Durchfuehrung der Vorschlaege von Milhaud, p.5. (The Realization of the Proposals by Milhaud.) A better translation might be: Producers are the servants of consumers. – J.Z., 12.3.08. – Naturally, they expect to be competitively paid for their labors. But with monopoly money this is often too difficult to achieve or even impossible. – Thus B. wrote his three classical monetary freedom books, which are online in English and German on

PRODUCTION: We should boost production as high as possible to counter inflation.” - Popular opinion. - This, again, wrongly concentrates on the goods side only. - Under monetary freedom only those producing additional goods (services and labour included) would be able to obtain or free to issue additional money tokens, exactly corresponding to their additional output, to the extent that there is an immediate or short term market for it. When thus commodities and money issues are balanced, then inflation does not occur, i.e. one does no longer have to "fight" it or try to counter-act a previous inflation by a subsequent higher productivity. Anyhow, for fast or galloping inflations this attempt is condemned to failure. It is easy to increase inflation to from 2% to 20%, even 200% or 1000% p.a., but economic growth cannot be easily or at all attained at rates exceeding e.g. 5 - 50 % p.a., except, perhaps, for very short time, when e.g. after a natural catastrophe or revolution or war one starts again, almost from zero. - The other wrongful aspect of this situation is that a third party, namely the government, forces its exclusive currency into circulation, parasitic on the labours, goods and services of its subjects. The government does not provide (apart from sound tax foundation issues, to the extent that anything based on enforced tributes can be sound, and the low productivity of state socialised enterprises) goods and services or labour for the money it issues and it does not continuously increase but rather reduces its productivity. Not only does it rob its subjects by direct and indirect taxes but it taxes them also through inflation and then it demands that its victims make up for their inflation losses through harder labour and higher productivity, thus giving the government's paper requisitioning certificates some more goods, services and labour to confiscate! I can understand the people who run this racket for their own benefit but I cannot understand the consent of the victims in this case, either. - Actually, due to natural and fast progress, the prices for many goods should fall. When government claims it has stabilised the currency, because in the average prices has not risen, then it has already inflated the currency to the extent that it has scooped off all the benefits we would have had from cheaper prices due to progress. - Rather than offering the government more labour, goods and services for its depreciated paper, we should refuse to accept it altogether and provide ourselves with sound alternative exchange media. Let the government itself try to give its paper some value and do not allow it to try to give it some value through compulsory taxation. Organise a general tax strike, too, together with the refusal to accept the government's paper money. The armies of politicians and bureaucrats will then have to engage in some self-supporting productive labours on a free market. Furthermore, at least all the public assets they have extracted from us and not yet wasted, or withheld from us and mismanaged, should be distributed among us – in form of transferable shares or bonds. – J.Z. - PEACE PLANS No. 19 C. – & INFLATION DIS.

PRODUCTIVE COOPERATIVES & THEIR SALES & INCOME & EMPLOYMENT SITUATION: As co-owners of enterprises co-operators would not be dismissed from a cooperatively run firm when sales would go down. Instead, their working hours and their income would go down. But cooperatives, like other enterprises, could largely solve their sales problem (when they continue to provide goods and services which the market wants, but sometimes, under present conditions of monetary despotism, is unable or not fully enabled to pay for) by including also a monetary emancipation in their cooperative production and distribution efforts. To the extent that they can not only launch themselves as enterprising capitalists, self-managing and owning their enterprises ( although they might still have to borrow some capital for this and pay it back), but are also are freed to pay their debts, directly or indirectly, with their own assignments upon their products or services, they will also become monetarily emancipated. - J. Z., 14.4.97. – COOPERATIVES, LIBERATION AT WORK, PURCHASE OF ENTERPRISES BY THEIR EMPLOYEES

PRODUCTIVITY: As long as productivity rises in proportion to the money circulation there is no danger of inflation.” - Popular opinion. - If money were only issued based upon already produced goods and ready for sale services and labour, and only by those who have them ready for sale, and by their associations for this purpose, then, indeed, it could not grow beyond this natural cover for the natural issuers. - However, if third parties issue their forced and exclusive currency (really only paper requisitioning certificates upon the productivity of people subjected to them), then a wrongful tribute gathering is involved. That currency is inherently 100 % inflated (apart from its tax-foundation, which is doubtful due to the immorality of compulsory taxation), since it has no goods and services backing. When it is the only money permitted, then it is also insofar inflated in circulation, as people wanting to engage in monetary exchanges will be forced to resort to it. Under freedom they would rather trade using their own currency issues and reject this despotic monetary issue which they were formerly forced to accept. - Productivity rises would, normally, lead to price reductions. But if the central monopoly bank issues further legal tender money (i.e. money with compulsory acceptance and a forced value), equivalent to this increased productivity, then the prices might not fall, step by step, in accordance with different degrees of progress but, in the average, remain the same as before. To that extent there would then also be an inflation of this currency. Increased productivity should neither be taxed nor inflated away. - Let people be free not only to produce and to exchange, but also to produce, adopt or agree among themselves upon the exchange media, clearing avenues and value standards for both cash and non-cash payments and for all credit contracts. Only then will productivity be in balance with exchange media. Only then can people's value measuring not be despotically interfered with by third parties with their own agenda. - J. Z., n. d., 3.4.97. 14.2.11. - DIS., & INFLATION

PRODUCTIVITY: Every adaptation of the money supply to increased productivity is inflationary. Prices should be allowed to fall. - This is right insofar as a fixed price level is not a rightful and rational aim. The government's inflation of its currencies has not only prevented productivity-driven reductions of many goods prices but, instead, has nominally increased them. But it is wrong to say that increased productivity does not require any increase in money circulation at all. If, for instance, due to technological innovations, instead of 100 units at $ 10 each 200 units can be produced at $7.50 each, then to achieve their turnover in the first case $1,000 and in the second case $ 1,500 would be required. The alternative would be not a productivity driven but a deflation-driven fall of prices, depression and unemployment. Naturally reduced prices can well go hand in hand with an increase in the money circulation. Anyhow, the size of the circulation should not be determined by attempts to measure productivity but, rather, by the pricing goods, services, labor etc. and of the of exchange media or accounts in relation to their value standard. As long as exchange media can be issued at par, without depreciation against their value standard, they are not over-issued but still rather under-issued. Only when the first small discount arises in at least some spheres, most likely in wholesale trading, is the saturation point approximated and further issues should be stopped until this discount disappears again. Issuers will do the stopping in their own interest and potential acceptors will stop them by refusing to accept discounted notes. - J. Z., n.d., & 3.4.97. - MONEY SUPPLY & INFLATION

PRODUCTIVITY: Inflation neutralises itself as it stimulates production and thereby leads to a balance between money and goods. - Popular opinion. - This applies only to a very limited extent, when in some places deflation still exists and the possible and desired additional exchanges do not occur in these spheres due to the lack of exchange media. This condition is not to be overcome by inflation but by a competitive supply of sound local exchange media. - However, there is also a temporary boom effect, while the inflation that has already taken place is not yet recognized as such. Inflated profits, interest rates and wages are then considered as genuine increases in purchasing power, although they may not even make up for the inflation that has already taken place. So for a while these victims may be cheated, successfully, out of what is their own and they will tend, nevertheless, to go on working harder than before for a nominally increased but actually not increased or possibly even decreased return. - Areas or payment circles that were formerly severely under-supplied with currency will experience a short boom period. So will all sellers of inflation-refuge options for capital, like: land, rare metals, art objects etc. But such booms do not make for a booming general economy but rather indicate a crisis situation. - If the above popular opinion were true then no inflation could ever have taken place. - In reality, the money circulation can, coercively and monopolistically, be increased much faster than the supply of labour, services and goods could be. E.g., it takes a few years to breed, bring up, educate and train a new labourer, not to speak of a new professional. - But, indeed, the German price inflation of 1914 to 1923 would not have taken place or would not have expressed itself in billion-fold increased prices, if only we had bothered to increase our productivity a billion-fold, too. Why didn't we? - J. Z., n.d. & 3.4.97. - & INFLATION, DIS., COOPERATIVES, LIBERATION AT WORK, SELF-MANAGEMENT, EMPLOYER-EMPLOYEE RELATIONSHIP

PROFESSIONALS: Never be afraid to try something new. Remember, amateurs built the ark. Professionals built the Titanic.” - Unknown. - And speed it, at an unsafe speed, through an iceberg-infested area? - J.Z. 29.1.02. – How many wars have the experts caused, unintentionally, apart from those they intended? How many economic crises have they caused? And they still don’t know how to prevent them or how to end them! – J.Z., 10.3.09. - EXPERTS, LAYMEN, AMATEURS, CREATIVITY, SELF-HELP, AMATEURS, LAYMEN

PROFIT: Profit is a signal that valuable services are being rendered to people on a voluntary basis.” – Profits from monopolies, privileges, frauds, thefts and robberies, including taxes and tributes, excepted. - How much revenue would present governments get under quite voluntary taxation? - J.Z., 25. 11. 06. - BASED UPON VOLUNTARISM, DIS.

PROFIT: Profit is the universal spur, then, behind the spirit of free enterprise. It is a force for – as conditioned by ethics, by the absence of fraud and force – the public interest, the social good.” – William H. Peterson, Entrepreneurship, the Possible Dream, THE FREEMAN, Nov. 85, p.695. – As far as possible and desired by the participants, entrepreneurship and proprietary interests should be spread, in a businesslike way, among all the employees in an enterprise, turning them into shareholders, partners or co-operators or independent sub-contractors, so that the contrariness of the employer-employee relationship, its organized antagonism, as Hyacinthe Dubreuil called it, its class warfare notions and its anti-industrial warfare does disappear, to the advantage of all who work in an enterprise, invested in it and who buy its products or its services. – J.Z., 3.3.08. - INCENTIVES, SELF-INTEREST

PROFIT: Profit-making would become a popular occupation for all if everyone were given a chance at it, if most people were not remaining stuck in the employee- subordination relationship, at more or less fixed wages or salaries, without significant incentive earnings. - J.Z. 20.7.84. – See especially the book “A Chance for Everybody”, by Hyacinthe Dubreuil. – Aldous Huxley, in “Ends and Means”, recommended it. – I micro-fiched it. - J.Z., 19.4.08. – It deserves to be put online. – An English manuscript of H. D. on federalism ended up with the heirs of Dr. H. G. Pears (Sydney), in Canberra. I was unable to retrieve this copy from them. I had lent to Dr. Pearce. – If it is as good as some of his printed books … - Books still have their fate! - J.Z.

PROFIT: Profits are the lifeblood of free enterprise. Instead of being a form of economic parasitism, as some would have us believe, they are a sort of combined starter and sustainer for the entire free enterprise economy. They are, in part, the necessary inducement to people to save and to risk those savings in the capital structure of the nation, as is necessary for progress and economic growth. They also serve as a necessary cushion against the chance of failure, for those who would be enterprising. They encourage the self-employed to work, and the employers to use many employees efficiently. Lacking these incentives, coming only from profits, a nation will stagnate and the existing economic machine will stall.” – Dr. F. A. Harper, Writings, p.39. – At least some form of productive cooperatives, partnerships, autonomous group work and other self-management schemes would give every former employee a proprietary capital and profit incentive, too. They do thus have the potential to be much more productive than the still hierarchically run private enterprises, with their employer-employee relationship, an “organized antagonism” as Hyacinthe Dubreuil called it. – J.Z., 22.3.08.

PROFIT: The worst crime against working people is a company which fails to operate at a profit.” – Samuel Gompers. - Under the various options for rightful and full self-management they could make profits themselves, but only at the risk of also suffering losses. - Properly organized, losses would tend to become rarer and their profits larger. But most workers and their trade unions and socialist parties are not interested in these self-liberation options for them. - J.Z., 23. 11. 06. - THE FRIEND RATHER THAN THE ENEMY OF WORKERS, PROFIT & LOSS, COMPANIES, CORPORATIONS, WORKERS, LABOR

PROFIT: There is no way of keeping profits up but by keeping wages down.” - David Ricardo. - There are all too many neglected ways to increase both profits and wages. - E.g.: Voluntary taxation, Free Trade, abolition of imposed regulations, monetary and financial freedom, cooperative or self-management production and exchange organizations, the abolition of war, of the privileges of lawyers, courts and insurance companies, not to speak of healthier living, and of life extension and, naturally, progress in the sciences and technology. - J.Z., 27.11.02, 20.3.09. - & WAGES, DIS.

PROFIT: There’s always money in serving mankind.” – Michael F. Flynn, The Washer at the Ford, p.30 in ANALOG 6/89. - Often, but not often enough, although “always” could also be achieved, e.g. through an Ideas Archive and Talent and Genius Centre, as special markets. – J.Z., 7.5.91. – Unless, of course, the only money that is allowed is that of monetary despotism and then even extreme conditions of inflation, deflation and stagflation may prevail - for months to decades. – Who knows as yet how productivity, profits, interest rates, wages, old age insurance pensions and the general standard of living might come to rise under full monetary and financial freedom? - J.Z., 30.3.08, 20.3.09, 15.2.11. - DIS., IDEAS ARCHIVE, A FREE MARKET FOR IDEAS & TALENTS: STILL TO BE ESTABLISHED!

PROGRAMS: Up to a certain point appliances are needful for results; but beyond that point, results decrease as appliances increase. - - This undue belief in appliances, joined with the general bias citizens inevitably have in favour of governmental agencies, prompts the multiplication of laws. It fosters the notion that a society will be the better the more its actions are everywhere regulated by artificial instrumentalities. And the effect produced on sociological speculation is, that the benefits achieved by laws are exaggerated, while the evils they entail are overlooked.” – Herbert Spencer, The Study of Sociology, p.270. – The wrongs and evils of monetary despotism are still not widely recognized after almost 100 years of uninterrupted practice of it. – J.Z., 12.3.08. - BOARDS, COMMISSIONS, BUREAUCRACIES, CENTRAL BANKING, MONETARY DESPOTISM

PROGRESS: He would easily understand that labor is not an end in itself, but a means, and that it would be absurd to reject the end for fear of doing injury to the means. He would understand, too, that if he devotes two hours of the day to providing for his needs, any circumstance (machinery, the fertility of the soil, a gratuitous gift, no matter what) that saves him an hour of his labor, so long as the product is as great, puts that hour at his disposal, and that he can devote it to improving his well-being. He would understand, in short, that a saving in labor is nothing else than progress. – But exchange hampers our view of so simple a truth. In society, with the division of labor that it entails, the production and the consumption of an object are not performed by the same individual. Each person comes to regard his labor no longer as a means, but as an end. Exchange creates, in relation to each object, two interests, that of its producer and that of its consumer; and these two interests are always directly opposed to each other.” (*) – Leonard E. Read, Then Truth Will Out, p.166. – (*) Are they really, objectively, opposed to each other or only subjectively believed to be opposed to each other? Under conditions of full employment, requiring mostly full monetary, clearing and financial freedom, the fear of unemployment will disappear and people, who were doing jobs that had become superfluous, will soon find other and better jobs for their capabilities, in the average paying them more, while prices for consumer goods and services were reduced through the very progress that made their old jobs superfluous. – J.Z., 13.3.08. - - FEAR OF UNEMPLOYMENT, MACHINES, AUTOMATION, JOBS, FULL EMPLOYMENT

PROHIBITION: legislated attempts at prohibition are doomed to failure. They are, instead, turning a mild problem into a catastrophic one.” – Robert J. Smith, Earth’s Resources: Private Ownership vs. Public Waste, p.102. – But we should not forget that some prohibitions, e.g. those of free and competitive money issues and value standards, are all too efficient and prolonged and can turn any minor economic difficulty into a major economic crisis and these are often followed by political crises, dictatorships and wars. – J.Z., 13.3.08. – LAWS, LEGISLATION, INFLATION, STAGFLATION, DEFLATION, CENTRAL BANKING, MONEY ISSUE & VALUE STANDARD MONOPOLY, LEGAL TENDER

PROPAGANDA: There would be less need for truthful propaganda if there were experimental freedom for all proposed reforms, systems and institutions and each individual would be give his choice of any of them. Then the facts, the successes and failures of free experiments would speak for themselves. Thus there should be formed not only one territorialist alternative government in exile for every existing and quite wrongful territorial government but as many as there are different kinds of dissenters to it. That would greatly contribute to the collapse of the despotic regime. The infighting between the various groups of dissenters would be avoided. Each could then achieve his preferred kind of change or liberation. – J.Z., 5.6.92, 20.2.08. – On that basis they can unite their efforts for the overthrow of any despotic territorial regime. Even the armed forces are will then be inclined to join such revolutionaries, especially if they do also have a good full employment program for soldiers and public servants no longer "hired" by involuntary taxpayers. - Naturally, if possible such programs should already be domonstrated, at least by some panarchies in the relatively free countries. - J.Z., 16.2.11. - PANARCHISM, GOVERNMENTS IN EXILE, DICTATORSHIPS, TOTALITARIAN REGIMES, FREE CHOICE AMONG GOVERNMENTS & SOCIETIES, MONETARY & FINANCIAL FREEDOM REVOLUTION FOR FULL EMPLOYMENT & SOUND COMPETING CURRENCIES.

PROPERTY: Give no bounties, make equal laws, secure life and property, and you will not need to give alms. Open the doors of opportunity to talent and virtue, and they will do themselves justice and property will not be in bad hands. In a free and just commonwealth, property rushes from the idle and imbecile to the industrious, brave, and persevering. The level of the sea is not more surely kept than is the equilibrium of value in society by demand and supply; and artifice and legislation punish themselves by reactions, gluts and bankruptcies.” – Ralph Waldo Emerson. – I see no clear hint here that monetary despotism interferes with this automatic balance and that it has to be replaced by full monetary freedom, including competing, optional and market rated currencies and clearing house certificates and accounts and competing and optional value standards. – This is much more than a minor detail, as every inflation, deflation and stagflation teaches to the sufficiently observant. - J.Z., 30.3.08. - ALMS, CHARITY, PHILANTHROPY, WEALTH, POVERTY, OPPORTUNITY, DEMAND & SUPPLY, LAWS, LEGISLATION, LAISSEZ FAIRE ECONOMICS

PROPERTY: it is when all people are owners of property that fortunes are most equal and there is work for everyone ...” - Proudhon (S. Edwards ed., p.71.) – Work and sales, at real free market prices, for everyone, will only be achievable when exchange is quite free of all aspects of monetary and financial despotism. – Proudhon was not even clear about whether there was to be one “People’s Bank” for all of France or as many as French people (*) wanted to establish and to utilize. – Quite possibly he had a monopoly for his kind of supposedly ideal central bank in mind. - J.Z., 18.4.08. – If people do not have already any property except self-ownership and clothing, then that means, under freedom, that there is much work ahead of them - to acquire it. And, under full freedom, the productive capital of others is, to a large extent, at their disposal for this purpose, under mutually satisfactory conditions. That is daily proven by numerous people changing their jobs for better ones. Not everybody has to own some land to grow his own food. Under large degrees of freedom for food production it is enough when 2 to 3 % of the population engage in food production to produce so much food that obesity rather than hunger becomes a problem. A free capital market offers work opportunities to everyone, provided the sales of the goods and services capitalistically produced is easy. That it is not as long as exchange media and value standards are monopolized also mismanaged. Nor are capital, trades and labor free enough as long as both are taxed. It is not all merely a question of haves vs. have-nots and haven-nots vs. haves. – The flawed thinking expressed in flawed slogans or statements, is among our greatest problem producers and problem-maintainers. – Typical example: Proudhon’s statement: “Property is theft!” - J.Z., 21.3.09. - (*) or even foreigners in France. - J.Z., 17.2.11.

PROPERTY: It was the fundamental faith of a century of freedom-seekers from Locke to Jefferson that freedom for property would in the end result in liberties for man.” – Ray L. Colvard, THE FREEMAN, Jan. 73. – Alas, they overlooked, that quite free exchange, un-interfered with not only by protectionism, price controls etc., but also by monetary and financial despotism, is even more important than freedom to produce and freedom to own the product. What can they do, with masses of mass-produced goods and with great service capabilities, if there are not sufficient buyers for them, well enough supplied with sound means of exchange, or clearing certificates, all with a sound value standard, by the monopoly supplier, the governments central bank for note issue? Think of the masses of produce, laboriously and costly produced, that was destroyed simply because it could not be sold under monetary despotism! Not the right to own it but freedom and opportunity to exchange it was missing. The monetary demand for their output and for their service capacity must be liberated, too. They must become emancipated as exchangers as well. Only then can they fully benefit from their productive capital, service and labour capability. That would mean also that they, too, should be free to issue their own exchange media and clearing certificates, in monetary denomination (as optional means of payment, market rated and refusable) and price them and their goods and services out in more reliable value standards than governments are inclined to offer. – That is the aspect that is usually not seen, while butter mountains and mountains of milk powder and silos full of grains that can’t be sold, under present conditions, are easily seen or described. Capital values are greatly depreciated and do not grow fast enough under monetary despotism. - J.Z., 13.3.08, 17.2.11. - DIS., FREEDOM TO EXCHANGE, NOT ONLY FREEDOM TO PRODUCE & OWN! MONETARY FREEDOM, FREE CHOICE OF VALUE STANDARDS, FREE MARKET MONIES, COMPETITIVELY ISSUED, VOLUNTARILY ACCEPTED, MARKET RATED OR REFUSED.

PROPERTY: Observers of dogs have noticed that they do have at least a primitive concept of property rights and property borders and of violations of persons and personal property. But their brains or ideas are not sufficiently developed to comprehend exchanges, far less quite free exchanges and their monetary, credit and clearing requirements. Are humans to some extent still only like dogs, in their non-comprehension of free exchange and what it implies? "One can't teach on old dog new tricks!" - says a proverb. Does that apply to human beings and monetary freedom, too? - The repeated monetary freedom experiments, even in face of severe legal restrictions, speak against this, at least for a small percentage of the human race. Without legal backing monetary despotism would not have been established or maintained for long. - But at least under the present "educational" system and limited experiences, free exchange and, more so, free clearing and its potential, are understood only by a few human brains. Some human brains might have to be classed even below dog brains, because they do not even comprehend and value private property and free exchange rights, far less stand up for them, when necessary. - J. Z., 22.9.87, 22.4.97, 28.7.11. - PROPERTY RIGHTS, EXCHANGE RIGHTS & THE MENTALITY OF DOGS & HUMANS, PEOPLE AS PROPERTY, STATISTS WITH PET BRAINS.

PROPERTY: Property is a sphere for one’s own liberty and it promotes the growth of liberty and of property among others. – J.Z., 10.4.94. – Unless all too many people are too dumb to realize and make use of their own rights and liberties and become merely envious and confiscatory in their actions, rather than productive and free exchangers. For instance: Almost none of the envious poor considers what monetary despotism is doing to them and what monetary freedom could do for them. – J.Z., 15.2.08. - SUFFICIENT INTEREST IN THE OWN AFFAIRS, ESPECIALLY IN ALL GENUINE INDIVIDUAL HUMAN RIGHTS & LIBERTIES.

PROPERTY: Property rights are human rights – and very basic ones at that. Where they are observed, men are free. If they are violated, the death of all rights cannot be far away.” – Paul Lepanto, Return to Reason, p.118. – Free Trade and full monetary and financial freedom are essentials for private and cooperative property rights as well. Without them, private property becomes greatly devalued. It is the free transferability which gives property rights their full value – remarked Ulrich von Beckerath several times, orally and, probably, also in his letters and other writings. – As for Lepanto’s title: When and where was reason ever fully in charge? - J.Z., 13.3.03.

PROPERTY: The idea that all ills of mankind – greed, violence, corruption, cruelty, poverty – all stemmed from the institution of private property and would disappear if the state owned all, or nearly all, is against history, common sense and human nature. These ills are as old as mankind. They are at their worst where the state is strongest.” – Sir Keith Joseph, 1976. – Was Sir K. J. aware and are most other people aware, that under fully free exchange, including full monetary and financial freedom, most people could soon earn much more than their own subsistence, that then they could literally proceed from “rags to riches”? (*) But almost all ignore the free transferability that could thus be achieved for consumer goods, services and labor power, knowledge and skills. They do wrongly assume that governments could and would provide everyone with sufficient sound exchange media and good enough value standards to achieve that, i.e., to make the sale of goods, services and labor easy. – (*) Instance for this, abound, especially among immigrants, and formerly poor students, even under today’s still all too numerous anti-economic and legal restrictions, including especially, monetary despotism, with its inflations, deflations and stagflations. These success cases would then be much more numerous and could hardly any longer be widely ignored under full economic freedom or free markets, in every sphere, even if, initially, they would be practised only among volunteers. – Only full monetary freedom could keep the money supply of sound exchange media, using sound value standards, in balance with the increased supply of goods, services and labor and this with the usual and competitive free market arrangements, applied in this sphere as well. - J.Z., 13.3.08. – CRIME, COMMUNISM, STATE SOCIALISM, FREE EXCHANGE, EASY SALES, PANARCHISM, EXPERIMENTAL FREEDOM, MONETARY & FINANCIAL FREEDOM VS. MONETARY DESPOTISM, FULL EMPLOYMENT, JOBS APLENTY.

PROPERTY: they who have no property, can have no freedom, but are indeed subject to the most abject slavery.” – Stephen Hopkins, 1764. – He, too, underestimated the importance of self-ownership of free laborers and tradesmen, who can accumulate, under free market conditions, all kinds of productive or consumer capital (housing) relatively fast and easily. That would be much easier still under Free Trade, Free Migration and Free Banking as well as Full Financial Freedom, properly understood and used. – J.Z., 30.3.08.

PROPERTY: Unless he has so contractually obliged himself, no one is obliged to accept the notes issued by someone else at all or to accept them at par. Only the issuer himself has to accept his own IOUs etc. at any time (during shopping or business hours) at par with their nominal value - unless another repayment term or cut-off period (after which it would become invalid), has been clearly stated and, by acceptance, agreed upon. E.g., money considered as a ticket suggests that something - as perishable as a theatre or cinema seating option - cannot be held open except for the date or period stated on it. A season's ticket for railway transport applies only to that period. And the supplier of perishable food has to see to it that his produce warrants return to him before too much of his produce has depreciated. The right of others to refuse or discount his IOUs set limits to his issues, and so does his capacity to supply goods and services which can be purchased with his IOUs. Other, indirect limitations arise from the short term real bills or their equivalents, upon which issues, in form of short term loans, e.g. for wage payments, would mostly take place. They, too, would establish a short term demand for the notes that is equivalent to their volume, for the repayment of these short term loans. Clearing houses would also see to that notes are quickly returned to their issuers. Other checks are extensive publicity for all details of issues and their reflux and the availability of other and competitive currency issues, but especially the free rating of every private currency issue on the rare metal markets, against their own value standard and that of others. The issuer also wants to preserve his good business name, especially his reputation as a sound issuer and does not want to lose his business and all other assets in case he is convicted of criminal negligence or fraud with his issues. The issuer wants to facilitate his sales and those of his associates, by sound exchange media and value reckoning. He has no interest in spoiling his business chances, risking bankruptcy and being taken to court. That his IOUs are not redeemable upon demand either in rare metals or in legal tender or in securities, or insured or guaranteed by any government authority, will also help to restrain his issues and their acceptance and relate them quite clearly to his own ability and readiness to supply wanted or needed goods and services in exchange for them, alone or in association with others in the same community or shopping centre. Initially and in the long run only those private and cooperatively issued notes and certificates will be accepted which are rated at par - or close enough to par with their nominal value not to matter to the holder - as long as the issuer or the issuing centre, with all its members, accepts the notes at par. Any local currency as well as any unknown competing currency can be checked by a local potential acceptor very fast, simply by presenting a suspected note at the nearest shop's cashier, asking him or her whether they would accept it at par. No monetary studies, scholarship, statistics or authoritative special or royal commission would be required. - J. Z., 3.8.94, 17.4.97, 7.9.02, 17.2.11. - PROPERTY RIGHTS & OBLIGATIONS & MONETARY FREEDOM

PROPERTY: Until our educated and politically minded democracy has become predominantly a property-owning democracy, neither the national equilibrium nor the balance of the life of the individual will be restored.” – A. Skelton, Constructive Conservatism, 1924. – To my knowledge he, too, overlooked that to achieve that, fast and easily, full monetary and financial freedom would be required. – And this freedom, too, could be most easily realized and spread by the introduction of fully free experimentation with economic, social and political systems as well, all only among volunteers and all without any territorial monopoly. – To monopolize exchange media, of all things, and value standards, is one of the greatest wrongs and absurdities. – There can never be too many sound exchange media, sound value standards, clearing and credit avenues, at least not in the opinion of their competitive issuers, voluntary acceptors and users. That much is self-evident, at least to me. Why not to you? - J.Z., 11. & 13.3.03.

PROPERTY: upon the sacredness of property civilization itself depends – the right of the laborer to his hundred dollars in the savings bank, and equally the legal right of the millionaire to his millions.” – Andrew Carnegie, The Gospel of Wealth, 1889, quoted in Seldes, The Great Quotations. – Since the workers vastly outnumber the millionaires they could, in most instances, if they wanted to, make a business-like take-over bid for the capitals assets of the millionaires that they work for, and could thus increase their standard of living, because they would then work for themselves, even while they would pay off the debt incurred in their take-over bid. In Germany, workers as small savers, had already, between them, 6 times the amount in their bank savings accounts, that would have enabled them, to buy up, between them, all the share companies in Germany. Indirectly, through their insurance contracts, they do already own much of the industrial enterprises, to the extent that their capital certificates are in the hands of their insurance companies. That has been called “pension-fund socialism”. But the insured are not yet in control of these capital assets. - Alas, such possibilities are rarely discussed. The “emancipated” workers rather discuss and engage in class struggles or what they call “industrial” actions, which are, rather, anti-industrial actions. “Nothing is worse to behold than ignorance in action!” said Goethe. – J.Z., 13.3.08.

PROPERTY: Whoever prefers life to death, happiness to suffering, well-being to misery must defend without compromise private ownership in the means of production.” – Ludwig von Mises (1920) - A most important aspect of property, also in oneself or self-ownership, is the right to free exchange or free transferability, including all the monetary, clearing, value standard and credit options of full monetary and financial freedom. Without them we do all become the victims of territorial governments and their central banks, i.e. to financial and monetary despotism. - The coins and redeemable certificates of gold bugs are not the only rightful and rational alternatives. Free market institutions, practices and means, value carriers and value standards are needed in that sphere as well. The errors of the gold bugs are comparable to those of the limited government advocates. They see only a fraction of all the rightful alternatives - and want to confine us to them. - J.Z., 22. 12. 06. - PROPERTY RIGHTS, POVERTY, MISERY, MONETARY & FINANCIAL FREEDOM

PROSPERITY: The prosperity of any commercial nation is regulated by the prosperity of the rest. If they are poor, she cannot be rich; and her condition, be it what it may, is an index of the height of the commercial tide in other nations.” – Thomas Paine, The Rights of Man, II, 1791 - - Prosperity is, largely, an international matter. The whole world should be one free market. So do not try to impoverish the other countries but, rather, show them the way to rightful riches via internal and external free production and free exchanges. – How much could you, as a rich man, exchange with a poor man? Only as much as he could produce for exchange, at competitive prices, beyond his mere subsistence and that may be very little under present conditions. – There should be no restrictions on foreign investments and also none on alternative sound exchange media for paying and repaying these investments. Ideally, with sound clearing certificates, redeemable in wanted goods and services, ready for export. – Making foreign countries dependent upon their ability to repay debts with monopoly money will create situations of great dependence or even debt-slavery. – Let a man repay his debts directly or indirectly with whatever he has to offer in wanted goods or services. Do not recognize any monopoly which would prevent him from doing that, to his disadvantage and also that of his creditor. - J.Z., 9.7.86, 2.4.08. . – FREE TRADE VS. PROTECTIONISM, INTERNATIONAL TRADE, MONETARY, CREDIT & CLEARING FREEDOM

PROSSER, MARK Free Market Money Emerges, Part 2. - Make Money On The Internet - - Cached - January 21, 2011. - Free Market Money – Is Based on the Value of Gold and Silver ... - Would you trust any financial advisor, who is still stuck on this ancient error or false generalization, not distinguishing between forced and optional currencies, rare metals as exclusive means of payment, exclusive value standards and rare metal coins and certificates merely as optional and competing currencies and value standards? - A handbook on FULL monetary and financial freedom is, obviously, long overdue. See its beginnings at - J.Z., 27.7.11.

PROTECTIONISM: Protectionism seems to presume that international trade must be carried out only through scarce and exclusive national exchange media or even rare metals or rare metal certificates. When spending these in other countries, in payment for imports, then there would be no certainty that these exchange media would fully or soon enough return to the country that had issued them, in payment for its exports, directly, or indirectly through other countries. Gold coins or bullion or foreign exchange, that is somewhat less inflated that the own forced and exclusive paper currency, and the own legal tender currency, that had been used to pay for imports, may not automatically, fully or soon return to pay for a country’s exports. They might be hoarded, under present conditions, in the central bank of the country that had exported to us. This central bank might still use our paper money as a supposedly required currency reserve for its own currency. And this foreign country might impose import restrictions upon our exports, which would be a hindrance to the utilisation of our means of payment, thus hoarded by it. One effect of the non-return of these means of payments for our imports would be a corresponding deflation in our country that had imported but not correspondingly exported. (The normal internal products plus the imports would then be confronted by a reduced volume of the internal currency.) The own central bank might not be able or willing to make up this money shortage. - The foreign central bank might do this irrational and quite unnecessary hoarding of our currency repeatedly, calling it: accumulating foreign exchange reserves. The Japanese government, for many years, has held on to many of the earnings from its exports, thus creating, under monetary despotism, difficulties for the countries importing from Japan. If that process could go on indefinitely, then the importing country might, theoretically, run out of its central bank exchange media altogether. It would be reduced to barter, not only for its external trade but also for its internal trade, as long as monetary freedom remained suppressed. Luckily, this threat is never fully but only partly realized. But these part-deflations are already damaging, sometimes out of proportion to the figures involved. (Deflations, under monetary despotism, tend to increase automatically, due to the effect of FALLING prices, which discourage buying.) - These and other difficulties of monetary and financial despotism, combined with protectionism and foreign exchange controls and foreign exchange accumulations as "covers" and "reserves", could be avoided by freedom to issue and accept goods and service vouchers and clearing certificates in money denominations, all of which have only a limited circulation period and are redeemable only in goods, services and labour, although they might use e.g. gold weight units as their value standards. Then the goods, services and labour should also be measured in such a value standard. – International debts could also be measured and paid in this way, i.e. under sound value reckoning. Actual payments would done only in such certificates, or account transfers, not in the metal of the value standard, unless the debtors are able and willing to do so and the creditors are prepared to accept such payments. Free choice of value standards, exchange media, and clearing and credit avenues would prevail under full monetary and financial freedom. The time limits on such certificates or credit accounts for clearing purposes only, would see to it that they are not hoarded to excess in foreign countries, especially by their central banks, but are used, instead, within the period of their validity, to pay for our exports. To the extent that these payment avenues could and would be freely used, imports and exports would thus become obviously balanced. Thus no motive would remain to restrict the use of such means of payment - There might be still special lobby groups in foreign countries, demanding particular favours, i.e. the exclusion of foreign competition (our competition) to what they have to offer for sale. A wise government, banking and clearing system would see to it that such industries and businessmen, when they are exporting to us, are largely or exclusively paid in our goods and clearing warrants, so that their self-interest would finally tend to overcome their protectionist and monopolistic aspirations. When they are paid largely in Australian clearing certificates, then they would not want to have these depreciated by protectionist measures against Australian exports. They would then have the proper pocketbook appeal. - The sums we would spent in other countries, for our imports, paying for them in clearing certificates (redeemable only in Australian goods and services) would then inevitably return to us soon, in payment for exports. The only alternative would be that foreign exporters would not utilise these clearing certificates at all, directly or indirectly, to import from Australia. Instead, they might persuade their government to purchase them and keep them, until they become invalid, at the expense of their taxpayers. Australia would then have imported valuables and given only scraps of printed paper for it, that would become valueless to the holder after a short period. To that extent Australia would have received a free gift of goods and services from a foreign country. The foreign country would have exported to Australia and would have got nothing in return. It would have granted us an interest free loan for an indefinite period! The Australian protectionists would have their “reasons” to complain. Australians consumers, satisfied by the so acquired foreign goods, would not complain. Australians could go on issuing their international clearing certificates, even upon the same goods that were formerly offered for the now forfeited clearing or goods certificates used for the former imports. In the extreme case, if the other countries were foolish enough to continue this policy indefinitely, Australians could stop working altogether - apart from printing their clearing certificates which the others would be foolish never to return to them in payments - while Australians would import all their goods and services. Alas, the foreign protectionists will never be as foolish for very long. So that kind of holiday and effortless income for Australians would sooner or later be ended. But the extreme and merely thought-up example shows up the absurdity that is inherent in protectionist policies, especially the spleen of "export at any price", even if the price obtained is zero and the own taxpayers are forced to provide gifts, in form of unpaid-for exports, to foreign countries (since the means of payment offered for them are accepted but not used for imports by them, from us). - If, instead, not only bilaterally but multilaterally, clearing certificates would be used in all international trades, all redeemable soon but redeemable only in the goods and services of the country (or its traders) that issued them, then the balances of trade and payments would not be disturbed at all by these transactions. On the contrary, these exchanges could then be multiplied up to the limits of any country's ability to satisfy the demands of foreign countries demand for our goods and services. Foreign trade might increase tenfold or hundred-fold under these conditions, requiring the issue and reflux of correspondingly more international clearing certificates (or accounts) of this kind. But, at the same time, any sound value standard used, to measure the value of these transactions, would not, thereby, be depreciated. The issue and the reflux of such clearing certificates would remain in balance. Their kind of issue and their nature would assure their return. They would not become "lost sheep" or "lost sons", except in the rare instances when such certificates might actually be lost or destroyed. To the extent that this could be proven by their former holders, they could then be replaced. - What applies to international trade could also be applied to the issue and reflux of local currencies, down to that of individual shop issuers and the issuers of the shops in a street (street money was once common in China), or would apply to the money of a local shopping centre, that has become a local currency. Their free issue and automatic and rapid return could be similarly assured. There would not occur the kind of deflation that tends to hit e.g., rural centres, when many of its inhabitants buy in the cities and less city people tend to purchase in the rural centres or their purchases in rural centres do not make up for the purchases of country people in cities. That is one of the many disadvantages of centralised note issue, which can only be overcome by decentralized note issue. However, those complaining about rural crises do usually neither consider the alternative internal nor the alternative external payment and clearing options but, rather, leave them to the ignorance, prejudice, vested interest and incompetence of the advocates and practitioners of central banking. Goods and service vouchers and clearing certificates with a short life span or circulation period and with a sound value standard, would not be hoarded, but would stream back to the issuers in payments, within the period of their validity. They would serve obviously as means of exchange or clearing and would promote turnovers, especially local sales, to the extent that they are spent in payments, anywhere. If they suffered a discount in the process, anywhere, in any sector of an economy, they would be returned to the issuer, at par, all the sooner. No shortage of such media could ever arise nor any general oversupply. They would be price regulated according to supply and demand. They would do justice to creditors and debtors alike - otherwise they would not be voluntarily and readily accepted at all, no more so than e.g. monopoly game money would be. - When medium and long-term loans are needed, then these shop currencies etc. could be saved and utilised for the purchase of the corresponding securities or fixed deposits. Once these become due, then they could be paid out in the then current local goods warrants and clearing certificates. For internal and external trade all the ready for sale goods, services and labour power could thus be fully monetised, independent of the theories and practices all too common for despotic central banking systems. - J. Z., 17.12.92, 29.4.97, 10.4.08.

PROTECTIONISM: The repeal or reduction of protection would stop or reduce inflation. - Popular opinion among free traders. - While it would reduce the price level to a considerable degree, it would have no effect upon the continuously running note printing presses for forced and exclusive paper money and its effect upon prices. Changes on the goods supply side do not nullify changes on the money side. Free Trade would reduce the price level once, in a natural and economic way. Inflation raises it artificially and continuously, so that the high price level formerly experienced through protectionism would soon be exceeded through inflated prices. - J. Z., n.d., & 3.4.97. – DIS. & INFLATION

PROTECTIONISM: The World should be our free market as we should be one of the free markets for the world. Monetary freedom would help to realize and maintain that condition. – J.Z., 20.4.93. – E.g., the free use of international clearing certificates, redeemable in our country’s exports of goods and services to the world, and used, first, to pay for all our imports, would, upon their return to pay for our exports, automatically and obviously bring a balance to our external trade, with all others of our international trading partners. – J.Z., 18.2.08.

PROTECTIONISM: When the burning of witches was stopped should the wood-supplier for the stakes have been protected so that they would not lose such magnificent sales? When the Inquisition was ended, should other torture jobs have been supplied to those who thus lost their jobs? Or should the victims of the torturers have complained that thus their souls would no longer be saved? Or should both reforms have altogether have been prevented in favor of the job holders involved? When a war comes to an end, should the arms manufacturers be furthermore supported to keep up their output and jobs? When the binding of the girl’s feet in China was stopped, should the old women have protested and demanded that their binding jobs should be continued? Should those involved in genital mutilation on young females, largely in Africa, be protected in their jobs, to continue them indefinitely? When the castrati-singer practice was discontinued, should the castrators and the castrati candidates, or their parents, have protested, that they were thus deprived of their job opportunities? It happened actually in Prussia that some of the freed serfs complained and demonstrated about the loss of their secure jobs! – To me it seems that the absurdities of the notions of protectionists know almost no limits. They are right only in one thing: Under monetary despotism it is difficult to sell one’s goods, labor and service for the monopoly money. But, instead of attacking the money issue monopoly and the value standard monopoly and realizing full monetary freedom, the producers, laborers and service providers rather demand protection and subsidies. – J.Z., 18.2.08.

PROUDHON: That which, in general, renders the bill of exchange insecure, is precisely this promise of final conversion into specie; and thus, the idea of metal, like a corrupting royalty, infects even the bill of exchange, and takes from it its certainty. – Now, the whole problem of the circulation consists in generalizing the bill of exchange; that is to say, in making it an anonymous title, exchangeable forever, and redeemable at sight, but only in merchandise and services. – Or, to speak a language more comprehensible to financial adepts, the problem of the circulation consists in basing bank-paper, not upon specie, nor bullion, nor immovable property, which can never produce any thing but a miserable oscillation between usury and bankruptcy, between the five-franc piece and the assignat, but by basing it upon products.” – Page 69: … the issues take place against good commercial paper only, and in the regular, necessarily limited, measured, and proportionate process of discounting.” … “In the combination I propose, the paper (at once sign of credit, and instrument of circulation) grows out of the best business-paper, which itself represents products delivered, and by no means merchandise unsold.” - Quoted by William B. Greene, … Fragments, p.66. – Not “forever” but just for its circulation or discounting period, a discount, so to speak, in small bills, in convenient denominations, coming up in total to the debt amount expressed in the bill. These more convenient notes constitute then, finally, the main means for repaying the bill of exchange. This process requires sound value reckoning, e.g. in weight units of gold or silver, but not their redemption in such units or any cover, reserve and guaranty fund in such coins. Ideally, the notes, too, not only the bill of exchange, should have a short circulation period and before the bill expires or, partly, at the end, the corresponding total of banknotes should have been received back at the discounting bank, settled against the discounted bill, when it is due, and then the notes should be cancelled or destroyed and replaced by new issues of notes. They have fulfilled their function like tickets for performances. – These banknotes may also be considered as convenient clearing certificates, used to settle an account. – Alas, at least in these extracts, Proudhon did not envision decentralized and competitive banknote issuers. – He merely envisioned, according to the quote, ibid, p.70, the gradual growth of such a single bank to finally cover all of France: “Then, when the whole of France should have adhered to the statures of the new bank, the issue of paper would be equal, at every instant, to the totality of all circulating values …” - Ibid, p.70. – All circulating values? Farms, houses, factories, warehouses, etc., do also change hands as property, over longer periods, with some of them changing hands every day. To the extent that they are paid-for in metallic cash or in sound notes or account credits, their capital value should not be the foundation for the issue of the currency used. The sound currencies should get their value from their other foundations and then be merely used as means of payment for these capital values. - J.Z., 27.7.10. - BILLS OF EXCHANGE, REDEMPTION IN MERCHANDISE AND SERVICE INSTEAD OF IN RARE METALS, BILL DISCOUNT WITH BANKNOTES ISSUED FOR THIS PURPOSE & ACCEPTED IN THEIR REPAYMENT.

PROUDHON VS. MARX: Focusing upon the respective social remedies proposed by Marx and Proudhon, Tucker pointed that: Marx would nationalize the production and distributive forces; Proudhon would individualize and associate them. Marx would make the laborers political master; Proudhon would abolish political mastership entirely. Marx would abolish usury by having the State lay violent hands on all industry and business and conduct it on the cost principle; Proudhon would abolish usury by disconnecting the State entirely from industry and business and forming a system of free banks which would furnish credit at cost (*) to every industrious and deserving person and thus place the means of production within the reach of all; Proudhon believed in the voluntary principle, Marx believed in compulsory majority rule. In short, Marx was an authoritarian, Proudhon was a champion of liberty.” – Reichert, Partisans of Freedom, p.158. - - (*) Rather, at whatever it could or would costs on a quite free market! Also under freedom of contract and free pricing system between those who have capital to offer and those who want it or need it. – When exchange is quite free and people have free choice of value standards, too, productive capital would accumulate relatively fast and become relatively widely available – at its then prevailing free market price, as a justified share in the additional productivity achieved by it, which is, in reality, also a just return to pre-done labors. - J.Z., 17.3.08.

PUBLIC DEBTS: Debt Is Bigger than It Appears - closer look at the nation’s balance sheet shows that the United States already is billions of dollars over the current debt limit -a debt that includes bonds that date back to the administration of George Washington. The federal debt ceiling is $14.294 trillion, set to be reached by Aug. 2 if Congress and the president don’t reach a deal to extend it. As of the most recent accounting, however, the United States has $14.343 trillion in debt, $48.9 billion more than the debt limit. That’s because Congress, over the years, has exempted certain kinds of debt from the ceiling.” (USA Today ) - THE FREEMAN, July/August 2011. - Once USA subjects figure out their per head amount most will wish to repudiate this debt or to secede from this mad debtor, before its tax slavery becomes even worse. - J.Z., 23.7.11.

PUBLIC DEBTS: From acting under the idea that we subjects are duty bound to support the doings of the Government we have taken part in the election of, we find ourselves to-day saddled with enormous debt responsibilities not of our making. The holders of the Consols, India 3 percents, Turkish bonds, Corporation Stocks, Savings bank passbooks and other such “securities”, labor under the belief that they have a perfect right to receive interest on the money they have lent to government, as per agreement; and that the people and their descendants must be taxed to pay such interest forever, or until such time as they choose to pay off the principal, if the repayment of the principal is an impossibility, then taxes will be permanent for the benefit of the heirs of stockholders. This is all said to be supported by free contract! Well, as far as I am concerned, the mere statement of the case is sufficient to show its absurdity. As a private citizen of the world, in no way sharing with any government the responsibility of contracting debts, being in no sense a consenting party to what a government does in my name, I entirely repudiate the duty that has been put upon me of paying a quota of either principal or interest of the government’s debts.” – Badcock, Slaves to Duty, p.20/21. – REPUDIATION OF THE PUBLIC DEBT, STATE BANKRUPTCY

PUBLIC DEBTS: Having no corporate property with which to pay what purports to be their corporate debts, this secret bank of robbers and murderers are really bankrupt. They have nothing to pay with. (*) In fact they do not propose to pay their debts otherwise than from the proceeds of their future robberies and murders. These are confessedly their sole reliance; and were known to be such by the lenders of the money, at the time the money was lent. …” - Lysander Spooner, No Treason, VI/45, Works, vol. I. - (*) In fact, the capital assets which are nominally still those of the people of a territory, but really controlled by politicians and bureaucrats, are still large in many instances, in some cases enormous. But should they be used to pay off those, who had invested, voluntarily or involuntarily in tax slaves? I rather hold that titles to these remaining assets should be distributed equally among all surviving tax victims. See PEACE PLANS 19 c on this, available from me digitized as an email attachment – until it appears online or on a CD. – J.Z., 18.3.08.

PUBLIC DEBTS: I haven’t signed up for any public debt. Find voluntary tax slaves to pay it. – J.Z., 8.3.05.

PUBLIC DEBTS: I sincerely believe that … the principle of spending money to be paid by posterity, under the name of public funding, is but swindling futurity on a large scale.” – Thomas Jefferson.

PUBLIC DEBTS: I wish it were possible to obtain a single amendment to our Constitution. I would be willing to depend on that alone for the reduction of the administration of our government; I mean an additional article taking from the Federal Government the power of borrowing.” - Thomas Jefferson to John Taylor, 1798. – That would still leave them free to enslave us e.g. via taxes, including the tax that inflation amounts to, and through conscription, expropriation and nationalization. – Without the power to tax citizens or to grant licences and gather royalties for the exploitation of natural resources, or to run monopolies like the post office, no one would be foolish enough to lend any money to any government. – J.Z., 4.1.08. - DIS.

PUBLIC DEBTS: If it is right that we owe the public debt to ourselves – then we might as well cancel it! – J.Z., 2.11.76. – In reality either voluntary or compulsory investment in tax slaves are involved. And as such all public debts are wrong on principle. – J.Z., 25.2.08. - DIS.

PUBLIC DEBTS: If medical science doesn’t stop making us live longer, our grandchildren will be telling us to go pay off this national debt ourselves.” – Ventura County, California, STAR-FREE PRESS, quoted in READER’S DIGEST, March 63. – JOKES

PUBLIC DEBTS: It is a queer morality that allows a government to give away millions in welfare and charity whilst its debts remain unpaid. What would we say of an individual who publicly and ostentatiously gave money to charity whilst neglecting to pay his grocer and banker?” – Henry Meulen, THE INDIVIDUALIST, 2/73. – WELFARE STATE

PUBLIC DEBTS: Let National Fund holders fight out their claims before impartial juries; and if the Royal Family, the Peerage, and the whole House of Commons get sold up to satisfy those creditors, I shall not shed a tear.” – Badcock, Slaves to Duty.

PUBLIC DEBTS: Like alcoholics or habitual drug users, those addicted to political practices insist upon the illusion that what one does in the present, or in an isolated environment, will bear no long-term or generalized hardships. Thus, millions of people are willing to impose the costs of present government programs upon unborn generations, in what has become a cycle of child abuse about which it is ‘politically incorrect’ to comment!” - Butler Shaffer, The Wizards of Ozymandias, chapter 53. – I rather call public debt certificates “investments in tax slaves.” – J.Z. – PUBLIC DEBTS AMOUNT TO CHILD ABUSE

PUBLIC DEBTS: Nebraskans do not permit their politicians to put them into debt. A Nebraskan controls his money. Any Nebraskan who is in debt, puts himself there. The Constitution of Nebraska does not permit the politicians in Lincoln to contract a debt for other Nebraskans. Nebraska has fine roads, fine schools, every public institution that anyone can desire. They are paid for …” - Rose Wilder Lane, The Discovery of Freedom, p.191/92.

PUBLIC DEBTS: No individual could borrow on the credit of his great-grandson, and yet the State machine has, so far, succeeded in doing exactly this (*) – and all in the name of security.” – Sir Ernest Benn, The State the Enemy, p.103. - (*) It is not actually his credit that is so mobilized but his still continued tax slavery. – J.Z., 18.2.08, 18.2.11.

PUBLIC DEBTS: Nobody should be able to unload his debts upon you. – J.Z., 15.7.94. – Apart from inheriting e.g. a house with a mortgage on it. – Then one could sell the house and with part of the proceeds pay off the mortgage. - J.Z., 23.4.08.

PUBLIC DEBTS: one section of the nation is in a condition of perpetual slavery to another section who own the eight to ten thousand millions of public debt.” – Sir Ernest Benn, Account Rendered, p.63.

PUBLIC DEBTS: Our thoughts are so muddled, or absent, that respectable citizens who would not think of taking more than a week’s credit from their personal tradesmen, sit on councils and negotiate thirty, sixty, ninety years of credit for public schemes of short-lived interest and utility. We have acquired such skill in the passing on of responsibility as to be able to put it on the shoulders of posterity.” - Sir Ernest Benn, Honest Doubt, p.216. – To clarify what is involved, I usually call investments in public securities: Investments in tax slaves. But then the inflations caused by the monetary despotism of governments, turns these securities usually into insecurities, at least over long periods. – J.Z., 18.2.08. - PUBLIC FINANCE, GOVERNMENT LOANS, GOVERNMENT SECURITIES

PUBLIC DEBTS: private business debt is generally self-liquidating, while government debt is not.” – Lawrence White, LIBERTARIAN REVIEW, 11/77.

PUBLIC DEBTS: Public debts lead to inflation.” - Popular opinion. - At most they are a motive to inflate a currency and not an honourable one. They are never a cause by themselves. One might as well say that indebtedness or profligate spending habits leads to embezzlement or bank robberies. - Without resorting to inflation they would lead to a further enslavement of the tax payers or to State bankruptcies. - One kernel of truth in this popular view of inflation is the absurd practice of using government debts as "cover" for the issue of still further legal tender notes and calling this then an "asset" currency. But these assets are not productive investments but "state insecurities" or investments in tax slaves. - J. Z., 5. 4. 97. - INFLATION, DIS.

PUBLIC DEBTS: Public debts pledge tax slaves as their “security” and are as such quite wrong. – J.Z., 25.2.86, 1.4.08.

PUBLIC DEBTS: Repudiate all government debts – because investments in tax slaves are as wrong as investment in other slaves. – J.Z., 5.4.86, 5.8.11. - Repudiate all public debts – as investments in tax slaves. – J.Z., 17.7.87. – GOVERNMENT SECURITIES, TRUSTEE ACTS

PUBLIC DEBTS: Ron Manners - And you thought Portugal, Greece, Ireland, Spain, etc., were in trouble! Your Share of Uncle Sam's Debt: $534,000 - - The gap between the money Washington takes into its coffers to pay its IOUs and what it actually owes on those IOUs is taking on Grand-Canyonesque proportions, with unfunded liabilities hovering around $62 trillion, according to a USA Today analysis. - Who has given his individual consent to politicians and bureaucrats having taken up as much in debts in his name? - J.Z., 17.7.11.

PUBLIC DEBTS: the accumulation of a debt that now exceeds the utterly incomprehensible figure of 600 billion dollars.” – Ralph Bradford, THE FREEMAN, 7/78, p.389. – Assume that in the meantime the USA public debt has grown threefold, to 1.8 trillion and the population to ca. 300 million. Then this would still amount only to $ 6,000 per head. – And this debt need not be recognized at all by the taxpayers, because it amounts to an investment in tax slaves. – J.Z., 1.4.08.

PUBLIC DEBTS: The national debt of England exceeds $ 4,000,000,000. If there were enough gold sovereigns in the world to pay this debt, and these sovereigns should be laid beside each other, touching each other, and in a straight line, the line thus formed would be much more than long enough to furnish a belt of gold extending around the earth. Yet all this debt is merely legal value. If all the obligations by which this debt is held were destroyed; but those who are bound by the obligations (the tax-paying people of England) would gain to the same amount. Destroy all this legal value, and England would be as rich after the destruction as it was before, because no actual value would have been affected. The destruction of the legal value would merely cause a vast change in the ownership of property; making some classes richer, and, of course, others power to precisely the same extent; but, if you should destroy actual value to the amount of this debt, you would destroy about thirteen times as much actual value (machinery, houses, improvements, products, &c.) as exists at present in the State of Massachusetts. The sudden destruction of $ 4,000,000,000 worth of actual value would turn the British islands into a desert.” – Extract from Two Pamphlets published, one in 1849 on Equality, and the other in1850, on the Nature of the Currency, in: William B. Greene, Fragments, p.130. - All public debts should be repudiated – as investments in tax slaves! – J.Z., 27.7.10. – REPUDIATION OF PUBLIC DEBTS.

PUBLIC DEBTS: The principle of spending money to be paid by posterity, under the name of funding, is but a swindling futurity on a large scale.” – Thomas Jefferson – Voluntary or involuntary investment in tax slaves is involved. – J.Z., 2.1.08. - I prefer to call the purchase of public debt certificates an investment in tax slaves. – Alas, under trustee acts and other laws the purchase of such certificates is compulsory for many institutions. All such wrongs are committed under the cover-name of representative democracies! - Is there any territorial government not involved in such a swindle? - J.Z., 10.3.09.

PUBLIC DEBTS: The public debt is morally not binding upon anyone who did not sign up for it. – J.Z., 4.10.98. – Actually, all public debt certificates amount to investments in tax slaves and as such there is no moral obligation to redeem them. Quite the contrary is true. Whoever made voluntarily such “investment” is quite wrong and deserves to lose it. Whoever was forced to so “invest” was simply correspondingly taxed or expropriated. At most all of us have only a claim to get our share in the remaining national assets transferred to us in corresponding capital certificates. This public property should certainly not remain any longer in the hands of the professional robbers, the greatest and most harmful criminals in the land, posing as our protectors and providers. – J.Z., 27.9.08. - NATIONAL DEBT

PUBLIC DEBTS: The public debt is not a debt – since it is an imposed debt. – J.Z., 2.2.90, 5.8.11.

PUBLIC DEBTS: The public debt is owed by the politicians!”- Andrew Melechinski. – And they should not be allowed to pay it out of the proceeds of the sale of public assets which they do presently still control. For these do belong to all the people in a nation, not just to the politicians! All the people should be able to get their share of them, in certified form. Should politicians also get such a personal share? In spite of all the high costs and disservices that they have so far inflicted upon that? I for one would deny this. But let first all the dissenters secede and get their shares of these assets and become free from any further territorially imposed tax burdens. Then the remaining statists, organized in a statist way but without any territorial monopoly - and represented by their preferred politicians - could do with their shares and politicians whatever they like. I would not care about that. – J.Z., 28.9.08.

PUBLIC DEBTS: The state should have no power to contract debts, or loan its credit, except in case of war, invasion, or insurrection.” – John Bigelow, in Democratic Review, quoted by A. A. Ekirch Jr., JLS, Fall 77, p. 322. – In the cases quoted as exceptions, the State can even less be trusted with additional funds for its defence, which is not identical with the defence of its subjects. – J.Z., 18.3.08.

PUBLIC DEBTS: Then a few discovered that they could steal from the unborn Americans and the not yet living could not steal back.” – Anthony L. Hargis, in advertising his book: In Gold I Trust, reason 2/74. – Even taxes will not always be with us. Public debts are bets that they will be continued indefinitely, rather than shaken off by their victims. – J.Z., 18.3.08.

PUBLIC DEBTS: they will continue digging ever deeper into the pocketbooks of their children – a far cry from the law of liberty.” – Leonard E. Read, NOTES FROM FEE, 9/76.

PUBLIC DEBTS: To preserve our independence, we must not let our rulers load us with perpetual debt. We must make our election between economy and liberty, or profusion and servitude. … I place economy among the first and most important of republican virtues, and public debt as the greatest of the dangers to be feared.” – President Thomas Jefferson

PUBLIC DEBTS: To shackle future generations, with such monstrous debt and liabilities [$50 trillion+ of unfunded federal liabilities], is tantamount to selling them into tax slavery.” – Eric Englund in Income Taxes, Obesity, and Other Maladies of Nanny Statism 2/28/05. – Let them repudiate the public debt – simply by seceding from their territorial government. They did not take up the debt. It is not their duty to pay it. – J.Z., 10.3.09. - DEBT SLAVERY, INVESTMENT IN TAX SLAVES

PUBLIC DEBTS: Why should a man born an Englishman be born with a financial liability round his neck? The only security the State can provide is that of the Prison; … It is quite wrong for the whole community to be throttled in this way.” – Anthony Fisher, The Case for Freedom, p.58.

PUBLIC DEBTS: You should have no other debts to pay than your own. – J.Z., 3/75.

PUBLIC EXPENDITURES: It’s really hard for a government to cut expenses – it’s easier to trim the taxpayers.” – Country Parson. – SOUTHERN LIBERTARIAN MESSENGER, 3/78. - TAXATION, BUDGET, GOVERNMENT SPENDING, JOKES

PUBLIC FINANCE: Public finance means almost always mismanagement, fraud and waste of stolen funds. – J.Z., 6.7.91. – BUDGET, GOVERNMENT SPENDING, GOVERNMENT FINANCE, SUBSIDIES

PUBLIC FINANCE: Thousands of millions of money without a shred of personal responsibility behind a single shilling of it. Fortunes equal to the total of the personal fortunes of all the individuals of the nation, and no part of them subject to the caution and restraint which necessarily and naturally apply to private money.” – Ernest Benn, Honest Doubt, p.34/35. - GOVERNMENT FINANCE, TAXATION, BUDGETS, GOVERNMENT SPENDING, RESPONSIBILITY, ACCOUNTABILITY, GOVERNMENT SPENDING, GOVERNMENT BUDGET, WELFARE STATE

PUBLIC FUNDING: I feel obliged to withhold my approval of the plan to indulge in benevolent and charitable sentiment through the appropriation of public funds … I find no warrant for such an appropriation in the Constitution.” – Grover Cleveland, 22nd and 24th US President. – Did he really avoid such government spending as far as he could? – J.Z., 3.1.08. – How often, or, rather, how rarely did presidents etc. withhold their approval for such bills? – If they do, they do not necessarily get, although they would deserve more votes. – If they let such spending bills pass they get more voted from ignorant, prejudiced and immoral voters! – We have to become free to secede from the whole territorial system and to freely compete with its remaining rump for its remaining statists, through our own panarchies. - J.Z., 10.3.09. - FOR BENEVOLENT & CHARITABLE PURPOSES? CHARITY, DOING GOOD WITH OTHER PEOPLE’S MONEY, TAXATION, GOVERNMENT SPENDING, PANARCHISM, SECESSIONISM

PUBLIC INTEREST: Nearly a century ago Andrew Carnegie said: “The millionaires are the bees that made the most honey, and contribute most to the hive even after they have gorged themselves full.” – SATURDAY REVIEW, 10.7.76. – However, under monetary and financial despotism and other anti-economic territorial impositions only relatively few manage to become rich. Under full economic freedom all could become rich by their own honest and intelligent efforts. - J.Z., 18.2.11. - "Release all creative energies!" - Leonard E. Read. - PROFIT, CAPITISTS, WEALTH, INVESTMENTS, RICHTES EXPLOITATION

PUBLIC INVESTMENTS: Keynes was wrong. … and according to Faustino Ballvé, he probably knew it before he died. Public investment, if it wouldn’t occur naturally, is mal-investment.” – Terry Arthur, 95 % is Crap, p.211. - NATIONAL FUNDS, PUBLIC SECTOR, INVESTMENTS

PUBLIC MONEY SPENDING: Nothing is easier than spending public money. It does not appear to belong to anybody. The temptation is overwhelming to bestow it on somebody.” – Calvin Coolidge. - GOVERNMENT SPENDING, GOVERNMENT BUDGETS, TAX FUNDS

PUBLIC MONEY: Like holy water; everyone helps himself to it. – Italian Proverb. – Politicians and bureaucrats help themselves first and foremost to it, since it goes through their hands. – J.Z., 26.8.10. - GOVERNMENT SPENDING

PUBLIC MONEY: Public money is stolen money, and its expenditure is not justified by the “public good” of the program under consideration.” – John Singleton with Bob Howard, Rip Van Australia, p.151. – GOVERNMENT SPENDING, SUBSIDIES, HAND-OUTS, BUDGET, TAXATION, WELFARE STATE

PUBLIC OPINION: Oh, the government will mutter; no doubt about that. And grumble, too. But if we beat this thing, public opinion will crucify anyone who tries to punish us.” – Poul Anderson, The Breeds of Man, p.65. – I believe that this would also apply e.g. to monetary freedom experiments, which succeeded in eliminating inflation and unemployment among the participants and this without wronging or harming any non-participant. Or, e.g., armies on opposite sides that concluded a separate peace over the heads of their governments. – J.Z., 31.3.08. - At least post-facto individual and group secessions and the establishment of personal law societie and communitie of volunteers are also like to get the approval of public opinion. - If, e.g., Red Indians and Blacks in the USA seceded and ran some of their on panarchies very successfully, then at least these would be widely approved and those which failed would tend to be tolerantly accepted and would also tend to eliminate their mistakes rather fast. I doubt that the failure rate among "white" panarchies would be much lower, for they would, most likely, beformed by the most ignorant and prejudiced whites. - The most successful ones would be the libertarian ones, in all their varieties, because they suffer least under e.g. racial prejudices. - J.Z., 18.2.11. IMMUNITY, DISOBEDIENCE, LAW-BREAKING, PANARCHISM, EXPERIMENTAL FREEDOM, VOLUNTARISM.

PUBLIC PROPERTY: The property in the hands of public authorities of the world to-day is not worth more than 5 per cent of the amounts of debts of the same authorities. – That, after all, is quite natural, when we remember that it is nobody’s business to look after public property.” - Sir Ernest Benn, Honest Doubt, p.222. – Nevertheless, the real capital that it still controls is vast and its debts do not have to be recognized by future taxpayers. Thus the distribution to titles of these assets to the taxpayer could still bring them capital fortunes in many countries, e.g. in Australia. Only the voluntary and involuntary investors in governmental “securities” would lose. The voluntary investors deservedly so. The involuntary investors also, because they never bothered much, if at all about abolishing legislation like the Trustee Acts, which required financial institutions to invest much or their money in governmental securities or insecurities. – See the comprehensive reprivatization project in PEACE PLANS 19 C, on the disc reproduced on - Australians could, possibly, still become millionaires through this method. But so far they haven’t shown sufficient interest in thus becoming rich, quite suddenly, and quite rightly, in transferable capital assets, even whilst they are privately striving to become rich through their own private efforts or through betting or buying lottery tickets. Lack of imagination and understanding and interest in the own affairs, once again. - J.Z., 18.2.08. – PUBLIC DEBT

PUBLIC PURSE: There is nothing worse that can happen to money than that it should get into the public purse.” – Sir Ernest Benn, quoted by Deryck Abel, Ernest Benn, Counsel for Liberty, p.70. - BUDGET, PUBLIC SPENDING, GOVERNMENT SPENDING, HANDOUTS, SUBSIDIES

PUBLIC SERVANTS: Civil service, eh? … So now you get taxes put into your pay instead of taken out.” – F. Paul Wilson, To Fill the Sea and Air, ASIMOV’S, 1/79, p.30. – The very means of payment and its “value standard”, that we are forced to use (by legalized monetary despotism), makes all of us contributors of at least the inflation tax to the government, that is involved with its paper money. – All too few ponder how they could and should shake off that burden. To that extent they are its consenting victims. – J.Z., 20.3.08.

PUBLIC SERVANTS: If the consumers could have their taxes back, they could easily purchase any desired service the government had provided – and have a great deal of money left over with which to buy other things.” – Harry Browne, You Can Profit from a Monetary Crisis, p.33. – You could profit even more by preventing it through the establishment of full monetary freedom. – J.Z., 20.3.08. - TAXATION, PAYMENT FOR SERVICES, FEES FOR SERVICES, VOLUNTARY TAXATION

PUBLIC SERVANTS: The point, however, is not to fire more government workers so much as to abolish government jobs.” – SOUTHERN LIBERTARIAN MESSENGER, 7/78. – To achieve that the liberators must know how to suddenly finance the productive employment of millions of former bureaucrats and soldiers, which requires the knowledge of the techniques of full monetary, clearing and financial freedom, not just the limited notions of gold bugs. Gold coins of a certain gold weight are still a good standard of value but certainly not sufficient in number as payment media or as “clearing certificates”. – As value standards they can serve to facilitate millions of times their own value in the free exchange of goods and services. But as exchange media they are limited to their own number. - J.Z., 19.3.08. – GOLD STANDARD REDEMPTIONISM VS. GOLD-VALUE CLEARING OR ACCOUNTING

PUBLIC WORKS: they want government to “invest” in a greater society that is to be built by political force and redistribution of property. Their judgment of what is most urgent and important is to prevail over that of all others. - - All such planners are would-be dictators. No matter what the objective, government expenditures always constitute economic costs that are borne by taxpayers, lenders, or inflation victims. Even when the government builds roads or canals, utility plants or airports, the expenditures invariably flunk the texts of the market. Demanded by voters, authorized by politicians, and administered by bureaucrats, public works constitute huge malinvestments that waste scarce resources and consume productive capital. – Hans F. Sennholz, THE FREEMAN, 5/76, p. 286. - PLANNING, GOVERNMENT EXPENDITURES

PUMP PRIMING THE ECONOMY? After first extorting the money via taxes or forced loans or high interest-bearing "investments in tax slaves" or in an inflationary way? The "cures" of the politicians indicate their primitive notions. - J.Z., 17.8.02. – DIS., KEYNES, SUBSIDIES, STIMULATION PAYMENTS BY GOVERNMENTS

PUMP PRIMING: It is the issue of the worst kind of money, without a foundation, cover & reflux, forcing it into circulation, merely upon the opinion that it is needed. Monetary despotism does, indeed, frequently and severely under-supply an economy with its kind of forced and exclusive currency. Then the further issue of it might alleviate the deflation, come temporarily as close to supplying as much money in some spheres as the exclusive use of this kind of money can come and, beyond that, further issues will act inflationary upon prices, wages and other contracts. It is a primitive way of trying to improve upon a primitive, despotic and monopolistic money system. It cannot be a sound substitute for the competitive supply of sound exchange media using optional value standards, which would tend to supply just as much sound currency at any particular time and place, under current conditions, as is needed then and there. - 26.9.01, 26.8.02. – PUMP PRIMING WITH EXCLUSIVE & FORCED CURRENCY, INFLATION, MONETARY DESPOTISM VS. MONETARY FREEDOM, PUBLIC DEBTS, INFLATION, HAND-OUTS, CENTRAL BANKING

PUNISHMENT: The reformation effect of punishment is a belief that dies hard, chiefly, I think, because it is so satisfying to our sadistic impulses.” – Bertrand Russell, in “Ideas That Have Harmed Mankind”, by Haldeman-Julius, 1946. – George Seldes, The Great Quotations. – As if moral motives or individual rights and liberties had nothing to do with it. - Making punishment and indemnification obligation quite certain would tend to promote self-reform, if they do not act as a sufficient deterrent. – However, each Panarchy will tend to experiment with its own kind of deterrence, punishment and rehabilitation and indemnification system. – We are still very far from having quite enlightened and uniform views on the subject, just as much as on juridical and police services. - J.Z., n.d. & 1.4.08.

PURCHASE OF ENTERPRISES BY THEIR EMPLOYEES, ON TERMS: Between them the employees might already have sufficient savings in their bank accounts. My father (Kurt H. Zube [K.H.Z. Solneman], in his Manifesto for Freedom and Peace, (*) stated that the small bank-savers in West Germany had, in 1975, between them, already 6 times the amounts required to buy up all the controlling shares of all the share companies in Germany. But, instead, most still engaged in trade-union motivated class warfare activities (essentially anti-industrial activities rather than industrial actions.) Alternatively, they could have issued their own industrial bonds and could have made their take-over bids with them. Naturally, they should be free to insert value-preserving clauses in these, without permission from any bureaucrat, and should also be able to offer an attractive enough interest rate on them. Then they could, gradually, pay off this debt, incurred to acquire the enterprises they work in, largely out of the additional productivity that could be attained through this change in ownership. Moreover, under full monetary and financial freedom, this debt could also be largely paid off with assignments upon their own services and products. To the extent that they could successfully issue such certificates they would also assure themselves of corresponding sales. – J.Z., n.d. (*) This book is online, in an English translation ( the German original digitization has not home at present ), at

PURCHASE OF ENTERPRISES BY THEIR EMPLOYEES, ON TERMS: One need not organize strikes or boycotts or sabotage acts or promote laws against productive enterprises, coercively occupy them or organize a violent revolution or a war - if the aim is to take over existing enterprises. This whole "philosophy" of force and violence can be undermined by using the peaceful, businesslike and just methods of the free capital market. - - Ulrich von Beckerath put it very concisely in his second work on monetary freedom: "Must Full Employment Cost Money?", p.198 of the PEACE PLANS No. 10 edition: "What working man has ever considered that if the body of workers of a factory or of a large estate paid the owner quarterly one fiftieth of the value of the undertaking, and that 79 times, the workers would own the enterprise, provided the owner is satisfied with an interest of 1 1/2 % quarterly on the debt balance remaining at any time?" - - If, moreover, they offered industrial bonds as means of payment, and their coops guaranteed them, and would do this e.g. on a gold reckoning basis, thus avoiding the need for saved-up cash, to make the purchase and also protecting their creditors against the inflation risk, then they would, mostly, have no great difficulty in buying the enterprises they work in, in a this relatively short time. - - This would mean peace in the industrial scene and largely also in the international one, within a short period, at most 2 decades. Consider the alternative of another 100 to 200 years of class warfare violence and the ideological and war-promoting effect of class-warfare notions, under which anti-capitalism has become a new religion. Actually, the peace and wealth promoting effects of such takeovers would be felt already within months and the enterprises would, gradually, be paid for with a fraction of the additional production thus achieved. This topic deserves a monograph. - - See: CAPITALISM, CLASS WARFARE , COMMUNISM, COOPERATIVE PRODUCTION, HIERARCHICAL FORM OF PRODUCTION, MARKET, PRODUCTION, PROPERTY, SOCIALISM, UNIONS. - J.Z., An ABC Against Nuclear War, in PEACE PLANS Nos. 16 & 17, on

PURCHASE OF ENTERPRISES BY THEIR EMPLOYEES, ON TERMS: Perhaps a computer program should be developed with which, for every large firm one could easily find out how much each of the employees would have to pay, per annum, to redeem the industrial bonds with which a firm could be bought, in 5, 10, 15 or 20 years, at x, y, z interest rates, and assuming stable value reckoning, e.g. a gold clause, being used in these bonds. This could be confronted with the kinds of additional earnings that one could expect once a firm is properly self-managed, in a businesslike way. Only figures like the current market value of the firm and the number of employees would have to be entered for each particular firm. The opinions of the employees on how well or badly their improvement suggestions were so far received by the existing hierarchy of the employer-employee relationship should also be sufficiently published. – Figures for productivity increases of so converted firms should be collected and also provided, to give a comparison of this debt, if taken up to purchase the enterprise, with this extra earnings possibilities thus opened up. – The debts still owed by an enterprise should naturally be deducted from the purchase price paid in industrial bonds. It would be a productive property changing hands in a market like way, towards more liberty through self-ownership and self-management at the work place. - J.Z., 12.2.97, 13.2.08, 5.8.11.

PURCHASE OF ENTERPRISES BY THEIR EMPLOYEES, ON TERMS: Under monetary and financial freedom it would be easier for employees to purchase the enterprises they work in, on terms, using their own bonds and value preserving clauses and freely agreed interest rates, as productive co-operators, who run their productive cooperatives successfully, in a businesslike way, rather than upon counter-economic dogmas. - J. Z., 19.4.93, 15.4.97. – As means of purchase they could use obligations issued by themselves, as means for interest and capital repayment instalments their own goods- or service warrants or clearing certificates. – J.Z., 22.3.09. - & PRODUCTIVE COOPERATIVES

PURCHASE OF ENTERPRISES BY THEIR EMPLOYEES, ON TERMS: What kind of funds could be mobilized for them. - 1.) Savings deposits: In West-Germany, already over 30 years ago, these savers had in them six times the amount to buy up all the controlling shares of all the share companies then existing in Germany. - 2.) Future earnings of the cooperators or partners who bought the firm that they work in with their own industrial bonds and will come run it more profitably, so that in practice most such firms could be bought out of the additional profits achieved by this conversion – within a few years. - 3.) Indemnification claims towards States, privatizing all their remaining capital assets and distributing them in transferable shares etc. – See PEACE PLANS 19c, still offered free by me as an email attachment. - 4.) Existing social and private insurance claims, capitalized and made transferable. - - A full discussion of all “liberation at work” options might discover more financing paths. A few enterprises were even received by the employees as gifts from their employers. – However, even on this liberation path there are many possible and even popular errors and flaws, all of which ought to be clearly seen avoided, e.g. those, which are based upon egalitarianism or notions of charity or mere benevolence. It must be, from the beginning to the finish a quite businesslike approach. Then success will be almost as certain as it can be in any human endeavour. - J.Z., 22.2.08, 6.8.11.

PURCHASE OF ENTERPRISES BY THEIR EMPLOYEES, ON TERMS: What working man has ever considered that if the body of workers of a factory or of a large estate paid the owner quarterly one-fiftieth of the value of the undertaking, and that 79 times, the workers would own the undertaking, provided the owner is satisfied with an interest rate of 1 ¼ % quarterly on the debit balance remaining at any time. - Ulrich von Beckerath, in PEACE PLANS 10, p. 198. – His three monetary freedom books are online at – If they paid in their own industrial obligations, gradually so redeemed, then they would even own the enterprise they work in right away and would have corresponding incentives to increase their productivity, which would enable them, in practice, to pay off their debt with a fraction of the additional earnings they could thus achieve. If, moreover, they would and could offer value-preserving clauses on these obligations, then they would tend to find ready acceptance for them. – All the wrongs and harm resulting from nationalization and State socialist revolutions, dictatorships and wars could have been avoided in this way. - J.Z., 1.4.08. – I also hold that such securities should be exempted from all taxation. – They would tend to produce peace in industrial. – J.Z., 14.4.08, 28.7.11.

PURCHASE OF ENTERPRISES BY THEIR EMPLOYEES, ON TERMS: With bonds you can deliver yourself from bondage. – J.Z., 20.8.77. - With industrial bonds, issued by yourself and redeemed in most cases merely with a part of the additional productivity that is achievable when you issued them for the purchase of the enterprises you work in, you could deliver yourself from the degrees of bondage that still remain in most employer-employee relationships and immediately increase your standard of living, in spite of the high and interest-bearing debt you have thus taken upon yourself, together with your work-mates. – J.Z., 6.10.08 - WITH BONDS ISSUED BY THEM. - CAPITAL CERTIFICATE ISSUES, ISSUE PRINCIPLE, TAKEOVER BIDS OF EMPLOYEES FOR THE ENTERPRISES THEY WORK IN

PURCHASING POWER: Combined purchasing power can be one of the greatest revolutionary forces in the world. – Ulrich von Beckerath, 1982-1969. - See: PURCHASE OF ENTERPRISES

PURCHASING POWER: Competitively issued money, when based, by its issuer, on his goods, services and other credits and convertible by the note holder, into goods, services, labour, and other payment option to the issuer, would automatically, through its nature, upon spending or lending it and then its subsequent use towards the issuer, i.e., redemption into his goods, services or labour, or debt payment receipts, provide the purchasing power for all the goods, services and labour ready for sale and the credits the issuer holds. It would keep the goods side in balance with the money side. It would avoid inflations, deflations and stagflation. It would as naturally distribute whatever free people have to offer each other, just like tickets distribute available seats, in a cinema, bus or railway. It would end the wrongful absurdity of a monopoly central bank being allowed to issue a forced and exclusive currency upon all the goods, services and labour in a country, offering upon its issue no value in return, and allowing this institution to inflate, deflate and stagflate this "currency" (which has no natural current flow and cycle but a monopoly and force behind it, except the robbery involved in tax foundation), while outlawing all private and cooperative alternatives to it. It takes this extreme degree of monetary despotism to permit bad money to drive out good monies, to produce one immense economic crises after the other, to put and keep dozens to hundreds of millions of people out of jobs, to impoverish them, to prevent the accumulation and productive use of much wealth, to drive people into political despotism and totalitarianism, to cause most revolutions and civil wars and prosecutions of minority groups and foreigners, even to the extent of "ethnic cleansing" or the preparation for the final holocaust, via ABC mass murder devices. What is perhaps the worst aspect of this system is that it keeps its victims unaware what is happening to them and rather induces them to make scapegoats out of people who are just as much victims of the system. It does not enlighten. It dumbs us down. It does not solve anything. Instead, it creates problems and increases them. And even when it comes, finally, to die of its flaws, contradictions and numerous diseased aspects, it leaves its poor victims merely shouting: "The king is dead! Long live the king!" - and so they repeat the same wrongs and mistakes over and over again, quite unaware of what they are thus doing to themselves. - J.Z., 21.5.93, 2.5.97. MONETARY FREEDOM & MONETARY DESPOTISM

PURCHASING POWER: How can the purchasing power of producers and traders (including all wage and salary recipients) be increased to its natural limits and how can it be prevented to go beyond that? - Allow all people to issue notes upon their products and services, notes which are optional for other people and which only the issuers would have to accept at any time at par from anyone. They could not issue such tokens for more than they have to offer under this kind of free enterprise. Under consumer sovereignty and free pricing the issues would be limited to those voluntarily accepted while they are at par or close enough to par. Publicity, free market rating, clearing and note exchanges would rapidly reveal any temporary under-supply and over-supply and freedom to issue and freedom to stop issues or to refuse to accept issues, in the own interest, would rapidly end under-supplies and over-supplies of exchange media, before they could do much or any harm at the expense of any involuntary victims. To grant the provision of all purchasing power, in form of cash notes, to any unproductive monopolist, like the central bank, and to limit all non-cash transactions and clearing to the availability of such cash, is a basic wrong that exposes all monetary exchange economies to the frequent crises of inflations, deflations and stagflations, with their many bankruptcies, sales difficulties and mass unemployment and to all their political consequences, sometimes ending only with a Mussolini, Stalin, Hitler or Mao and their regimes, after millions of human sacrifices. - J. Z., 17.11.93, 24.4.97. PURCHASING POWER OF PRODUCERS & CONSUMERS, INCREASED TO THE MAXIMUM, I.E., THEIR ABILITY & READINESS TO GIVE GOODS, SERVICES & LABOUR IN EXCHANGE, MONETARY FREEDOM

PURCHASING POWER: In terms of purchasing power, according to the Consumer Price Index, an item that cost $1 in 1913 cost over $20 in 2006. - See also: "Why the U.S. Dollar Constantly Loses Value" by Robert Morley. No Silver in the Silver Lining, by Tim Swanson, MISESDAILY ARTICLE, posted 28.2.08 [2] - INFLATION

PURCHASING POWER: Inflation merely creates more purchasing power and this stimulates the economy.” - Popular opinion. - It stimulates it into mal-investments. It stimulates debtors into cheating creditors for a while - until their credit runs out. It stimulates politicians and bureaucrats into continuing with their mad spending schemes. It stimulates numerous strikes for further wage increases. It stimulates people into spending rather than saving. Just imagine the stimulation of the cinema and theatre and football stadium business - if the proprietors issued more tickets than they have seats to offer. This might even stimulate the cheated ones to start riots - as inflation often does. - Up to a point purchasing power can be safely increased, as long as there is still a depression, as long as the means of exchange are soundly issued and competitive and remain at par with their nominal value expressed in a sound value standard. But only monetary freedom can accurately enough determine this point. Issues up to this point are non-inflationary. Legal tender suppresses this warning signal internally and a fall in external exchange rates does not sufficiently restrain the further issue of legal tender notes internally. - Only those should be free to offer further purchasing power in notes or clearinghouse certificates etc., who themselves have further goods, services and labour to offer to redeem their own IOUs, purchasing vouchers etc. in. It is a great wrong to allow any single institution to print monetary assignments upon the goods, services and labour of all others and even give it a monopoly and forced acceptance and forced value standard. The subsequent uniformity of the means of exchange in a country is not of such a high value that everything has to be sacrificed to it and that we should take the subsequent inflation, unemployment, stagflation and obscene growth of government into out stride. - J. Z., n.d. & 5.4.97. - INFLATION, DIS., STIMULATING THE ECONOMY, DIS.

PURCHASING POWER: Purchasing power or cash or currency should be competitively provided by those who have something ready for sale that is widely wanted and needed every day. – J.Z., 6.3.99. With that solution alone most of the present sales difficulties and mass unemployment could be solved within a day. Its stable-value reckoning, through free choice of value standards, would also be a great boost to new investments. – Then add full financial freedom, doing away with taxation and all government controls in this sphere and an “economic wonder” would occur. -. It is not impossible but merely outlawed! – J.Z., 10.3.09. - FREE BANKING, MONETARY FREEDOM, FREEDOM OF NOTE ISSUE, FINANCIAL FREEDOM, ECONOMIC CRISIS, SALES DIFFICULTIES, UNEMPLOYMENT, INFLATION, TAXATION, VOLUNTARY TAXATION, CAPITAL REGULATION

PURCHASING POWER: Purchasing power should not be made dependent upon a money monopoly: a forced and exclusive or legal tender currency, especially when supplied by a monopolist who has a vested interest in abusing this power - and usually does abuse it. - J. Z., 61.11.91, 26.4.97. – CENTRAL BANKING, PAPER MONEY ISSUED BY GOVERNMENTS

PURCHASING POWER: The simplest theory of the purchasing power of sound money is that considering money merely as tickets, goods warrants, service vouchers, purchasing- or clearing certificates or IOUs, which are (a) due, i.e. readily accepted for this kind of cover, at par with their nominal value and (b) expressing a sound value standard for payment purposes, one acceptable to issuer and note acceptor alike, also one in which the goods, services and labour offered are priced. - Then, to give such freely and competitively issued and accepted tickets, a par value with their nominal value (e.g. a gold weight unit), no more is required than the ready acceptance of them, at par, by the issuer, and, via special contracts, by his debtors, too. - Only notes issued and remaining at par will be readily accepted and circulate for awhile in general local circulation, until they stream back to the issuer. As many as can then be issued at par by the providers could then, directly or indirectly provide their customers also with the purchasing power for these goods, services and labour ready for sale. The issuers, or those who receive loans with the issued notes, buy the goods, services or labours which they want with them. Thus the ready for sale products, services and labour are enabled to be turned into purchasing power, just enough, no more, no less, than is required to buy all of them - in a process of division of labour and free exchange, based, naturally, on free enterprise and free contracts and free trade in a free market, one not at all or not too much meddled with by price, wage, rent and interest rate controls, taxes, regulations, compulsory licensing, zonings, protectionism, subsidies etc. etc. Alas, Mises never considered this full monetary freedom but merely private and competing banknote currencies that are fractionally or fully covered by gold. If he ever went beyond that towards full monetary freedom - then I have still to find a corresponding remark by him. Perhaps you can supply such a reference? - J.Z., Note written to Mises': On the Manipulation of Money, p. 69, 4.12.92, 30.4.97.

PURCHASING POWER: You can help create new institutions and commercial enterprises that will help us switch our purchasing power from the supporters of the collectivists.” – Glen G. Cooper, Contemporary Realism, 73 of Q & A. – I do regret that most people speaking or writing about purchasing power omit to deal with the purchasing power of people under full monetary, clearing and financial freedom and take, instead, monetary and financial despotism for granted. – Just imagine that all ready for sale goods and services, in somewhat developed countries already offered in abundance, could be turned by their owners into their own kinds of goods- or service vouchers, in monetary denominations, to the extent their potential acceptors are willing to accept them at par with their nominal value, expressed in sound value standards, in which these goods and services are also priced out. Only the issuers themselves would always be obliged to accept these, their own IOUs, at any time at par, in this kind of “redemption” or “cover” system. Free market pricing for these exchange media and value standards, combined with full publicity for such issues and their details, would do the rest. – J.Z., 1.4.08.

PUSH-BUTTON AGE: This is not a push-button age until we can also via push button - A.) Pay taxes only for what we want to and to whom we want. (Voluntary subscriptions). - B.) Separate ourselves from the present territorial politicians and affiliate ourselves, individually to our kind of free society or community under personal laws and without any territorial monopoly claim. - C.) Dissociate ourselves from monetary despotism and start or join a payment and value standard community of our own choice, under full monetary freedom and free choice of value standards, clearing and financing methods. - D.) Opt into membership of one or the other of xyz self-managing productive associations. – J.Z., 15.6.91. – A complete list might be very long. So far we have still a lot of buttons to push to get at least some of all the health information we want. And nowhere do we have push-button access to all freedom, peace and justice writings, not even to a complete bibliography, abstracts or review compilation of them, or to an archive of libertarian ideas, to an encyclopedia of the best libertarian refutations or popular errors myths and prejudices and to a much more complete collections of slogans, definitions, aphorisms and jokes of some interest and value to libertarians. – J.Z., 2.4.08. - PANARCHISM, SELF-HELP, SELF-LIBERATION, INDIVIDUAL SOVEREIGNY & SECESSIONISM




QUANTITY THEORY: A normal situation cannot return until prices and wages adapt themselves to the quantity of money in circulation.” – Ludwig von Mises, The Austrian Theory of the Trade Cycle and other Essays, p.5. - At least he realized here that the adaptation requires time. Rothbard assumed that it would occur instantly and without any friction or problems. – I also deny that the adaptation is complete. In the extremes of deflations and inflations money ceases to function and, as far as possible, a return to primitive barter transactions occurs. - J.Z., 29.4.08. - INFLATION, DEFLATION, MONEY, PRICE ADAPTTION IS NOT ALWAYS INSTANTLY & SUFFICIENT

QUANTITY THEORY: Advocates of this theory often assume that price changes do only take place as a result of actual monetary transactions or turnovers. But the merely "spoken" or offered exchanges, every day, on the stock exchanges, as well as the futures trading, do also influence prices, without actual turnover trades taking place immediately. The quantity theory assumes the existence of monetary despotism and that the percentage of free clearing transactions remains the same. But assume, e.g. that electronic clearing transactions were suddenly perfected country-wide or even world wide. Then the amount of available cash notes or coins would become irrelevant. But, on the other hand, for each separate issue of a competing currency and for its issue and reflux potential, its goods, services and labour effort in relation to its monetary circulation, in form of notes, coins, book or electronic credits or cheque accounts, the quantity theory would apply, especially under market rated and competitive issues. The quantity of exchange media issued, measured in some sound value standard, under the same degree of clearing transactions, would tend to remain the same (under the same conditions) and it would correspond to that quantity of goods, services and labour offered by him and sold for his exchange media (and not settled by clearing instead). All transactions could be settled by such free issues, if that is wanted and all such transactions could also be settled merely by clearing, if that is wanted in a private or cooperative payment community, i.e., without any quantity of coined or printed money. But a one-sided and artificial blow-out of the monetary side, leading to corresponding price increases, would not be possible, beyond some temporary and small over-issues, rapidly leading to discounts or disagios, in the general local circulation, when the potential acceptors are sufficiently and fast enough informed of what is happening in this particular issue sphere. The would refuse or discount the over-issued notes. Their value standard and that of the over-issuer would not be changed thereby. Only the over-issuer would still have to accept them at par and he would have difficulties with his future issues. If then he tried to increase his prices beyond those of his local competitors, he might risk losing many to most of his customers forever. Clearing houses would notice it and over-issue very fast, because they would receive e.g. too many notes from an the over-issuer and he cannot offer them enough of the issues of others in exchange. When the transactions are merely electronic ones, then such an imbalance, indicating over-issues, could be discovered even faster. Thus over-issues can only be very limited and temporary. Under-issues, giving exchange media an agio, will also be rare for issuers will tend to issue rather more, than not enough exchange media for their requirements - until their exchange media receive the first small discount, perhaps only in wholesale trading, which might never be noticed by most consumers. But the news will travel fast among these and retailers. When the discount is justified, i.e. the issuer cannot supply enough goods, services and receipts for debts paid, immediately, for his notes presented to him, then this would lead to extensive refusals to accept his notes at all. Otherwise his notes would stream back to him faster than is usual - while he could issue only many less notes than before, if any at all, than at the time when his notes where still at par in general local circulation. The discounted notes would rapidly stream back to him and thus disappear from circulation and thus their discount would also disappear. If the issuer could not restock his goods overnight, then he might have to promise his note holders to accept their notes at more than 100% for the trouble he has caused them, as soon as he has restocked. Anyhow, his new issues would, at least for a while, have only a lower acceptance or circulation. - J. Z., 24.3.97, 30.8.02, 19.2.11. - Clearing and note exchanges would fast reveal any over-issues and prevent further ones. - J.Z., 6.8.11. - LIMITS FOR ISSUES, MARKET RATING, REFLUX FOUNDATION, READINESS TO ACCEPT FOUNDATION, REFUSALS TO ACCEPT FLAWED CURRENCIES, SHOP FOUNDATION, MARKET RATING & DISCOUNTING OF CURRENCIES, PUBLICITY, CLEARING, NOTE EXCHANGES

QUANTITY THEORY: An inflation is always expressed in an increase of the general price level. When the price level remains unchanged, then no inflation has taken place." - Popular opinion. - We do often have no kinetic but merely a latent or potential inflationary power, e.g. in hoarded money or demand deposits - that can legally be transformed into ready cash - legal tender. Sooner or later these notes will get into circulation and increase prices correspondingly but only if they are monopoly money notes with legal tender power. Otherwise, against any sound value standard, in which goods prices, wages etc. are expressed, they will become discounted. Among the vast hoards of U.S. dollars, not appearing on the goods and service market of the U.S., are the amounts of U.S. dollars hoarded as reserves by foreign central banks and the emergency or alternative currency amounts that are used, or stored, mainly by the underground economy, in the rest of the world. There are also huge cash amounts used e.g. in the drug trade. Imagine that the rest of the world would suddenly introduce or permit sound currencies and that the war against drugs, which actually promotes the drug business by making it very profitable to the top men and allows them to bribe their ways through many bureaucratic, policing, custom duty, parliamentary and juridical barriers, in all too many cases, would suddenly come to an end. Furthermore, foreign central banks and others might discover that they do not need U.S. dollars as a reserve or cover or convertibility fund for their own issues. Then enormous stocks of U.S. dollar notes would flood back to the U.S. market for US consumer goods and services and labour, etc., and, being there still monopoly money with legal tender power, they would lead to a corresponding depreciation of these notes for their cover, that with consumer goods, labor and services, would not be correspondingly increased, nor would taxes be likely to be as much increased to cope with this increased reflux of these dollar notes to the U.S.A. (Tax foundation.) Only in the U.S.A. would they still have legal tender power and thus U.S.A. prices, wages and services would be markedly increased by this flood of notes coming "home". - Moreover, the general trend of the technical, scientific and management production progress is to reduce the prices of goods. To the extent that a central bank would issue additional forced currency, preventing this natural lowering of prices, currency would also be inflated. - J. Z., 24.3.97, 19.2.11. - DIS., INFLATION, VOLUME OF CIRCULATING MEDIA

QUANTITY THEORY: But if the standard of value remains constant and the basis of value is sufficient (*), I fail to see how the volume of money can affect its purchasing power.” - Tandy, Voluntary Socialism, p.101. - (*) I. e., as long as the exchange media are free market rated and at par with their value standard, the same standard in which the prices of goods and services are marked out. - Some over-issues might occur, in spite of all limiting forces and interests in a monetary freedom situation. But then only these particular issues would become somewhat depreciated in their purchasing power or suffer a discount against their value standard. They would be either refused in consequence, in general circulation, or accepted only at a discount, which means, they could not drive up prices or wages expressed in sound value units. They could only drive down their own purchasing power. - J.Z., 2.7.91 & 12.4.97. - The larger their discount, the faster they would stream back from its remaining debtors to the issuing centre. To the extent that this reflux would still be possible, they would disappear from circulation and the discount would be reduced. If no further shop or debt foundation would remain (i.e., all the shelves of the issuer would be empty and could not be re-stocked overnight), then they would have only debt foundation in the liquidation process of that enterprise, against whatever real values it would still possess. - J.Z., 5.9.02. - If the discounted notes still have "shop foundation", then the issuer would be wise to at least temporarily reduce his prices to sales prices, so that the discounted notes would stream back to him much faster. He could also do this by accepting his own notes not only at 100%, which he should anyhow do, morally, legally and juridically, but e.g. at 110%. - J.Z., 19.2.11.

QUANTITY THEORY: Clearing transactions, which are simply canceling mutual debts and use a sound value standard for these debts, are, obviously, not inflationary. They are, rather, the equivalent to barter transactions but can be multilateral and much easier if they are well organized. The Quantity Theory does thus not apply to them. Likewise, it does not apply to privately and competitively issued notes, also using a sound value standard, that are, essentially, merely clearing certificates. – J.Z., 11.4.10. - Only fiat money, or forced currency, which is monopolistic, whose acceptance is compulsory and whose fictitious value is legally enforced, breaks through the natural quantity limits set for any currencies based upon clearing (that exists for any optional, refusable and market rated notes, based upon goods and service exchanges). (Ultimately, up to the point or close to the time when its printing and paper costs more than its purchasing power.) The forced and exclusive currency can thus force up the prices of goods and services in an inflationary way. By its very nature it must be taken, at a fictitious value and there is therefore no inherent limit to its over-issue. Only its monopoly and legal tender power enables it to prevent or drive out better monies, in accordance with the popular version of Gresham’s Law. Without a monopoly and Legal Tender the bad money is driven out by good monies. – J.Z., 22.9.10. – GRESHAM’S LAW, INFLATION, LEGAL TENDER, CLEARING & CLEARING CERTIFICATES, MONOPOLY MONEY, FIAT MONEY

QUANTITY THEORY: It applies only to legal tender monopoly money. Other, optional and market rated monies, do not interfere with sound alternative value standards and sound pricing in them, nor with competing currencies, which would drive out unsound ones. The more a currency would be multiplied beyond its par value issues - if that could be done under these conditions at all and if the issuers still had a vested interest in trying to do so - the more would it be discounted, the more widely would it be refused altogether, until it is finally rejected by all. No one would be forced to accept a depreciated currency or use its "standard" in his contracts. For our purposes we can discount the few fools that can be found everywhere and at all times. Prices, wages, rents, etc., that are expressed in sound value standards would remain unaffected under this condition, i.e., would not fulfil the promises, fears or predictions of the Quantity Theory. - J. Z., 13.1.94, 1.5.97. - FREE MARKET RATING FOR CURRENCIES & FULL PUBLICITY VS. LEGAL TENDER & MONOPOLY MONIES.

QUANTITY THEORY: It is impossible for a country ever to have too much money." - Widespread opinion. - True for well-founded money, soundly issued and with a sound reflux, under competitive conditions, optional and market rated. But it is wrong for forced and exclusive currency. (Under the note issue monopoly and also under rare metal currency that is exclusive, in form of coins and 100% covered and redeemable banknotes, we will also often have all too little of this kind of money - with regard to its possible and desired free exchanges. Under this conditions the sales of consumer goods and services, as well as labour, will often be greatly reduced, become difficult to impossible, except at emergency sales prices and corresponding losses. The full potential of economic production and exchanges, made possible by science and technology, including transport facilities, communication avenues and modern trading practices, can then not be achieved. Instead, we get prolonged crises and depressions, with huge unemployment and underemployment, a slow or a negative growth rate, a low standard of living, a part-reversal to primitive barter and political conditions in which potential dictators and tyrants thrive. - J.Z., 6.8.11. ) Without legal tender the mere multiplication of a currency can at most drive up the prices that are expressed in its paper standard. But when and wherever prices (incl. wages) can be freely expressed in a sound and self-chosen value standard, then not all the prices go up proportional to that multiplication but, rather, the inflated currency goes down, measured against any of the sound value standards. Reckoned in them the prices etc. would remain the same, if expressed in any sound and competing currencies. Only if expressed or reckoned in a depreciated currency would they go up. Moreover, when there are competing currencies and the depreciation is considerable and persists, then more and more people will altogether refuse this flawed currency, which means, in effect, that the good money will drive out the bad and to that extent the quantity theory will simply not apply. The market will only accept and retain the currency that it considers to be good enough and that it needs for its transactions. More cannot be pushed into circulation without legal tender and the issue monopoly. The quantity theory applies only to forced and exclusive currency, not to the money of monetary freedom. It also does not take sufficient account of the number of transactions that can be conducted without cash - when and to the extent that creditors do not insist upon being paid in cash. Via free clearing more and more goods and services can be exchanged for each other, so that nominally more and more clearing actions or cleared debt amounts exist, without any exchange medium or any value standard being thereby depreciated. - J. Z., 24.3.97 & 30.8.02, 19.2.11, 6.8.11. – DIS., GRESHAM'S LAW, FREE BANKING, FREE MARKET MONIES, FREE MARKET RATING & DISCOUNTING, COMBINED WITH OUTRIGHT REFUSALS OF UNSOUND CURRENCIES VS. LEGAL TENDER & MONOPOLY MONEY

QUANTITY THEORY: It is the quantity of money, not interest rate policy or controls over particular forms of lending, that is the centre-piece of monetary policy.” – Morgan E. Victor, Monetary Policy for Stable Growth, 1964. - Alas, he, too, did not distinguish between legal tender monopoly money and free market rated competitive monies. – The latter, by using sound value standards, do not and cannot monetarily affect the general price and wage level, expressed also in sound value standards. – Apparently, this writer did also take monetary despotism for granted. – And such people think themselves to be economists! - J.Z., 29.4.08. – MONEY, MONETARY DESPOTISM - According to my spelling program this should have been: "lending, which". - J.Z.

QUANTITY THEORY: One of life’s first lessons is that if you manipulate the supply of something people want, then ceteris paribus there will be a corresponding variation in what people will volunteer in exchange for it.” – L. Chipman, QUADRANT, 4/76. – MONOPOLIES, PRICE CONTROL, LEGAL TENDER, PAPER MONEY, SUPPLY & DEMAND.

QUANTITY THEORY: Suppose one said that the more yards put on the market, the shorter each yard would be. That would be 'textile inflation'. Now, really!!???” - Don Werkheiser to Tom Greco, 9.3.84, p.1. - & VALUE STANDARD, INFLATION

QUANTITY THEORY: The quantity of any kind of cash currency in existence, legally or illegally, becomes significant only artificially, and customarily, not inherently, and economically, especially when it is subject to an issue monopoly, when it is considered to be a necessary reserve and redemption fund for any note, ticket and clearing certificate serving as money, for any non-cash account, for any claim of a creditor against a debtor, with every debtor thought to be under obligation to supply that cash, whenever payment or settlement is due and whenever it is, then and there, demanded in form of cash, instead of the debtor being merely obliged and entitled to settle in a non-cash way, by any form of clearing that is acceptable to both creditor and debtor. When custom, habit, constitution, law, jurisdiction, bankruptcy procedures and bank failure notions do insist upon or allow such a demand for an unjustified and unnecessary "backing" for the vastly larger non-cash and clearing transactions, even for the short term and self-liquidating credit transactions, involved e.g. in turnover credits for already produced and sold (to wholesalers) goods (the Real Bills Doctrine, which, essentially, demands only sound commercial bills as backing for banknotes issued in discounting such bills, not gold or silver coins, which would serve only as value standards) then, indeed, the slightest trouble or irregularity can set off an avalanche or chain reaction, in which a small cash shortage somewhere, of someone, can "explode" into requiring more and more cash payments in other transactions that were formerly and customarily settled with non-cash payments and by multilateral and anonymous clearing. They would, then and there tend to become payable only in cash, instead of the usual non cash transactions. The demand for cash, beyond the usual cash transactions would thus, suddenly, become very much increased, just when cash is already somewhat short, and this at an accelerating rate, while the supply of cash, especially under a currency issue monopoly (or coinage monopoly, in previous generations), does not or is not correspondingly increased or not fast enough. There is then a great discrepancy between the available cash (under any monopoly issue system for it) and the vast number of non-cash transactions and clearing transactions built up and made possible beyond that limited quantity of cash, normally non-cash transactions but which, unfortunately or carelessly, formally still redeemable, upon demand, in the limited quantity of cash that is available. Moreover, that limited amount of cash, when any shortage of cash is already felt, tends to become largely hoarded, as much as possible, by those, who have it. Thus this formal right to demand cash, instead of a non-cash payment or clearing, may suddenly increase very much, while the cash supply is not correspondingly or fast enough increased. In this way inherent instability is established and leads all too often and rather suddenly to the inability of many to pay cash, when cash demands suddenly increase, somewhere, between some people. (Today this could, possibly happen as a result of some additional drug deals or tax evasion cash deals.) For each amount of cash mobilised to settle the additional cash demand, from the existing total but presently limited quantity, a much larger total of non-cash transactions becomes then impossible or is not renewed and for these transactions cash is now also in demand but insufficiently supplied (under monetary despotism with its issue monopoly). That leads to further collapses of the non-cash transactions. Everyone in such a situation, who still has or gets some cash and who would, otherwise, readily pass it on, does then rather hold on to it and increases his cash demands in settlements, too, to increase his cash hoard. - Our present system is not adapted to suddenly and correspondingly increase the cash supply, but rather causes and increases the demand for it in crisis times. If a central bank were, for instance, to produce additional legal tender notes, then, during the crisis, they, too, would tend to become to a large extent hoarded, i.e. they would not be fully available for immediate turnovers and get business and employment going again. Moreover, these additional notes would remain in circulation even after the cash shortage crisis had disappeared, and would thus lead to a corresponding inflation. Legal tender notes are not sufficiently self-liquidating beyond their tax foundation. The issue monopoly and their legal tender power can push notes into circulation but do not automatically and soon withdraw them again, in sufficient payments due to the issuer, unless the government were to increase taxes accordingly. That is no always an option in politics or one that is realized, usually, if at all, only too slowly. It is rarely politically opportune or is not done fast enough and extensively enough to counterbalance any additional legal tender issue, if experience is any guide. During such sudden monetary famines (one was sensibly described by John DeWitt Warner in his "The Currency Famine of 1893", reproduced in my PEACE PLANS series), people are either free to issue and to clear their debts with their own clearing certificates or notes and make use of this opportunity or they are not free to do so and do not know how to break this kind of prohibition or do not dare to do so. Currency famines can arise only under the issue monopoly and when of creditors have the formal right to demand cash, by law, jurisdiction, custom, habits, false economic teachings and practices. Whenever the issue of notes, coins and clearing certificates is not free or this option is not sufficiently known or realized. To the extent that people are free to clear or issue their own exchange media and know how to do so, they do become independent of the quantity of cash provided by a single issuer, who might under-issue or over-issue them. To the extent that they are free to provide alternative forms of private cash, with sound value standards, they do become monetarily independent of the supply of governmental cash from some government centre, more or less bureaucratically and thus inefficiently run. To the extent that creditors are not granted the right to demand cash, under all circumstances, regardless of its availability, cash shortages do not matter. Clearing and non-cash transactions can then go on undisturbed and even expand as required. One is then even likely to think of further improvements upon the current clearing technique, as happened e.g. in the repeated and sudden private issues of "clearing house certificates" during past cash famines. - Whenever debtors find it difficult to raise official cash but are still ready to supply their goods and services, to clear their debts, e.g. with their own goods warrants or service vouchers, in money denominations, which use a sound value standard, then they should become free to do so. The panicky demands of creditors for cash will also tend to disappear, when they, in their turn as debtors, do also become free to use clearing or self-issued notes instead of having to supply conventional cash that is still scarce, at least temporarily. Thus the legal and juridical entitlement or the commercial custom or fall-back option, to demand any exclusive currency, gold coins or legal tender paper money, in quantities which were or are not or not fast enough supplied by the monetary authorities, should be abolished, as long as the monetary authority (central banking system) is still allowed to exist, whenever its exclusive exchange media are not readily available to the otherwise sound debtors. A risky dealings in futures is involved, in this expectation or demand, which everyone thought could be readily settled with the as yet "un-grown" or "uncaught" or "un-produced" or insufficiently supplied cash. Even millionaires found it, sometimes, difficult just to pay for a cup of coffee - in cash. Precisely when a bit more cash is asked for, it is, presently, not made freely available, competitively, but it leads, instead, to more and more cash demands and thus to the at least temporary collapse of the non-cash-payment and clearing sphere, precisely because it is wrongly based on the supposed right of creditors to demand cash. By all means, let individual debtors and creditors go bankrupt when they individually contracted to engage in such risky future dealings, without insisting upon e.g. withdrawal premiums or a clearing option. However, do allow the general market to emancipate itself from such requirements, by freeing up the issue and the clearing option in all cases. Allow private people to competitively produce alternative "cash" tokens or cash substitutes, which are at least as useful but less risky than government-provided and monopolized cash tokens with legal tender power are, inevitably. They are safer e.g. through their competitive production, voluntary acceptance or refusals, their free market rating, alternative and agreed-upon value standard reckoning, elasticity of their supply and through their prearranged and sufficient reflux channels and obligations, local availability or supply option whenever needed, in the quantities needed. In other words, by their inherently close ties to the values of the consumer goods and services, which the issuers offer for sale, and which these cash tokens entitle the holders to purchase them with. In short, allow alternative clearing and alternative cash settlements. Do not grant any exchange medium or value standard an exclusive and general monopoly in any country. Monetary freedom in every respect is required - instead of monetary despotism of any kind. - If you can manage to express these considerations in one or a few clear sentences, PLEASE, do so! My verbal "inflation" is, probably, too much for most of my potential readers. It is so much easier to think only in terms of an exclusive exchange medium and value standard, as the forced and exclusive currency fanatics are inclined to do do, including the "gold bugs". One can be in favour of rare metal weight units as optional value standards while, at the same time, rejecting them as EXCLUSIVE exchange media. Most "gold bugs" or 100% cover and redemption advocates seem to be still blind towards that alternative. - J.Z., 3/97, 19.2.11, 6.8.11. - CASH & CREDIT & CLEARING & THE CREDITOR'S LEGAL & JURIDICAL AUTHORITY TO DEMAND CASH & CASH CRISES OR CURRENCY FAMINES

QUANTITY THEORY: The quantity of money depends on the rise of prices.” - Tooke, Thomas, An Inquiry into the Currency Principle, p.67. - Provided alternative sound exchange media, clearing options and value standards can be freely supplied and also consumer goods and services, as well as more ready and willing labour, then price rises are one factor leading, temporarily, to a need for a larger supply of exchange media. Whenever production and turnovers do also increase, at previous or increased prices, then more exchange media are required and, under monetary freedom, they could then become freely issued, best by the producers and traders of the increased goods and service offers. - When the money issue is monopolised instead, then the money supply will only rarely and temporarily adapt to variations in prices, wages etc. and the volume of trade. The existence of monetary freedoms should never be presumed, as Say seems to have done, with his "law, that goods and services would produce their own purchasing power." (As if in all countries the producers and traders of consumer goods and services were already free to offer them in their kind of ticket money, transport tickets, shop currencies, goods warrants and service vouchers in money denominations or via their own clearing certificates or clearing accounts.) Rare metal coins or reemable certified claims to them and other exclusive and forced currencies are not always made readily available, in the required quantities, to mediate the exchange of all goods and services at market prices. Only the providers of goods and services themselves can supply the right quantity of sound exchange media to enable consumers to purchase all their goods and services. They provide the main and real cover, redemption, guaranty and reflux option for their competing monies (shop-currencies, with shop-foundation) with their goods and services - in the various assortments of them, which individual consumers want and need and for which they are willing to give their goods, services and labour in return, when mediated by that kind of competitively supplied sound alternative local currencies. Compare SAY'S LAW in the amended version: Under monetary freedom, the suppliers of goods and services can themselves supply and circulate sufficient sound vouchers, goods and service certificates or "ticket money, in convenient monetary denominations," and using the same sound and optional value standards that they use in pricing out what they have to offer, to sell all of the ready for sale goods, services and labour for these vouchers, warrants or notes, assuming that there is still unsatisfied demand for their goods and services. (That can be assumed in a world in which all too many able and willing to work productively, are still unemployed, under-employed and without some basic consumer goods and services that are, in the somewhat developed countries, already taken for granted. A general and world-wide over-production has never existed. A plentiful harvest that cannot be sold fresh, immediately or soon, locally, can, under modern conditions, be conserved for later sales also in other countries.) Without monetary and financial freedom the division of labour and free exchange or laissez faire and the market economy, free enterprise capitalism and free trade and free competition are not free and complete enough. - The supply of gold and silver and of gold and silver coins does certainly not rise with the supply of other consumer goods and services, mass produced and multiplied - especially since the industrial revolution and great increase of the population and of the requirement for sound exchange media for these greatly increased outputs and turnovers. - But alternative sound exchange media and clearing options and sound value standards, both competitively supplied and used, can cope with these changes. - Even with modern technology the production of gold and silver could not keep pace with the increase of the total output of all kinds of consumer goods and services (at least not since the beginning of the Industrial Revolution, which is still going on!) and the needs for them by a greatly increased population able and willing to produce, exchange and consume, between them, under conditions of free enterprise, division of labour and free exchange, the goods and services they need or want. - All the gold and silver produced and accumulated over man's history are quite insufficient for that purpose. As exclusive exchange media they do create a wrongful bottleneck and deflationary conditions. Used only as optional but not exclusive value standards, they can rightfully mediate any volume of exchanges. - J.Z., 24.6.85, 9.5.97, 19.2.11, .6.8.11. - PRICE RISES, DIS., SOUND VALUE STANDARD RECKONING COMBINED WITH FREEDOM TO ISSUE EXCHANGE MEDIA & PROVIDE CLEARING FACILITIES.

QUANTITY THEORY: The quantity of money depends on the rise of prices.” - Tooke, Thomas, An Inquiry into the Currency Principle, p.67. - Provided alternative sound monies can be freely supplied then price rises are one factor leading, temporarily, to a need for a larger supply of exchange media. If, instead, or at the same time, turnovers - at previous or increased prices, do also increase, then still more exchange media are required and, under monetary freedom, they could then be issued by the producers and traders of the increased goods and service offers. - When money issue is monopolised then the money supply will only rarely and temporarily adapt to variations in prices, wages etc. and the volume of trade. The existence of monetary freedoms should never be presumed, as Say seems to have done, with his law, that goods and services would produce their own purchasing power. Rare metal coins or certificates and exclusive and forced currencies are not always made readily available to mediate the exchange of all goods and services at market prices. Only the providers of goods and services can supply the right quantity of sound exchange media to enable consumers to purchase all their goods and services. They provide the cover and reflux option for their competing monies - with their goods and services - in the various assortments of them, which individual consumers want and need and for which they are willing to give their goods, services and labour in return, mediated by that kind of competitive money. Compare SAY'S LAW in the amended version: Under monetary freedom, the suppliers of goods and services can themselves supply and circulate sufficient sound vouchers, goods and service certificates or "ticket money, in convenient monetary denominations," and using the same sound and optional value standards that they use in pricing out what they have to offer, to sell all of the ready for sale goods, services and labour for these vouchers, warrants or notes, assuming that there is still unsatisfied demand for their goods and services. (That can be assumed in a world in which all too many able and willing to work productively, are still unemployed, under-employed and without some basic consumer goods and services that are, in the somewhat developed countries, already taken for granted. A general and world-wide over-production has never existed. A plentiful harvest that cannot be sold fresh, immediately or soon, can, under modern conditions, be conserved for later sales also in other countries.) Without monetary and financial freedom the division of labour and free exchange or laissez faire and the market economy, free enterprise capitalism and free trade and free competition are not free and complete enough. - The supply of gold and silver and of gold and silver coins does certainly not rise with the supply of other consumer goods and services, mass produced and multiplied especially since the industrial revolution and great increase of the population and of the requirement for sound exchange media for these greatly increased outputs and turnovers. - But alternative sound exchange media and clearing options and sound value standards, both competitively supplied and used, can cope with these changes. - J.Z., 24.6.85, 9.5.97, 19.2.11. - PRICE RISES, DIS.

QUANTITY THEORY: The quantity theory applies only to legal tender money. Money subject to a free market rate and voluntary acceptance or refusal can be depreciated by over issues but cannot drive up all prices freely expressed in sound value standards. – J.Z., 31.5 76. – LEGAL TENDER, MONEY, MARKET RATING OF MONEY

QUANTITY THEORY: The Quantity Theory does not apply to all kinds of monies: 1.) It does not apply to prices expressed in stable value units while some exclusive currency is over-issued and thus depreciated. 2.) It does apply to the depreciation of the over-issued currency - until it is finally totally refused or recalled. 3.) It does not apply to any freely competing and not over-issued currency that does use a sound value standard rather than e.g. the paper standard of the depreciated government currency. 4.) It never applies to clearing transactions that are using sound value standards. Clearing itself, by its very nature, does not have any physical "quantity", anyhow, no matter what is the number, volume or the value of such transactions. They are all merely exchanges of goods, services and labour, facilitated by clearing, using a sound value standard. When more is thus exchanged and the exchange values are cleared then the value of the clearing option or its value standard is not depreciated thereby. A sound value standard adopted for all clearing exchanges is not depreciated or appreciated by increasing or reducing the number of transactions that use it. - J. Z., 4.10.91. 27.4.97, 19.2.11. - CIRCULATION OF MONEY & PRICE LEVEL, LEGAL TENDER, MONOPOLY MONEY & MONETARY FREEDOM, CLEARING

QUANTITY THEORY: The Quantity Theory does sometimes apply and sometimes not - to free market rated money: 1.) It does not apply in case of a temporary over-issue of a competitively issued, market rated and refusable exchange medium, while prices remain expressed in stable value units and competing parallel currencies remain unchanged. It would then merely mean that this particular exchange medium would, temporarily, be somewhat depreciated. Other exchange media would not be, thereby, nor would the prices, expressed in sound value standards be changed, even though more would have to be paid for the SAME prices in the depreciated exchange medium. The prices of this issuer and the general price level would not be inflated. That exchange medium would be depreciated only in general local circulation, not in payment to its issuer. - 2.) However, the Quantity Theory does apply to an over-issued exchange medium that is an exclusive currency with legal tender power (Compulsory acceptance at a forced value.) It would be depreciated when issued beyond its reflux foundation as tax foundation money and its cover by goods, services and labor of those forced to accept it at par with its nominal value. Then it can be over-issued and thus increase, nominally, all prices, wages and service charges, for such increases are then the only way in which its depreciation can be taken into consideration, since it cannot be refused or discounted against a sound value standard. - 3.) The Quantity Theory does not apply at all to all competing, optional and soundly issued private currencies, with a sound reflux or demand or debt foundation arrangement for them (which assures their clearing nature). The more of these media would be issued, used and returned to the issuer, the more goods, services and labour hours would be turned over. The exchange media, clearing certificates and their value standards would not be depreciated thereby. The exchange media and exchanges might double but the prices would remain the same - unless there would appear some change on the goods side or in the subjective appreciation of certain goods, e.g. fashionable articles, design differences, innovations, new production processes etc. However, the tendency of all these alternative and additional means of payment would be rather to decrease than to increase the prices of all standard goods and services - even while those for luxury goods and services might go up. For then all of the usual consumer goods and services could be sold much easier, with less advertising costs, sufficient exchange media being competitively supplied for all of them. All goods, could then be easily sold No more bankruptcy forced sales or emergency sales prices. As for services and labor prices, they might rise from emergency sales price for them to normal market prices for them. Unemployment, underemployment and correspondingly depressed wages would come to an end. Only to that extent would prices and wages go up, to their normal free market level. At the same time, more people becoming involved in production and the output becoming thus increased, and sales of he previous output and of the new production being assured, prices of consumer goods would tend to go down. - 4.) The Quantity Theory does not apply at all to clearing transactions that use a sound value standard. If physically possible, and this were wanted by the participants, 10 times or 1000 times as much could be turned over tomorrow, in goods, services and labour, without the value standard being depreciated or the increase in the quantity of clearing certificates used (in as enormously increased exchange volumes) reducing the value of these clearing certificates at all. - J.Z., 26.4.97, 19.2.11.

QUANTITY THEORY: When estimating the danger of inflation, one need not include the daily due deposits and the hoarded amounts of cash. - Pop opinion. - The contrary is true. Any expectation of rapid price rises will bring many of them out and lead to an acceleration of inflationary price rises. But it does not make sense to include deposits that become due only in the medium or long term future in the estimate of currency amounts that are needed and effective now for the settlement of current or near future debts, most of all for daily wanted consumer goods, services and labour. If all debts falling due in the medium of long term future were to be monetized now, by their creditors, then there would not be sufficient goods, services and labour cover for them now. The covers, for these securities will become available only day by day and year by year in the future. Future values can be "coined" into ready cash or current accounts only on a very limited basis, without causing depreciation: as a rule only values that will become available within the next 3 months. And this cover will function only as long as enough suppliers of daily wanted goods and services will already now accept such certificates like ready cash. This is quite common in retail trade, where much is sold on short term credit, often without interest charges or even deposits. The short term IOU of good customers is considered almost as good as cash. Their promise to pay only in 3 or even 30 years is not as readily acceptable purchasing power for the recipient, it is not currency. Such capital certificates or other debts must be paid and repaid in currency which has current shop foundation and made is made available for the lending terms agreed upon. In currency questions, too, the time factor should never be ignored. In practice, sellers and buyers do not, as a rule. - J. Z., n.d. & 5.4.97. - SHORT TERM DEPOSITS & HOARDING

QUESTIA.COM: In a Free Market, Money Doesn't Grow on Trees: Supporters of Big ... - - In a Free Market, Money Doesn't Grow on Trees: Supporters of Big Government Have Been Blaming the Current Economic Crisis on the Free Market.

QUESTION REGARDING THE CLASSICAL GOLD STANDARD: Why should bread and butter exchanges be tied to the possession of gold? – J.Z., 11.10.04. – Why should the total quantity of millions of different commodities, services and labors, which people want to exchange among themselves, be limited by the number of exchange media or clearing certificates that can be fully covered with and redeemed in a single commodity, like gold? – J.Z., 22.10.07. If gold is the most stable or least unstable value standard then its value per weight unit on a free gold market should be a good enough value standard for the purpose of gold value pricing, reckoning and accounting, without most of the traders and consumers possessing any gold coins or promising to deliver them. As an exclusive means of payment gold coins are among the least suitable ones because of the scarcity of gold. Gold weight values can be paid or cleared in any other means of payment which the traders find acceptable. – J.Z., 27.3.09. - QUESTIONS TO BUG GOLD BUGS WITH.

QUESTIONS ON WAR: Could modern wars and arms races be conducted without compulsory taxation, forced loans and inflations, with the latter made possible only by the monopoly money of central banks and their forced currency (compulsory acceptance and forced value), i.e., by financial and monetary despotism? – J.Z., 29. 6. 2003.

QUINN, JAMES, THE FEDERAL RESERVE MUST DIE - August 25, 2009. - "Ron Paul’s scathing assessment of the Federal Reserve’s primary role in creating the financial crisis and his raking of Chairman Bernanke over the coals is so accurate, truthful and sane that it should blow your mind. Mr. Bernanke must have felt like his head was spinning like a top while Ron Paul gave him a tutorial in basic economics. Mr. Paul’s noble efforts to Audit the Fed (HR 1207) and eventually to rid the country of its insidious control over our lives will bring the pillars of the Federal Reserve building crashing down upon Mr. Bernanke in his mahogany panelled, gold plated boardroom with ornate chandeliers." - Roy Halliday - Leave it for its voluntary victims! - J.Z., 9.8.11.

QUOTAS: would it not be just if, after a hard day’s ill-paid work, you could exchange the little you had received for the greatest amount of satisfaction that you could obtain from any man on the face of the earth?” – Bastiat, in G. C. Roche III, Frederic Bastiat, A Man Alone, p.113. – One might add: Why should it have to be badly paid, in governmental monopoly money, when under freedom it could well repay its efforts – in an optional, market rated, competing and thus sound and sufficient currency, one that would promote rather than restrict free exchanges? – J.Z., 30.4.08. - PROTECTIONISM, IMPORT RESTRICTIONS, FOREIGN EXCHANGE CONTROLS, FREE TRADE, FREE EXCHANGE, FREELY FLOATING EXCHANGE RATES, MONETARY FREEDOM, JUSTICE, PRICE CONTROLS, Q.




RACISM: Black leaders and white liberals have kept black Americans so focused on superficial indications of racism, that we overlook the most pernicious and ruinous use of race, that is, as an economic weapon – not just to deter one's employment in companies created by others, but to hamper the ability to create employment for oneself.” - Elizabeth Wright, ISIL LIBERTY QUOTE LIBRARY 03. – Under full employment and relatively easy sales for goods and services, achievable by full monetary and financial freedom, and in the absence of minimum wage laws and compulsory unionism and licensing, then, in most cases, racism would be greatly reduced. – J.Z. 10.1.08. - & FEAR OF COMPETITION UNDER CONDITIONS OF MONETARY DESPOTISM

RACISM: The most efficient action, at least in the long run, that one could undertake, in my opinion, to reduce racism and opposition to more “ethnic’ immigrants, legal and illegal ones, and hatred against “foreign” competitors, based of fear of international competition for one’s sales efforts, would probably consist in doing away with involuntary unemployment and sales difficulties by abolishing monetary and financial despotism and replacing them by full monetary and financial freedom. – J.Z., 1.12.92. – Both could be introduced with the least friction by allowing them to be practised at first only among volunteers for these liberties. – Under panarchism that would happen automatically. - J.Z., 12.5.08.

RACISM: Those, who do not know how to get rid of unemployment and do not care to learn to know about it, tend to become racists – or condemn racists – rather than exploring the main cause of racism. Under full employment we would tend to welcome members of all races, working and exchanging with us and thus achieving a greater common prosperity. – J.Z., 2.11.96, 10.5.08. – However, that would require, primarily, the abolition of monetary and financial despotism and its replacement by full monetary and financial freedom. Unfortunately, so far, not enough people of any race are sufficient interested in and informed on that solution. - J.Z., 19.2.11. - UNEMPLOYMENT

RADIC, RANDY, The Case Against the Fed - A book review only of Rothbard's title. May 19, 2010. "Rothbard points out that historically, there “have been two kinds of legalized counterfeiting.” The first is government printed paper money. The second is “fractional-reserve banking.” And Rothbard’s explanation of fractional-reserve banking is one of the best around. For it is simple and clear, eschewing technical jargon and convoluted models." - Roy Halliday

RADIO FREE MARKET: Radio Free Market - - Cached - The Myth of the Free Market - Money, Interest and Power! Order: Reorder; Duration: 16:48; Published: 13 Jan 2010; Uploaded: 29 Apr 2011; Author: stefbot ... - Myth right now, but desirable future reality. - Territorial powers are the main enemy of free markets, their institutions and relationships. Only genuine self-defence powers, institutions, liberties and rights are needed to uphold free market relationships among those, who prefer them, via competitive protective private and cooperative agencies - against all official and private criminals and aggressors. - I leave it to others to check out this site. - J.Z., 9.8.11. - MILITIA, HUMAN RIGHTS, DEFENCE, PROTECTION

RAMSEY, BRUCE, The Liberty Dollar: An Update - March 21, 2011. - "The Liberty Dollar was a political act, a statement by a libertarian that he would offer the people a currency of valuable metal, now that the Treasury no longer did. Von NotHaus said as much, and he ambitiously named his company the National Organization for the Repeal of the Federal Reserve and Internal Revenue Code. He did this openly. An act of civil disobedience? Yes. But a conspiracy? My dictionary defines conspiracy as “a secret plan to commit a crime or do harm, often for political ends.” There was nothing secret about the Liberty Dollar. Von NotHaus took as much publicity as he could get." - Roy Halliday, in section on Coinage.

RAW MATERIALS ECON.COM/ECONOMICS: 5 Steps To Economic Freedom | Raw Materials Econ download! - Cached - 17 Mar 2010 – It was precisely this free market money competition that prevented individual banks from going too far with fractional reserve lending and ... - Soundly issue monies, i.e., with a sound issue and readiness-to accept foundation, establishing a short-term reflux as their foundation, and also a sufficient short-term debt-foundation, for, especially, short-term turnover loans on the RBD, without the rare metal redemption hang-ups, but using a sound value standard, combined with a large enough "readiness to accept foundation", offering "redemption" in wanted or needed consumer goods and services, do neither need a 100% nor any fractional "reserve" metallic reserve nor a guaranty fund, least of all one of governmental or private capital certificates. What they do need, like any household or firm, is some cash holding or a credit card or a current account facility, apart from a sound enough and self-chosen value standard, i.e., freedom from monetary despotism. - J.Z., 27.7.11, 9.8.11. - FRACTIONAL RESERVE BANKING

READINESS TO ACCEPT FOUNDATION: Readiness to work productively and to supply wanted consumer goods and services can serve for the issue of effectively cleared IOUs or clearing certificates or shop foundation currencies, redeemable only in the work willingness and capacity, goods and services thus offered for sale and can help to assure their sales by their reflux through an effective clearing system. The issue of such payment means and their reflux to the issuer can also be done entirely digitally. Only wrongful laws and popular errors and prejudices are obstacles to such a monetary and clearing liberation. For the spread and success of such practices nothing but freedom to experiments among volunteers is required and the initiative to take up such options. Naturally, the participants should become free to choose their value standard for their pricing and to combine to make their issues or clearing method more widely acceptable, at least locally. For this it would help if a start is made by local chain stores, department stores or large supermarkets or an association of local retail stores in a sufficient assortment. The issue association would discount the IOUs of its members with its more widely acceptable notes, clearing certificates or account credits. Free market rating of all such exchange media, clearing certificates, IOUs or accounts in general circulation would be essential. They would be legal tender (compulsory acceptance and a forced nominal value) only towards their issuers and, by contract, towards the debtors of the issuers, who could pay their debts with them at part to the issuing centre. Initially, perhaps, no more of such exchange media, clearing certificates or account credits should be issued than corresponds to a normal turnover of those involved, while monetary despotism still worked somewhat normally for most. But in the long run the first discount of such notes or account credits in the local general market would be the signal to temporarily stop further issues. These issues should only be in form of short term credits, mainly for the payment of the own wage and salary bills and that of other employers, for the payment of one’s own living expenses or current production expenses and, by arrangement with government authorities, also for the payment of all taxes and then, with them, for the payment of local government pensions and social services – unless the government issues already enough of its own tax foundation money for this purpose – with its kind of “readiness to accept” foundation, enforced by compulsory taxation, while it is tolerated. (While governments are not yet replaced by communities or societies of volunteers, who would all have their own kind of voluntary taxation or contribution or insurance schemes and could have their own money- issues or clearing methods for them.) Overall, all these exchange media, clearing certificates, IOUs, shop currencies, service and goods vouchers etc. would serve to clear the ready for sale supply of wanted goods, services and labor against the supply of other wanted goods, services and labor, in an all-over society based upon the division of labor and free exchange, in a free market relationship, under free enterprise, free choice of jobs, free trade and freedom to communicate. Sufficient publicity over all such issues or credits and their reflux would be essential for the success of such monetary freedom and free banking and free clearing exchanges. The wide-spread computers and their programs could cope with a variety of exchange and clearing media and their value standards, just like they cope now with many credit cards. Future credit cards could come to show most of the near future payment obligations arising out of the issues of the card holder and also his near future and credit claims. Digital head snaps and fingerprints could easily and cheaply be taken to reduce or avoid identity frauds. In larger shops, with many cashiers, there could be at least one special cashier to accept other means of payment than the shop’s usual shop currency. Any shops readiness to accept alternative means of payment and clearing, their value standards and exchange rates should be prominently displayed. We can cope with a great variety of consumer goods and services. We can also cope with a considerable variety of exchange media, exchange methods and value standards, especially if it means steady sales for our labor, services and goods. It is a great wrong and mistake to entrust the provision of exchange media and value standards to a centralized bureaucratic machine. This has never worked well enough and, probably, never will. However, such addicts should have to bear the costs of their addiction until they make themselves monetarily independent from national central banks. – J.Z., 27.2.07, 2.10.10. - I still hold that the best writings on this subject are those of Ulrich von Beckerath, 1882-1969, who explored this option from ca. 1908 to his death. At least some of his writings are on - J.Z., 6.8.11. - SHOP CURRENCIES, SHOP FOUNDATION, GOODS-WARRANTS & SERVICE VOUCHERS IN MONEY DENOMINATIONS, PURCHASING CERTIFICATES, REFLUX

READY MONEY: A cutpurse is a sure trade, for he has ready money when his work is done.” – English proverb. – It should be the other way around. Money should be easier to earn than to steal or to rob. But to achieve that we have to advance from the exclusive money of monetary despotism to the competing, optional, market-rated and diverse monies of monetary freedom. Monopoly money has a much wider circulation sphere and longer circulation period and is thus much more attractive for thieves and robbers. – J.Z., 1.5.08. - CASH, MONETARY FREEDOM VS. MONETARY DESPOTISM

REAL BILLS DOCTRINE: RBD money, under the pure free banking principle, should be separately issued, by competing banks, not central banks, separately especially from all kinds of tax foundation monies and all kinds of land banks, trying to monetize mortgages, instead of issuing mortgage letters as capital securities and banks trying to monetize all other kinds of private capital certificates or even governmental debt certificates. For the latter there is just sound option, namely notes that anticipate the already due or soon due taxes. That kind of enforced demand for notes can give them a par value with a sound value standard. But they, too, must not be given the monopoly status for money in a currency and legal tender power, i.e. compulsory acceptance and a forced value. – “Critics” of the RBD, usually, have not made this distinction or have not distinguished between sound commercial bills or their modern equivalent and mere financial bills that use the legal bill format to raise some cash for themselves. – Ideally, the RBD banknote should have also a quite different appearance from the government’s tax foundation money and they should certainly use a better value standard than most of the present governmental tax foundation money has: a mere fictitious and manipulated paper “value standard”. – The sound and competitively issued RBD banknotes would only have to be accepted by their issuers at par and, by contract with these issuers, also by their debtors, to the extent that their debts are due or soon due. In general circulation they would be subject to free market rating, voluntary acceptance or refusals. Moreover, this whole discounting business of sound commercial bills should be subject to full publicity rather than any business secrets. – Banknotes or credit accounts so issued or granted, as well as tax foundation notes, are in reality mere clearing certificates or clearing accounts and as such, quite sound, under sound value standard reckoning. Such banknotes merely mediate sound daily turnovers of goods and labor. They also do represent goods already produced and sold – to the wholesalers, before they reach the retailers and are there sold to the customers – who would pay for them with such notes they earned through their labor, trade or profession or as business profits. – Tax foundation monies merely anticipate enforced tax payments. As such they do not need any metallic cover or other security or guaranty but just sound value standard reckoning. – Central banks should also not rediscount the real bills of the local note-issuing bankers. They cannot know their customers as well as the local note issuing banks could or should. Thus they latter should bear the responsibility for their bill-discounting business themselves. – Delegated responsibility, in the form of passing the buck upstairs, means, all too often, no responsibility at all. – At most a central bank could help in the clearing process. But this would better be run by an independent clearing centre established and run by the note-issuing banks themselves. - J.Z., 13.7.10. - TAX FOUNDATION MONEY, LAND BANKS, CAPITAL CERTIFICATES, CLEARING, COVERS, RESERVES, SECURITY, GUARANTIES, FOR BANKNOTES, METALLIC REDEMPTION FOR SUCH SOUND BANKNOTES IS REQUIRED. – J.Z., 20. & 23.7.10.

REAL BILLS DOCTRINE: The old commercial bills or real bills, formally redeemable or payable in cash, i.e. rare metal coins (instead of using them merely as value standards), were usually or mostly cleared or settled by payment with banknotes that were issued in their discount. They were not formally declared to be merely for clearing purposes but promised instead and thus cash settlement was all too often insisted upon, precisely when the cash supply was scarce. Thus this system never grew to its full clearing potential. That cash payment promise, whenever the bill was not settled by clearing, was strictly enforced and thus created bottlenecks. It made it still all too dependent on the supply of cash, in form of rare metal coins, by the government and preventing the full development of clearing, with which have occurred in the absence of a right of the creditor to demand payment in such cash. Via perfected clearing these debts could all have been easily settled. Via cash payments they often could not be settled. Sharp cash currency famines can and did occur even in peace times under all systems of exclusive currencies. Self-help methods to avoid them or end them rapidly were and are still severely outlawed, and are also still largely unknown or unappreciated, due to popular errors, prejudices, false assumption and conclusions, still not sufficiently and systematically as well as widely enough refuted. At most, in some instances, cash redemption promises were postponed. Thus these Real Bills had still all too much in common with banknotes only in form of notes that are instantly and upon demand redeemable by their issuers in rare metal coins. (See under Gold and its scarcity, especially the figures supplied by Julian L. Simon in “The Ultimate Resource 2”, 1996.) Thus an inbuilt and large risk remained in all RBD bill discounts and banknotes issued upon them. The right to claim cash was not transformed into a right to demand clearing only, while using a rare metal only as a value standard. (Clearing is always possible – as long as the debtors are still offering wanted goods, services or labor. Precisely in deflationary crises labor, goods and services are usually available in abundance, “screaming” for sales against cash or useful enough clearing certificates or accounts.) At first silver and later gold, for a few decades, was also declared, in bills and notes, and other payment promises to be a demandable commodity, in spite of its scarcity - and this for transactions in millions of commodities and services, in huge quantities, among billions of people, and their huge total bills, of which only a tiny fraction could be settled in rare metal coins made of one or two scarce commodities. On top of this rare metal coins were also ultimately demandable in payment for huge medium and long-term debts as well, not only used merely as value standards for the settlement of such debts. No wonder then that “the cursed hunger for gold” remained for so long. It was legislatively arranged for and assured. No was it overcome by the greatest modern gold and silver production and the accumulation of gold and silver stocks over thousands of years. However, at least monetary despotism did one good thing: It ended deflationary crises from that old source. Alas, it also introduced its own and large inflation risk with its legal tender currency and exclusive or monopolized physical exchange media. Further, with its exclusive exchange media, mismanagement and the disadvantages of a centralized supply, it did not prevent or rapidly end any of its deflations, while at the same time it prevented sufficient and suitable self-help measures. Everyone was made dependent upon either the supply or rare metal coins or of governmentally supplied monopoly money and its forced and exclusive “value standard”, both of them wrongfully and ineffectively manipulated. Such abuse or mismanagement is probably as unavoidable in this sphere as wrongful and irrational actions are unavoidable under the territorial monopoly and coercion. Instead of supplying enough exchange media and clearing avenues and a sound value standard for both and assuring this, they made both mostly or largely impossible to achieve by their own methods and also by private and cooperative self-help action. Wrongs and abuses in this sphere became as inevitable as they would be under the monopolization of freedom of expression and information, sufficient education under governmental control of education, lasting peace and full freedom under a territorial governmental decision-making monopoly on all war and peace questions and under a legalized authority and monopoly to restrict genuine individual rights and liberties as much as parliaments and territorial governments want to restrict them – under the very pretence of protecting them and fully and sufficiently representing their victims with the consent of all their victims, i.e. with mandate from all of them. Effective self-management in the monetary and value standard spheres can no more be achieved than it can be achieved by hierarchical management in large corporations and companies. Not only territorial governments but also many private companies and corporations have exceeded their optimum size and became monopolistic and counter-productive. I believe that even the smallest territorial government has a strong tendency in this direction. – Under full freedom, i.e. without any government meddling in this sphere, the ancient bills of exchange would have developed into clearing bills only and exchange media into clearing certificates and accounts and no value standard would have been given a legal monopoly for whole populations of territories. Rapid, effective and sound clearing of mutual debts would only be made temporarily impossible under conditions of war, revolutions and natural catastrophes, like earth quakes, severe storms, floods or fires. Against the former no sound insurance and indemnification is possible but merely avoidance, mainly by panarchistic choices for all. Against natural catastrophes a sound and international insurance is possible not by accumulating premiums and then spending the accumulated capital – that could create difficulties – but by the levy system, in which the insurance help is paid in form of clearing certificates by the providers of goods, services (including transport services) and labor. Thus issues could be contracted for, as part of an international insurance scheme – or several competing ones – and could make private charity efforts superfluous and could also far exceed them. Once sufficient technical precautions are taken and financed, heavy rains might largely end up in numerous and very large underground tanks, collecting providing rain water for sale when needed for irrigation purposes or as a source of drinking water where it is needed, shipped there via vast tanker ships. Very heavy rains like those recently flooding much of Pakistan, would then be very much welcomed as “windfalls” of an often all too scarce natural resource. But such large investments and constructions can only be achieved under sound value reckoning and free pricing for water. (Compare email in German to T. M., 21.3.07, in which this text was also changed. This email is presently inaccessible to me - in a format unknown to me or inaccessibly hidden to me in an old HD.) – J.Z., 2.10.10.)

REAL BILLS DOCTRINE: To facilitate the reflux of sound bills for-clearing-only, they should be “split up” or, temporarily replaced in circulation by the issue of clearing certificates in convenient denominations, just like it happens in the note issue upon real bills, under the banking principle. Then the discounting banks and other clearing centers, e.g. shop associations, can more easily use these denominations for short-term turnover-credits, e.g. to employers pay salaries and wages with, as well as for their own salary bills and payments to their various suppliers and their landlords. Finally, the discounted bills will be paid in these clearing certificates in convenient denominations, as if they were cash. Alternatively, with these certificates credit accounts are established and then these are used to be cleared against the debt expressed in the original bill for clearing only. The original bill is to be sufficiently checked by the discounting or clearing centre, to ascertain that it is based upon a real sale of already produced goods, usually to wholesalers. Maybe a deliver docket should be required. To make sure that the clearing certificates (in money denominations) issued upon the clearing bills, will not be hoarded and remain indefinitely in circulation, they should be issued only for a clearly stated period of validity, corresponding to the short term nature of the original clearing bill. Interest should also be charged for the discounting involved, to speed up the repayment or clearing of these debts. One might consider the smaller and round figure clearing certificates issued, as convenient and easily transferable cheques written out upon the account originally established by crediting and “discounting” or monetizing the clearing bill. The original bill provides one of the acceptance foundations for the clearing certificates or “clearing cheques” or clearing banknotes, the final one. But in-between other acceptance foundations become operational, e.g. the acceptance of such means of payment from their employer by the employees, in wage and salary payments, their acceptance by shop owners in payment for their goods and services, supplied to these employees, then the acceptance by the wholesalers, who had issued the original bill, in payment for the goods delivered to the retailers. When their circuit has been completed they should be cancelled or destroyed and replaced by new issues, corresponding to the continuing turnover of goods. Shops providing goods or services, could discount their own certified readiness to accept the clearing certificates with a clearing bank. However, their most suitable discounter for them would, probably, be a shop association bank, which issues clearing certificates in form of a local shop currency. – Mere verbal descriptions of such exchange media and clearing certificates, their issues, circulation and reflux are difficult. Thus I drafted digitized, years ago, some circulation charts to illustrate their various issue and reflux and circuit options in-between. Until they appear on a disk or website, they are only available from me upon request as email attachments. -J.Z., 19.4.07, 25.10.07. - & BILLS FOR CLEARING ONLY, CLEARING CERTIFICATES, CLEARING RATHER THAN METALLIC REDEMPTION OR GOLD COIN CERTIFICATES OR CASH CLAIMS, BILL DISCOUNTS, BANKING PRINCIPLE, SOUND NOTE ISSUES

REBECCA G.: Elections and the Free Market: Money where your mouth is. - Elections and the Free Market: Money where your mouth is « Keeping ... - - Cached - June 7, 2011 by Rebecca G. - Subsidies for parties to be phased out. Tell me I'm not the only one. ... - An approach to voluntary taxation? - I do not have the time and energy to check out all these sites by myself. - J.Z., 23.7.11.

REBOOT THE REPUBLIC.COM: reboot the republic » Why the Current Policy Prescriptions Cannot ... - www.reboottherepublic.comHomeEconomics - Cached - 7 Aug 2009 – The only way out of the debacle is a return to sound money - that is, free-market money - by privatizing the state-run monetary system. ... - The original and the later USA republic was and is still today, in all too many ways, a territorial despotism, with numerous wrongful monopolies: post office, decision-making monopoly on war, peace, armament, disarmament and international treaties, fundamentally, its territorialism, its coinage and note issue monopoly, combined with legal tender laws, its tribute levying privilege (tax slavery), protectionist interventions with free trade, majority despotism in its elections, even when they are, sometimes, honestly conducted, compulsory schooling (educational slavery), open slavery, a warfare state, an invader and conqueror. - There was no immaculate conception and continued virginity in its birth and subsequent "life", either, no more so than for any other non-statist religion or church. - It being in many ways better than most other territorial States was and is not a sufficient excuse for its remaining wrongs. - J.Z., 27.7.11. - Allow all those, not satisfied with its still all too limited rights and liberties, to give it the boot - to secede from it - as far as their own affairs are concerned. - J.Z., 9.8.11.- USA, AMERICA, AMERICANISM, CONSTITUTIONALISM, INDIVIDUAL SOVEREIGNTY, INDIVIDUAL SECESSIONISM, LIMITED GOVERNMENT, TERRITORIALISM, PANARCHISM, VOLUNTARISM

RECESSIONS: As it was, the 1970 recession was a masochistic exercise rather than a side effect of a successful cure.” – Milton Friedman, How to Use Indexation to Fight Inflation, QUADRANT, June 75. – Indexation does not fight Inflation but expresses it and adapts to it. Once inflation is stopped indexation becomes superfluous. – Aren’t all economic crises sado-masochistic practices, imposed, sharpened and prolonged by monetary and financial despotism? – Every recession, intentionally caused under monetary despotism, which makes it possible, is also sadistic. And to put up with a deflation, stagflation or inflation, is masochistic. - J.Z., 17.5.76, 3.5.08, 19.2.11. - DEPRESSIONS, CREDIT RESTRICTIONS, CRISES, UNEMPLOYMENT, MONETARY DESPOTISM, CREDIT RESTRICTIONS, MONETARY POLICIES, DIS., SANCTION OF THE VICTIMS

RECESSIONS: None of my Government seems to know what to do about them.” – Reported remark of the Queen in a discussion about recession. - THE TIMES Quotes of the Week, p.175, January 26, 2002. – There are so many prize competitions. Why not a prize competition for the best proposals on how to overcome e.g. involuntary mass unemployment, sales difficulties and inflation. If the victims of these three phenomena put in each, say $5 a year towards the best answers and half of these amounts were utilized to finance research and publicity, solutions would fast be found or developed. Under panarchism all solution attempts could be tested at minimum cost and risk. All the flawed responses to economic crises, as practiced now by governments, should also be countered by rewards for their best refutations. Perhaps the winners should also be rewarded with life-long exemption from all direct taxes and refunds for their estimated indirect taxes? – J.Z., 27.3.09. - In this way, by a sensible self-help measure, the unemployed themselves could achieve the abolition of unemployment. As it is, one has, usually, a hard job in interesting any unemployed in a sensible discussion of the causes and cures for unemployment. - J.Z., 6.8.11.ECONOMIC CRISES, DEFLATIONS, INFLATIONS, MASS UNEMPLOYMENT, PRIZE COMPETITION FOR SOLUTIONS & BEST ANSWERS TO ERRORS, MYTHS & PREJUDICES

RECESSIONS: The recession need not be “fought” but should simply be ended – by stopping its main cause, namely, monetary and financial despotism. This despotism might, ultimately, constitute the worst kind of monopoly power and interventionism, because it leads to and supports all other kinds of monopolies and interventions. – J.Z., 15.12.92, 12.5.08. – UNEMPLOYMENT, INFLATION, DEFLATION, CRISES, DEPRESSIONS

RECOGNITION: Germany has had the good fortune to find a leader capable of bringing together the forces of the entire country to work as a collective body for the common prosperity.” – DAILY MAIL, 10.10.1933. – “Hitler’s worst enemies could scarcely dispute the advantages already gained from a restored civilization.” – THE TIMES, London, 14.7.1933, quoted, in Sven Hassell, “SS General”, p.162. – Even for many years after WW II the Nazi propaganda assertion, that they had fast abolished unemployment in Germany, was parroted by the democratic mass media. Professor Rittershausen pointed out that other European countries recovered earlier from the Great Depression than Germany did, especially France did. Fiction largely prevailed over facts, once again. – The introduction of full monetary and financial freedom would have led to a very rapid recovery for all and would have prevented WW II. But the mass media don’t want to deal with such facts. – They require too much re-thinking and the rejection of many popular errors, myths and prejudices. - J.Z., 2.4.09, 6.8.11. - FOREIGN POLICY MISCONCEPTIONS, LEADERSHIP, PRESS, JOURNALISTS, MASS MEDIA, PREJUDICES, NATIONALISM, TERRITORIALISM, COLLECTIVE RESPONSIBILITY, NAZIS, HITLER REGIME, DIS., GREE DEPRESSION, UNEMPLOYMENT, CRISES

RECOVERY: A complete and fast global or national recovery from a severe crisis caused by monetary and financial despotism is impossible while that despotism lasts, just like a man, who remains imprisoned and in chains, has not recovered his complete freedom. Nevertheless, most of the official and other experts have not yet considered the monetary freedom alternatives to their monetary despotism and the financial freedom alternatives to their financial despotism. A non-violent monetary and financial freedom revolution seems to be required. It might begin and spread from its success in a single small village. - - But not when it is suppressed, all too soon, while this can still be done or when its practitioners imagine that it would required a considerable investment of funds, apart from the investment of brain power and printing costs involved. As long as they still imagine that full employment and easy sales would cost rather than earn them money, in their own form of exchange media or clearing certificates or accounts, using their own value standards, they are on the wrong track. – Imagine an association of all retailers, small ones to supermarkets, seriously considering, studying and preparing  the issue of local shop currencies themselves, also the use of alternative and sound value standards, and this as a monetary basic human right and liberty and self-help option, when governments, as usual, do not know what to do about mass unemployment and inflation, deflation and stagflation, and were to practise these fundamental economic liberties and rights in a severe depression or inflation, suddenly and quite correctly and thus efficiently, with regard to their issue and reflux policy, contrary to all legal prohibitions and legalized monopolies. – Under stable value standards and freedom from exploitative taxes, capital would become fast available from internal and external sources. They could thus end a crisis very fast, within days at most and thus no democratic government could risk prosecuting them for this action, if it wants to remain in the saddle. – This kind of successfully opting out from subjection - to ignorant and prejudiced territorial mismanagement - would lead to many other secessionist actions, leaving only voluntary victims to the former monopolistic and coercive territorial governments. – These would mostly dribble away, too, once they become disillusioned as well. - J.Z., 28.6.03. 23.10.07, 27.3.09, 2.4.09. - GLOBAL RECOVERY, CRISES, MONETARY FREEDOM REVOLUTION VS. MONETARY DESPOTISM, FINANCIAL FREEDOM VS. FINANCIAL DESPOTISM, INDIVIDUAL & GROUP SECESSIONISM, PANARCHISM, VOLUNTARISM, EXPERIMENTAL FREEDOM IN EVERY SPHERE

REDDY, SUDEEP, Ron Paul Q&A: Audit the Fed, Then End It - September 16, 2009. - by Sudeep Reddy. - "For three decades, Rep. Ron Paul has waged a lonely battle in Congress to abolish the Federal Reserve. But he has more foot soldiers across the nation today, particularly after the financial crisis, who are leading the drive for wider congressional audits of the central bank." - Roy Halliday

REDEMPTION BY THE ISSUER: Acceptance at par with the nominal rare metal value for the goods, services or debt payment certificates of the issuer is much more important and offers much greater possibilities to issue and control the volume of sound exchange media than their legally prescribed or contracted-for redemption, upon demand, in rare metals, by their issuers. The ability of the issuers of exchange media to supply rare metal coins or bullion is usually rather limited, while they ability to supply their goods and services, priced-out in weight units of rare metals, is almost unlimited for all suppliers and issuers, however limited it may be for individual suppliers. Thus, privately or cooperatively issued currencies without metallic redemption obligation for their issuers, under the quite competitive conditions of full monetary freedom, will probably be much more successful than those formally still redeemable in rare metal coins. Without being rare metals or redeemable in them, they will be as good as gold or silver and in some respects even better and more suitable, precisely because they clearly distinguish between their exchange medium and that of their value standard function. Thus they do not limit the amount of their circulation to the quantity of rare metals that they can be made available for their redemption, upon demand, in rare metals. Under the rare metal weight clearing standard their “redemption” or “convertibility” into rare metals is transferred to the free gold and silver market. But there they cannot always be exchanged at their nominal par-value - but only at their market value against the rare metals involved as value standards. That is not a disadvantage but an advantage, as a control measure. The free market rating of competing currencies or rare metal markets – and against other value standards or currencies – is a safety or insurance measure, which prevents them a) from being under-issued in most cased and b) from being over-issued often or too much. Should an agio or scarcity value show, on the rare metals market, then it would reveal that such a currency is still under-issued and more of it should be issued. In case of a disagio or discount, possibly too much of it has been issued or the currency is too little known and traded or its reflux to its issuer is not yet strong enough. Then further issues should be stopped until it disappears, unless, in its local circulation sphere, it is still readily accepted, at par, not only by the issuer and his debtors, who would be obliged or contractually obliged to accept them at par, but also in the general local circulation. Upon it getting even a local discount, a competing currency would be widely refused. Furthermore, and also in the interest of the issuer himself, further issues would be stopped for a while, by wide-spread refusals to accept it at all, until the par value is reached again. The few discounted notes remaining would then stream back, fast, to the issuer, who has to accept them at par, and to his debtors, who are under contractual obligation to also accept them at par, since they can repay their debts with them at par. - Free market rating of currencies, combined with the option to refuse to accept at all or at par, any particular exchange medium in general circulation, one that one has not issued oneself, has a pricing function, one that sorts out, so to speak, the wheat from the chaff, or distinguishes the quality currency from any that is at least temporarily inferior. Thus the free-market rating of competing currencies and their mostly voluntary acceptance or refusal option, keeps sound their issue volume and their circulation volume as well as their reflux to the issuer, provided only that the par values and discounts are sufficiently publicized. Sufficient publicity is an essential requirement for currencies as well as for securities. It is, perhaps, even more important for currencies than for capital securities, to make them stick to their par value in general circulation, i.e., to maintain their usefulness as a “currency” that is really current, i.e. widely enough acceptable at par, with their nominal value standard, like ready and sound cash, as good as gold or silver. Legal tender power (with its compulsory acceptance and forced value) does all too often give issuers and acceptors a false picture of a particular circulation and provides too much temptation and opportunity for the dishonest issuers of forced and exclusive currencies. In practice, under free market rating for rare-metal value currencies, made out of paper or plastic, only those will be widely used that stand at par or close enough to their par value most of the time, at least locally, and that will always be accepted at par by their issuers. All the others will tend to be driven out of circulation or will have only a very limited acceptance and circulation at their discount and a correspondingly rapid reflux to their issuers. – That is, so to speak, an ABC of competing currencies that is not taught in schools and universities. –– If you can express this more shortly and clearly, please do so and send me a copy. - J.Z., 26.10.05, 29.10.07. - REDEMPTION INTO RARE METAL FOR THE ISSUERS OF EXCHANGE MEDIA OR READINESS TO ACCEPT THEM AT PAR WITH THEIR NOMINAL RARE METAL VALUE? GOLD STANDARDS, SILVER STANDARDS:

REDEMPTION BY THE ISSUER: As long as taxation is still allowed to be continued, as long as we are still treated as tax slaves or tax serfs, it does not make sense to demand that all tax payments should be done in gold coins or redeemable gold certificates. Imagine how much gold that would require for the presently current tax rates in most States. We have here a clear case of gold clearing being quite sufficient. If taxes are imposed in gold weight values then the government could anticipate their payment in its own tax foundation or clearing money, issued for all government expenses and then taken back in the tax payments for the next weeks or at most a year. Such tax foundation money, to be sound, need not be an exclusive currency and should not be given legal tender power towards anyone else but the government tax departments. There, by their acceptance at par with their nominal gold weight value, the government’s expenditure would finally be cleared against the claims it has out of the taxes it had imposed. Under that condition taxation would also be less of a burden, because enough tax foundation money would be issued to make the tax payment of all due or soon due taxes technically possible. Other spheres of currency circulation, with other forms of money, would not be deprived of their special means of exchange just to pay taxes with them. And one would not have to be a gold mine owner or a recipient of enough gold coins or gold certificates to be enabled to pay one’s taxes with them. Ideally, each payment circle of any considerable size should have its own exchange medium or clearing facility. To the extent that this is done, one is then no longer dependent upon the supply of gold coins and yet can freely reckon, account and clear in gold weight values, expressed in print on paper, in the pricing of goods, services, labor, rents, pensions, credit contracts etc. but not payable in metallic gold – except in free trading, at market rates, on a free gold market. Tax foundation alone can give a gold-par value to paper money equivalent to the tax take of the next ca. 3 months, according to prolonged and often repeated experiences. The demand for paper money, to pay taxes with, is huge enough to give them such a practical value for the tax payers and induces them to accept such paper money at least to the amounts of their tax payment obligations. It should not be given legal tender power - except towards the issuer, the Tax Department. The most useful signal for discontinuing further such issues, for the time being, is the first discount that appears somewhere in its local circulation. (Outside this area, it will, like all present national currencies, get its own "foreign exchange rate", at last when and where there is freedom in this sphere.) Once this discount has disappeared and does not quickly occur again, further issues can be safely undertaken. – J.Z., 27.10.07, 20.2.11. - REDEMPTION IN RARE METAL TO BE OBLIGATORY & ENFORCEABLE OR THE BEST METHOD TO PRESERVE THE VALUE OF A PAPER CURRENCY? TAX FOUNDATION MONEY AS AN EXAMPLE. MARKET RATING AS A GUIDE TO NOTE ISSUES.

REDEMPTION BY THE ISSUER: Can freedom to issue exchange media make us independent of the quantity of gold coins or bullion that is available to us? Can we issue many more exchange media than we could redeem in metallic gold and yet keep these exchange media sound and give them the value of a certain weight to gold, i.e., keep them stable and prevent their inflation? Can we create “paper gold”? Governments have tried this for a long time and have mostly failed, intentionally or unintentionally. Why these failures? Could private competitors succeed in this? If yes, then how? - - Private note issues etc. would not be monopoly money or forced currencies. They would have no compulsory value or acceptance. Instead, they would be refusable and market rated against the value standard they have adopted, other value standards, including gold coins, and other currencies – and this would achieve that they are mostly kept at par with their value standard of very close to it, and always accepted at par by their issuer and, close to their e.g. nominal gold weight value, they would be convertible into metallic gold on a free gold market – but nowhere else. For most purposes, this would be good enough. For some other purposes that would make them even better than gold and yet much more easily available. Metallic redemption by the issuer has been bugging us for all too long and is still bugging the gold bugs. – J.Z., 28.10.07, 20.2.11. - REDEMPTION IN RARE METAL TO BE OBLIGATORY & ENFORCEABLE OR THE BEST METHOD TO PRESERVE THE VALUE OF A PAPER CURRENCY? OR IS IT TOO EXPENSIVE & SUPERFLUOUS? IS GOLD VALUE CLEARING & GOLD VALUE ACCOUNTING, TOGETHER WITH FREE GOLD VALUE PRICING & A FREE GOLD MARKET, FREE GOLD COIN CIRCULATION. PRIVATE COINAGE OF GOLD COINS GOOD ENOUGH?

REDEMPTION BY THE ISSUER: Gold-Redemption belongs into the free gold market, not into the office of the issuers. This has, apparently, not yet been fully understood by any American economist.” – Ulrich von Beckerath to Prof. Heinrich Rittershausen, 25.4.49. („Die Goldeinloesung gehoert in den freien Goldmarkt, nicht in die office des Emittenten – das hat anscheinend noch kein amerikanischer Oekonomist richtig begriffen.“) - GOLD STANDARD, CONVENTIONAL VS. GOLD WEIGHT VALUE RECKONING, - ACCOUNTING & - CLEARING, CONVERTIBILITY, FREE GOLD MARKET

REDEMPTION BY THE ISSUER: In a free competition between gold coins and gold certificates on the one side, as means of payment and gold-value clearing or gold value accounting notes on the other side, issued and accepted at par with their nominal gold weight value e.g. by shop associations, and considering the different costs involved: rare metal for coins vs. paper and printing, then I know which side I would place my bet on. The cheaper exchange media would then be the better ones, the more economic ones, the more widely produced and accepted ones. They could and would then mediate almost all possible and wanted exchanges, apart from those settled altogether by other forms of clearing or by non-cash payments, independent of the total quantity of gold coins in circulation. This could still be done at gold weight values, used as the value standard in all these transactions. In that case, the better, because cheaper exchange medium, would drive out, largely, but not totally, the worse, because more expensive exchange medium, and this without possessing legal tender power, as a really inferior currency would require under the properly understood Gresham’s Law. – J.Z., 27.10.07, 20.2.11. - REDEMPTION IN RARE METAL TO BE OBLIGATORY & ENFORCEABLE OR THE BEST METHOD TO PRESERVE THE VALUE OF A PAPER CURRENCY?

REDEMPTION BY THE ISSUER: It is wrong to demand also metallic redemption for any currency for which there is already such a strong demand, or such other redemption option, daily needed and used, that it is already kept at par with is nominal gold weight value on a free gold market. This applies for instance to railway-, bus-, tramway-, taxi-, trucking- and airline-money, issued by such companies, denominated in gold weight units, for their services priced in gold weight units. They and their customers might not possess a single gold coin between them. Nevertheless, they, issue their notes and accept and use them at par with their nominal gold weight value, usually soon returning them to the issuers, in payments due to them, for transport services and this at their nominal gold weight value. In this way they could daily turn over the value of tons of gold, without having to worry whether they can obtain and equivalent number of gold coins to achieve this turnover. Each of their note would be accompanied by their readiness to accept it at face value for their transport services. And the need for transport services is so great that it exerts a great demand for their notes which would keep them at par with their nominal gold weight value. – J.Z., 27.10.07. - Naturally, this also applies to other redemption options than transport services, e.g. to petrol, electricity and water money and, naturally, to shop foundation money issues. - J.Z., 20.2.11. - REDEMPTION IN RARE METAL TO BE OBLIGATORY & ENFORCEABLE OR THE BEST METHOD TO PRESERVE THE VALUE OF A PAPER CURRENCY? TRANSPORT MONEY AS AN EXAMPLE

REDEMPTION BY THE ISSUER: It is wrongful, irrational and misguided to insist, by legislation, jurisdiction or custom upon metallic redemption of exchange media upon demand – except among true believers in such “redemption”. Such exchange media and their supporters and theorists, or, rather, hypothesists, do not, sufficiently, distinguish between exchange media and value standards and thus assume that all exchange media, to retain and assure their value, would have to be so redeemable. Sound exchange media, e.g. banknotes or clearing house certificates, do not need such metallic redemption but mere redemption in consumer goods and services all expressed in a sound enough and freely agreed-upon value standard, against which they are constantly measured and against which they can and do, usually, retain their par-value but, as with all kind of pricing, they can also suffer a discount against it in case of over-issues that are, temporarily and in ignorance accepted and an agio value, if the and insufficient quantity of them is being issued at a particular time, for debts payable in them. Free market pricing in this as well as free enterprise and free exchange sphere, as in others, will tend to supply sufficient sound exchange media to turn over all wanted goods and services and free choice of value standards will assure that the soundest value standards are most widely used, without any governments interference being required, least of all a compulsory, obligatory or customary redemption of the notes by their issuers. Convertibility of exchange media, clearing house certificates and all kinds of token and ticket money into rare metals can be left to free markets for these metals. Confinement of the quantity of all exchange media to those that can be and must be redeemed in rare metals, by their issuers, upon demand, do greatly over-estimate the quantity of rare metal available after thousands of years of their production and accumulation and greatly under-estimate the value of all goods and services offered for sale. For some good figures on this see those by Simon, listed under “GOLD”. – J.Z., 1.11.10. - METALLIC, IN RARE METALS

REDEMPTION BY THE ISSUER: Let a quite free market for exchange media and gold coins decide whether at least some of the soundly issued and valued exchange media could, in practice, be as good as gold. Naturally, they should not be forced upon anyone. But, at the same time, as long as not all people are sufficiently supplied with exchange media, creditors should not be generally entitled (special payment communities of gold bugs excepted) to be paid only in gold coins or in gold certificates, instead of in other exchange media or clearing certificates, at their free market value, up to the full gold weight value the creditor is entitled to, with perhaps a fair margin added, to make up for the inconvenience involved for the creditor. The debtor could hardly complain about this, because then he would, in many cases, indirectly pay just with his goods, services and labor and there a considerable profit margin is usually involved for him. The ultimate test whether a paper gold means of payment is really worth its weight of gold will consist a) in its acceptance like a corresponding gold coin in the shops and b) in its being traded at par on a free gold market. - Even if it were so little known or traded on a free gold market that there is would be traded at a discount, then par acceptance at local shops could assure such exchange media a par value as a local currency. – Naturally, those gold weight value notes or clearing certificates which even their issuer could not get anyone to accept at par at their first issue or for which the first par acceptors could not readily find further par acceptors, would rapidly stream back to the issuer to be redeemed at par in his goods or services. And if even he could not or would not do that, then he would definitely drop out immediately as an issuer and would be hauled before a court of justice for fraud. – He certainly could not cause inflation, although he had harmed some people. Sound value reckoning in all other places of business would go on. His few flawed exchange media, that he had managed to issue, could not depreciate any of the others. That aspect is too often overlooked. Only exclusive currencies can cause an deflation and among these only legal tender currencies (those with compulsory acceptance and a forced value) can cause an inflation. – If the exchange medium issued is monopoly money but sound value reckoning is not outlawed by a legal tender law, then reckoned in a sound value standard all prices would remain. Only the monopoly money would have been depreciated. The culprit would be obvious in this case. Under full monetary freedom good or better or more economical money will drive out the bad or inferior money. The cheapest money will then not necessarily be the worst money. Nor will the best money then necessarily be the most expensive money, e.g. gold coins and gold certificates. – The free gold market is a much better, larger and risk free redemption fund! - J.Z., 27.10.07. -REDEMPTION IN RARE METAL TO BE OBLIGATORY & ENFORCEABLE OR THE BEST METHOD TO PRESERVE THE VALUE OF A PAPER CURRENCY?

REDEMPTION BY THE ISSUER: Metallic redemption, even if assured and provided at 100% upon demand, is not a sufficiently redeeming feature for note issues, just like the original exclusive currencies, in form of gold and silver coins, were not providing a sufficient supply of sound exchange media everywhere. Such exclusive currencies did not assure worldwide that monetary exchanges would easily turn over all labor, services and goods to people wanting or needing them. Instead, barter exchanges were still extensively continued and many people were extremely poorly supplied with rare metal coins and banknotes. Effective clearing was also not sufficiently widely known and used to obviate the use of rare metal coins and banknotes. These exclusive means of payment systems created an all too prolonged deflation. It was so extreme that in some countries parents even sold their own children, some people sold themselves into galley slavery or conditions of serfdom to survive and even in our times and in supposedly civilized and advance countries, there were still many instances of suicides (hushed up as such) to provide families with needed cash through life insurance contracts. Millions of girls and women found also no other way to earn their keep than by becoming prostitutes or engaging or becoming engaged in love-less marriages with somewhat financial men. Child labor, too, was monetarily rewarded only with pittances, because their production could not be easily enough sold for exclusive currencies, either. And yet people still entertain notions of golden times for this prolonged history of exclusive metallic currencies, even though copper and silver coins, for most of the time, were more widely available and used than gold coins. The exclusive gold coin and gold redemption currencies were introduce relatively recently – and did not last for a long time, either. – These currencies never managed to facilitate all possible, desired and needed exchanges at free market prices, fees, wages and salaries, i.e., never eliminated all degrees of currency famines and deflations and wrongful credit restrictions. – This does not deny at all that gold and silver weight units can still be used, voluntarily, as very useful value standards. J.Z., 13.2.10, 24.9.10.

REDEMPTION BY THE ISSUER: Metallic redemption in gold should, as a rule, be transferred from note issuers to free gold markets. Exchange media would thus no longer limited to those that can be covered and redeemed by the issuers in gold coins. At the same time, via gold-value clearing or gold value accounting, stable currencies could be provided in the quantities required for all goods, service and labor exchanges. In the absence of any issue monopoly and any compulsory acceptance and forced value in general local circulation, the issue and reflux of sound exchange media would be quite self-regulating, through its own optionality and free pricing and discounting system. Then the good exchange media and the good value standards would drive out the bad in inferior one, in reversal of the popular misunderstanding of Gresham’s Law. - J.Z., n.d.

REDEMPTION BY THE ISSUER: Metallic redemptionism should be optional and contractual rather than legally and juridically imposed. It is not an ideal for exchange media and clearing certificates, even though gold weight units may still be the best value standard. Even as such they should be optional and in free competition with other value standards freely agreed upon between other people. Redemption for banknotes by their issuers, upon demand by the note holders, could become rightfully and efficiently as well as voluntarily replaced by a) convertibility of banknotes and other means of payment into metallic gold on free gold markets, at their gold-weight value there, less the transaction costs. b) notes and certificates as well as prices, wages, salaries and other contracts freely denominated in their value in gold weight units but not redeemable or payable in them but merely in means of exchange denominated in gold weight units and accepted at par when they stand at par with their nominal gold weight value and otherwise, if accepted at all, only at their market rate against gold weight units. Thus while some exchange media might circulate at least temporarily only at a discount, in general circulation, the prices marked in gold weight units would remain the same and only the issuers would have to accept their own notes and certificates at par, others could refuse or discount them. c) the issuers only being always under obligation to always accept their notes and IOUs and this at par. This is a rather obvious moral and business obligation. Refusing or discounting them would amount to fraud or bankruptcy. On the other hand, their readiness to accept them as if they were gold or silver coins can keep a certain quantity of their notes or other clearing certificates at par with their nominal value, at least in local circulation. In other places they would acquire a foreign exchange rate, which would tend to drive them back fast to the issuer, especially when they have only a limited circulation period. d) All prices, charges, subscriptions, debt certificates of the issuers should be denominated in metallic weight units and payable with the notes and certificates of the issuers. – Then, as a rule, no run has to be feared. Gold coins would lose some of their rarity value, namely that which is due to their use as exclusive means of exchange, and thus the gold value or gold price in various other stable currencies would tend to become even more stable. That effect would be maximized under full monetary freedom and free banking, under which inflations, deflations and stagflations would become impossible and the supply of exchange media quite independent of the current supply of gold coins for exchange media purposes. – J.Z., 28.7.05, 10.10.10. - Then all too much refuge capital, in form of all too inflated and manipulated governmental paper currencies, would not to often and in such quantities seek security in gold coins and bullion, i.e. in unproductive investments, which do not bring a interest, dividend or earned profit income from improved production but at least the preservation of capital and its possible increase, through sudden and large speculative rises expressed in paper money, which might even, temporarily, exceed the depreciation rate of the paper money. - J.Z., 6.8.11.

REDEMPTION BY THE ISSUER: Redeemability in good or services that are in daily demand, and this at face value, and by the issuers, combined with convertibility at par on a free market for rare metals, is of much greater importance and value than redemption in rare metals, at any time, by the issuers, upon demand by the note holders. The former can keep at par with its nominal value an almost unlimited quantity of usable exchange media, of stable enough value, almost as unlimited as the supply of wanted goods and services is. It could assure the sale of all wanted goods and services. The latter limits exchanges to those which can either be freely cleared or paid for only with exchange media redeemable by the issuers in rare metals. Naturally, those satisfied with as limited cash exchange options should be free to do so. But those desiring exchange options that are not so limited, should also be free to practise them among themselves. – J.Z., 14.5.08, 20.2.11. – GOLD STANDARDS, CONVERTIBILITY, PARITY, VALUE PRESERVATION, FREE BANKING, MONETARY FREEDOM

REDEMPTION BY THE ISSUER: Redemption by the issuer in rare metal coins is not the only or best method to preserve the value of a currency against a certain weight of rare metal. It is enough to keep an exchange medium at par with its rare metal value through other measures, methods that would create a so strong demand for them, as means of payment, that they would keep their par-value on a free gold market with their nominal gold weight value. That demand for means of exchange is called their reflux to the issuer. This reflux can be very strong, as it is through taxation for taxes expressed in e.g. gold weight values and anticipated through tax foundation money that is also reckoned in gold weight values. When accepted at par for all taxes as if it consisted of gold coins, then such paper money will also tend to circulate in general circulation at this value. The height and enforcement of compulsory taxes will see to that. But other exchange media as well, for which there is a large need, like the daily demand for consumer goods and services, can also exert a strong enough demand for them and reflux to the issuer, e.g. local shop-foundation money and this in spite of the fact that consumption of consumer goods and services is not enforced by the law, like taxes are, but “only” by nature, our survival or enjoyment needs. Thus shop foundation money can also, like tax foundation money, be kept at par with its nominal gold weight value – for payments at par for goods and services, also priced out e.g. in gold weigh units, under free choice of value standards. - - Others, who could also provide a sufficiently strong reflux for the currencies they issue, could also get them accepted at par. - - The right to refuse unknown or suspected or somewhat over-issued currencies, together with the competition from sound exchange media, and continued sound value standard reckoning and pricing, will prevent that already somewhat discounted exchange media will continue to be issued and accepted in general circulation without limits. Anyhow, they could not drive up prices reckoned in sound value standards. Only their issuers would still have to accept them at par. Only legal tender currencies, i.e. monopoly monies with forced acceptance and forced values can drive up all prices, which have to be expressed in them. Their inflationary effects should not be taken as examples and precedents to predict the effects of optional, i.e., refusable and discountable or market rated and competitively issued currencies with sound and self-chosen value standards. Such sound exchange media can be issued and will be accepted only up to the amounts required for really free exchanges. Only their issuers must always accept them at par, since one must fully recognize one’s own IOU. All others remain free to reject or discount inferior money issues and to go on reckoning in stable value standards. - - Precisely the possibility of refusals and discounts will, in most cases, prevent them from being issued beyond the point where they will be readily accepted at par with their nominal value, in local circulation, i.e. beyond their sound reflux basis. - - Metallic redemption by the issuers upon demand by the holders of rare metal certificates can only provide an all too limited amount of exchange media, namely that of corresponding to the commodity value of a rare metal, which is only one among millions of commodities and services that people want to exchange. - - Rare metals make only good value standards for any number of free exchanges. But as exchange media or redemption goods they can mediate only a limited quantity of exchanges of other goods and services. That is their biggest draw-back as exchange media. Only if by law they are turned, at the same time, into exclusive value standards and exclusive exchange media can their value standard function also become deteriorated, e.g. in times of their extraordinary hoarding, during currency famines, wars and revolutions, when they largely disappear from circulation as exchange media. Then numerous people become unable to pay, i.e., become unemployed, bankrupt, homeless etc. Prices decline in a deflationary way, i.e., the purchasing power of the exclusive exchange medium and value standard increases, but only for the few still sufficiently supplied with it. Prices and wages tend to approach the emergency sales level. The expectation of further price level falls leads to further hoarding, as far as possible, in the hope to get even further bargains for one’s remaining funds that one can afford to hold on to a bit longer. While fallen prices encourage buying falling prices deter from it. Thus deflations tend to prolong themselves. Naturally, that could not happen under full monetary freedom when it is fully known and utilized. However, that is not yet the case among people who are, for all too long, habituated to monetary despotism. For a while they would still be victims for monetary despotism even once it is no longer legally enforced. – Monetary despotism only teaches them to hope for or demand or struggle for the money of monetary despotism. It does not permit them and does not accustom them to any substitutes for itself. Just like territorial monopolism does not permit its victims and accustom them to any alternative institutions to itself. Mostly it even prevents them from thinking about the exterritorial and voluntary alternatives. – To that extent both are self-perpetuating among insufficiently enlightened people. - J.Z., 21.7.95. 30.10.07. - - Is there anything really and sufficiently redeeming about rare metal redemptionism or is it only as redeeming as the blind faith in a redeeming Savior? – It deserves only to fall under religious liberty or religious tolerance. - J.Z., 10.2.08, 20.2.11.

REDEMPTION BY THE ISSUER: Redemption should always be at 100 % by the issuer (and his debtors – by contract with the issuer), however, not in gold or silver but in the consumer goods or services the note holder wants, which could also be priced-out in weight units of gold or silver. – J.Z., 30.3.85, 3.5.08, 28.7.11.

REDEMPTION BY THE ISSUER: Should all barter, clearing and credit contracts also be fully covered and redeemable in gold weight units? – J.Z., 24.1.10. – QUESTIONS, GOLD STANDARD

REDEMPTION BY THE ISSUER: Such obligatory and compulsory redemption could not provide sufficient exchange media for the free exchange of the unlimited variety and quantity of all other commodities and of all services and labors, which people produce or offer for exchange. It would be really miraculous if a single and rare commodity could provide this means of exchange service as an exclusive exchange medium for all other commodities and all services and labors. However, used merely as a value standard, it could be used in all other exchanges and this without causing any difficulties. Then most exchanges would be reckoned in e.g. gold weight values while gold coins are used only occasionally, for some transactions, by those who have them and want to pay with them. They would not have to have legal tender power since they would only rarely be refused. Some would prefer the convenience of paper money that is as good as gold, i.e., stands at par with gold coins in general circulation. Why not let them? – J.Z., 27.10.07. - REDEMPTION WITH RARE METAL? OBLIGATION FOR ALL ISSUERS TO REDEEM THEIR BANKNOTES AT ANY TIME UPON DEMAND, UP TO THEIR FULL NOMINAL VALUE WITH GOLD OR SILVER COINS?

REDEMPTION BY THE ISSUER: The demand for redemption of banknotes in rare metal is as full of errors and spleens as the notion of “redemptionism” in religion. Why should any banknote be covered by a rare metal cover and redeemed by coins made out of it, when its full rare metal value can be settled via clearing? Why should it be “covered” through metallic redemption when the note holder does not, as a rule, want to purchase gold coins with them, but, rather the goods or services that he needs or wants on a free market, e.g. exactly those or that kind of mixture of them, that the issuer, a shop association, might offer for his shop currency? In that very notion, namely that rare metal redemption would be required to assure and preserve the value of any paper money the old notion error still persists that only gold- and silver coins constitute real money and that any paper money, when not covered by and redeemable in gold or silver, would not be real money but merely a fiat-money or a cheap or even worthless substitute, and this for many kinds of money that are so soundly and carefully issued and also so steadily and rapidly withdrawn again from circulation that they do maintain their nominal gold or silver par value with corresponding gold or silver coins! Any money so strongly in demand by its issuers and his associates, mainly his debtors, that this demand keeps it at par with its nominal gold weight value, is certainly not mere worthless paper money or “fiat” money or "cheap", “soft” or “ inferior” money. It may use the real qualities of gold or silver coins only for its value standard and issuers and acceptors of this kind of money may, likewise, use gold- or silver weight units merely in the sound or sound enough pricing of the goods and services they have for sale. - The reflux of money or the readiness-to-accept-it like rare metal coins is one of the best value-creating and value-preserving methods possible for exchange media. It does also make it possible to increase or even multiply the sum of all exchange media and this without reducing their purchasing power. The Quantity Theory applies only to exclusive and forced currency, multiplied beyond its goods and service cover. Instead of depreciating a money soundly founded on the readiness to accept foundation – for wanted or needed consumer goods and services, and thus continuously streaming back in its reflux to the issuer, for redemption in these goods and services, it will be cancelled or destroyed after its sound reflux, like a used ticket, and not issued again. (That would facilitate the control over its issue and reflux.) Thus it will have to be continuously issue anew, in newly printed notes, covered and redeemed in ever replaced goods or renewed services. It would not remain permanently in circulation but, rather oscillate and thereby achieves and retain its value. First issued in short term loans, to keep production and exchange going, and then again withdrawn by the issuer, as e.g. the goods- and service warrants of shop association banks are, would make possible larger turnovers of goods, would thus provide an incentive to increase production and employment, while stable value reckoning is maintained. - Naturally, one should clearly distinguish between monopoly money and legal tender money on the one side and competitively issued money that is free-market rated against a sound value standard on the other side. Only monopoly money and legal tender money can be arbitrarily and coercively multiplied beyond whatever foundation it may have, e.g., in the case of government money, its tax foundation, in the case of the Post Office its postage foundation. But one kind of redemption or backing all kinds of good monies do need, namely their acceptance for wanted goods and services, with both the money and the goods and services priced out in good value standards. It must also be possible and quite unrestricted that the claim expressed in any paper money can be freely cleared against the claim that others have against the holder of that paper money. In that case, as already stated above, a gold redemption fund and actual prior redemption of both claims into gold coin is not only quite unnecessary but would even be ridiculous or absurd. - Those people who, for industrial or jewelry or value storage purposes, want to buy quantities of rare metals can always do so on a free rare metal market – which constitutes the greatest metal redemption fund of all but will redeem any paper means of exchange only at its rare metal market value. - At most rare metal coins could be used as optional means of exchange or as means of exchange one contracts to supply, if one is willing to engage in this kind of dealings in futures. For goods like gold coins, which one has not yet obtained are goods one can only try or speculate to be able to obtain, or hope or expect to be able to obtain them. - In no case, either, except once again, in special private contracts, should any creditor be automatically given the right or privilege to demand payment in gold or silver coins or in any kind of exclusive and forced currency, which, obviously, he cannot “supply” himself - unless he is a successful bank robber or a successful forger or lucky enough, under conditions of monetary despotism, to obtain sufficient of this monopoly money to pay his debt with it. - The role of rare metals freely used as value standards only and as such being in competition with other value standards, should always be clearly distinguished from their use as exclusive and forced exchange media. As exchange media, too, they should only be optional, unless one has contractually obliged oneself to try to use them as such for all or some of one’s transactions. The difficulties and extra costs involved in such self-imposed obligations will sooner or later become obvious to most participants, especially when they see how others will prosper without imposing such restrictions upon themselves. – (What happened, once again, to “Slogans for Liberty” here? – By all means, try to make all the necessary distinctions in short, quite clear and hard-hitting slogans only! – Maybe it is beyond me on some topics. – By all means, do a better job if you can!) - J.Z., 23.11.97, 28.9.08. - REDEMPTIONISM

REDEMPTION BY THE ISSUER: The real obligation is only to deliver what is promised – gold or silver – if that is promised, or something else, if that is promised and found acceptable. – J.Z., 17.7.82. – E.g. goods or services or debt payment receipts up to a certain value, stated in gold or silver weight value units. – J.Z., 3.5.08.

REDEMPTION BY THE ISSUER: While it is true that the circulation of gold coins and the redemption of gold certificates in gold coins, will prevent inflation, at least until we can economically recover gold from sea water or a vast rain of gold meteors comes down upon us, this does not mean that this is the only or best means to preserve the value of a currency. By using gold weight units not only as a very good value standard but also as an exclusive means of payment in form of gold coins or 100 % covered and redeemable gold certificates, that any creditor may demand from his debtors, we introduce an often neglected problem. The non-cash or clearing problems usually far exceed the cash circulation. If all of the non-cash or clearing transactions remain subject to the right of creditors to demand payment in gold coins or gold certificates, then means of payment difficulties will occur, at least occasionally, or frequently, in at least degrees of currency shortages or famines. These famines will, while not inflating such a currency, severely deflate it, temporarily, forcing prices down, creating many bankruptcies and many unemployed. These crises would all disappear by allowing all debtors to pay their gold value debts via gold value clearing or accounting, using for this purpose whatever means of exchange they can get or produce themselves. E.g., their own IOUs, in money denominations and using a sound value standard, making them at any time redeemable in their own ready-for -sale and wanted consumer goods and services. At a corresponding discount such payments and acceptance obligations, or when they do stand at par with their nominal gold weight value in their local circulation, then they will be acceptable to most creditors and easy for most debtors to produce and use in the payment of their debts. They would thereby merely increase their acceptance obligation for such notes or IOUs, for the goods and services that they offer, in their usual business. (Naturally, such note or IOU issues, in money denominations, will become more acceptable to the creditors, probably even at par with their nominal gold weight value, if that value standard is used, when xyz local debtor, largely shops and other local enterprises, combine into a local shop association bank and issue their common shop foundation money.) In that case, those who confine themselves to gold coins and gold certificates, without confining all others to such exchange media, could not cause a deflation or currency famine, not even temporarily, since gold weight value notes and clearing certificates could then be very rapidly issued to the amounts required and always under the restraint of free market rating and voluntary acceptance in general circulation and, especially on a free gold market, with all, except the issuers, remaining free to refuse to accept them at all or to accept them only at a discount. If some creditors insist on being paid only in gold certificates or gold coins, then they should have to declare that right from the beginning and enlightened debtors would then not oblige themselves in this way. They do know that they will always be able to pay, indirectly and via clearing, with their goods and services and notes or clearing certificates based upon them, with notes, goods and services, priced out in gold weight units, but that they will not always be able to receive as many gold coins or gold certificates for them, in payments, as they would then have to pay out for all their debts. – By the way: When was it that you saw or handled even a single gold coin or received it in payment or paid with it? For me it has been a long time. – A good currency should not only provide a sound value standard but should also be in sufficient supply as an exchange medium to easily mediate, without friction and losses for either side, all possible and desired exchanges. It must be inherently protected from deflations , inflations and stagflations. Competing, market-rated, i.e. refusable and discountable exchange media can achieve that. Like tickets for performances, they can saturate the circulation but no more. Only the issuers will have to accept them at par. Under full monetary freedom any deflation can be rapidly ended or prevented by issuing more exchange media, all of them using sound and voluntarily accepted value standards, e.g. a weight unit of gold, but only as their value standards, with any desired convertibility referred to the free gold market. - J.Z., 27.10.07, 20.2.11. - REDEMPTION IN RARE METAL TO BE OBLIGATORY & ENFORCEABLE OR THE BEST METHOD TO PRESERVE THE VALUE OF A PAPER CURRENCY? PAYING ONE'S DEBTS IN MONETARY ASSIGNMENTS UPON THE OWN GOODS & SERVICES.

REDISTRIBUTION: A fixed rule, like that of equality, might be acquiesced in, and so might chance, or an external necessity; but that a handful of human beings should weigh everybody in the balance, and give more to one and less to another at their sole pleasure and judgment, would not be borne unless from persons believed to be more than men and backed by supernatural terrors.” – John Stuart Mill, Principles of Political Economy. - POWER OVER OTHERS, TRANSFER SOCIETY, WELFARE STATE, TAXATION, HANDOUTS, SUBSIDIES, GOVERNMENT BUDGETS

REDISTRIBUTION: As de Jouvenel notes, Christ urged the rich to “distribute unto the poor”, but he did not tell the poor to require such distribution by force of arms. The voluntary act has moral value, while the involuntary requirement does not.” – Joseph F. Johnston, Jr., The Limits of Government, Regnery Gateway, Chicago, 1984, p.180. - - To establish free market conditions, including full monetary and financial freedom, in which all still somewhat able and willing workers can get all the jobs they want and are able to do, would be helping most of the poor even more. Then the exchange of their capacity and willingness to work productively for the goods or services they need or want would become quite easy, without any artificial barriers against such free exchanges. Instead of them seeking scarce exchange media (monopolized and also unsound) competitively issued sound exchange media would be seeking them. Instead of a shortage (and even outlawry) of sound money, and a struggle to get enough of the State’s unsound money, sound and competitively issued monies would seek out labor, a labor shortage would result and from it an increase of the monetary incomes from labor. All wanted goods and services would also become easy to sell to their potential customers, then sufficiently and competitively supplied with exchange media. – J.Z., 2.10.07. - REDISTRIBUTIONISM, DISTRIBUTIONISM, TAXES & WELFARE STATES

REDISTRIBUTION: Capital or wealth is already more or less rightfully distributed. But there are major legalized and wrongful monopolies remaining through which some capital or wealth is wrongfully distributed. I am thinking here mainly of taxation and monetary and financial monopolies. But also of patent and copyrights acts on the kind of wealth, namely information, that can in our civilization be endlessly duplicated without doing any wrong or harm to anyone. Talents, innovators and inventors can be otherwise rewarded than through legalized monopolies. – All the reward opportunities of a free market have not yet been fully mobilized for them. - - Instead of trying to make up for this kind or wrong by further monopolistic and centralized governmental interventionism, we should see to it that all the prior legalized interventions cease, are repealed or ignored so that free, voluntary and rightful relationships become legal in every sphere. Then and quite obviously all further distribution would be quite just and no “redistribution” could be just or would be considered by some as necessary any longer, unless they are merely motivated by envy of those able to earn and accumulate more under freedom than they the less productive and envious people are. In that case the latter are merely potential and additional thieves and robbers towards the properties of others. As for formerly wrongfully acquired and inherited riches, we can rely on their heirs to either use them productively to everyone’s advantage or to lose them soon, through wasteful spending, thereby getting their riches fast into the hands of other and more productive people. – I believe in redistribution of wealth formerly wrongfully acquired through heirs rather than through politicians and bureaucrats. – Politicians and bureaucrats sit upon the largest and unearned capital values. They rather than private proprietors ought to become expropriated. That can best be done through introducing full monetary and financial freedom, which replaces them as our “protectors” and “trustees”. – Or through privatization proposals like that explained in PEACE PLANS 19 C. - ( - J.Z., 16.9.99, 6.10.08. – REDISTRIBUTIONISM, STATE SOCIALISM, TAXATION, WELFARE STATES, SOCIAL JUSTICE OR, RATHER, SOCIAL INJUSTICE, PROPERTY RIGHTS, ENVY, WEALTH, CAPITAL, INHERITANCE

REDISTRIBUTION: for every person who receives more than he contributes to society, someone else must receive less than he contributes.” – Frank Goble, Beyond Failure, p.130. – In other words, property rights and incentives are ignored by any coercive redistribution scheme. – J.Z., 27.3.94. - DISTRIBUTION, TRANSFER SOCIETY, WELFARES STATE, TAXATION, GOVERNMENT SPENDING, BUDGET

REDISTRIBUTION: In fact, the redistribution of wealth is a bit of a myth. In the U.S.A. in 1968, out of a total of 68 million taxpayers, 383,000 or only sixteenths of one per cent, had taxable incomes of over $ 50.000. Their total adjusted gross income was $ 37 billion, or 6.6 per cent of the total gross income reported. Out of this they paid $ 13 billion or 36 per cent in taxes. If the United States government took all of the $ 37 billion and redistributed it among 200 million Americans, they would receive the princely sum of $ 120 each. Or an increase of 4 per cent in the disposable per capita income. (2) - - Surveys by the Opinion Research Corporation in the U.S.A. have found that the median opinion of the people polled was that out of every dollar American corporations divided up between owners and employees, twenty-five cents went to the employees, and seventyfive cents went in profits. … The facts however, reveal a different story. In 1970, for example, in the U.S.A., 9 per cent of income went to profits and 91 % went to pay employees. (3) Of all personal incomes in the U.S.A. for 1970, 70 per cent was in the form of wages and salaries, less than 7 per cent was in the form of business and professional income, 8 % was interest payments and only 3 per cent was in the form of dividends. (4)” – John Singleton with Bob Howard, Rip Van Australia, p.258. – (2) Figures from Henry Hazlitt, The Conquest of Poverty, Arlington House, New Rochelle, N.Y., 1973, p.115.) – (3) Ibid p.46, - (4) Ibid, p.114. - - EXPLOITATION, PROFIT, INTEREST, WAGES, WORK, EMPLOYERS, EMPLOYEES, INCOME DISTRIBUTION

REDISTRIBUTION: Now the role of guardian has been submerged in another: that of participant in the business of citizens. Unable to create wealth, governments redistribute it. While doing so, their own employees and procedures consume about 30 per cent of the wealth that was created.” – Kenneth McDonald, Toronto, THE TORONTO SUN, Dec. 14, 1978, reprinted in THE FREEMAN, 4/79. – BUREAUCRACY, WELFARE STATE, TRANSFER SOCIETY

REDISTRIBUTION: there is not moral distinction between the act of a pickpocket and the progressive income tax, T.V.A., federal aid to education, subsidies to farmers, or whatever.” – Leonard E. Read, “We never had it so good”, THE FREEMAN, Nov. 60. - TAXATION, INCOME TAX, PROGRESSIVE TAXATION

REDISTRIBUTION: Today. our state is simply a redistributionist machine run amok, one in which a relatively small group of people keeps taking the wealth of everyone’s pockets and redistributing it for a variety of purposes that they alone deem important.” – Wm. E. Simon, quoted in Ringer, Restoring the American Dream, p. 14. – At least here "the" State is, apparently, not “his” State, either. Alas, he does not come out clearly for communities of volunteers only and under personal laws, i.e. exterritorially quite autonomous. – J.Z., 3.5.08.

REDISTRIBUTION: Yes, sadly, we have become to preoccupied with redistributing the wealth that we seem to have forgotten how to create it.” – Wm. E. Simon, quoted in Ringer, Restoring the American Dream, p. 14. – No distributionism is more just and efficient than the natural distribution, via free exchanges, by owners with consumers, through the free market. – J.Z., 16.11.82. However, full monetary freedom is required to make that exchange quite just and easy. – J.Z, 3.5.08.

REFERENDUM: How many taxes would exist and how high would they be if every one of them had to be periodically approved by a referendum? – J.Z., 12/92. – Or if everyone would have to be voluntarily subscribed to by individuals and if all individuals were free to opt out from under them? - J.Z., 29.7.11. - CONSENT, SELF-GOVERNMENT, SANCTION OF THE VICTIMS? MANDATE? REPRESENTATION? TAXATION - Q.

REFUGEES: 57 Million of them by 17.8.95, according to ABC radio news. Ca. 23 million of them through desert formation. The reporter called them “environmental refugees”. – Regarding the latter figure we should take into consideration that many desert areas have been made productive through irrigation. However, while a monopolistic money system, combined with protectionist policies make the sale for additional food difficult and uncertain, the monopolistic, coercive and inflationary central bank paper monies make also stable value clauses in investments impossible and thus long term credits for large irrigation schemes difficult to impossible to obtain. I hold that in this sphere, too, governments are greater enemies than nature. People should also not be confined to scratching out a bare living in near desert areas while not all fertile lands are sufficiently utilized. People have been escaping from agricultural activities into towns and cities for a long time, thereby increasing their standard of living – if free to do so. Mainly national borders and monetary despotism, on top of the usual anti-economic interventionism, have inhibited that natural development. People have been chasing after scarce monopoly money instead of competitive but sound currencies chasing after more workers. Inflated monopoly money has also distorted all free exchange relationships. How fast would these millions of unemployed refugees – and the other unemployed disappear under full monetary and financial freedom and become relatively prosperous through productive employment? Probably, this could happen much faster than most people can imagine. Now they are largely perceived and treated as a burden, rather than as assets to become fully employed, increasing their and our standard of living, and “exploited” as some call it. – With regard to them, employers are no longer employers. - J.Z., 9.5.08, 6.8.11. – MONETARY FREEDOM

REFUGEES: Allow the dozens of millions of refugees in the world to be paid for their productive work with privately or cooperatively issued vouchers, in money denominations, for goods and services now ready for sale in abundance, but hard to sell for monopoly money, also using sound value standards in them and permit the goods and service providers to price their goods and services also in these sound value standards. Then most of these refugees will soon find productive jobs, so paid, and their unemployment problem and their confinement to refugee camps, will soon be over. Once these unemployed can thus readily get jobs, the native unemployed and their potential employers will demand the same right for themselves. Full employment for all able and willing to work would thus be achieved and thus much of the opposition to free migration and of asylum to asylum seekers would soon disappear. We should also not automatically grant them all the benefits of our “Welfare States” but permit them their own welfare services, at their own expense, while exempting them from that part of all our taxes now financing Welfare State activities for all. Then the taxpayers would also have no reason to complain about handouts to immigrants. Moreover, to the extent that their customs, traditions, ideologies and beliefs are different from our own, we should allow them, on an individual and voluntary basis, the choice of their own exterritorialy autonomous communities under personal laws, not only the practice of their own religions and various cultural activities. Those who would still be opposed to them should be free to segregate themselves in their own exterritorially autonomous communities, not welcoming any or only particular immigrants. Those without such prejudices should be free to establish their own integrated communities in which all kinds of peaceful and productive immigrants are welcomed rather than despised or ignored or looked down upon. This world, each continent, each country, belongs to all the peoples in the world and none of its territories belongs exclusively only to one kind of people, especially not seeing how mixed their races, customs, languages and traditions already are. But, let all of them segregate themselves or integrate themselves on a voluntary basis as much as they like, even though most of their children and grandchildren might soon come to find some of their voluntary segregation attempts ridiculous and opt out of them. – J.Z., 29.12.92, 7.10.08. – MONETARY FREEDOM, FULL EMPLOYMENT, ALTERNATIVE MEANS OF PAYMENT FOR WAGES & SALARIES, VOLUNTARY SEGREGATION VS. COMPULSORY SEGREGATION. NO MORE EXCHLUSIVE TERRITORIES, TERRITORIAL GOVERNMENT BORDERS & IMMIGRATION RESTRICTIONS. WORK FOR ALL ABLE & WILLING TO WORK PRODUCTIVELY TO SUPPORT THEMSELVES & THEIR DEPENDENTS. JOBS FOR ALL, WORK: NO LIMITS TO FREE PRODUCTION & FREE EXCHANGE.

REFUGEES: Any refugee from any dictatorially ruled country should be automatically granted refugee and asylum status in any relatively free country, any time, but this without any automatic claim to tax supported social services. Nor should they be automatically subjected to the territorial laws of the guest country, unless they want to personally adopt them. They should, especially, not be subjected to the laws of monetary and financial despotism that cause unemployment and inflation, sales difficulties and bankruptcies. They should be free to adopt their own laws and institutions for themselves but not authorized to impose them, by majority votes, upon any dissenters. Then they would soon be recognized as great assets and allies in the host countries, rather than as burdens or competitors for jobs and sales. – J.Z., 12.12.94, 9.5.08.

REFUGEES: How many of the ca. 15 to 30 million refugees that we have had every year since WW II, have ever demonstrated a sufficient knowledge of or even interest for monetary and financial freedom, although only under such liberties would they be welcome additional workers in other countries? They, too, are mostly supporters of monetary despotism or haven’t cared either way and thus are partly responsible for the fate that resulted for them under monetary and financial despotism, which is unable to integrate any number of them in the production and exchange process, for the benefit of the refugees and the natives in those countries in which they wished to settle. Nor have they shown, so far, any significant interest in the personal law possibilities for communities of volunteers, all exterritorially autonomous, an organizational form that would make peaceful coexistence of the most diverse societies possible and does not automatically lead to the many frictions and struggles between diverse groups of human beings that occur, almost inevitably, under territorialism. Under exterritorial autonomy for volunteers each group could do its own things undisturbed. Any compulsory integration is as wrongful and strife promoting as any compulsory segregation. Let all individuals, minorities and the fluctuating majorities make their own choices at their own risk and expense. Experimental freedom in this sphere would also be the most successful approach in the long run. – J.Z., 22.9.10. – PANARCHISM, UNIFICATION? UNEMPLOYMENT, ASYLUM, IMMIGRATION RESTRICTIONS, CONCENTRATION CAMPS FOR REFUGEES, MONETARY FREEDOM & INTEREST IN IT, FINANCIAL FREEDOM, MINORITY, FRONTIERS, BORDERS, ASYLUM, AUTONOMY, VOLUNTARISM.

REFUGEES: If governments would get out of their way and that of all other people able and willing to work productively and to trade and stopped “caring” for them, as if they had only mouths and not minds and hands, then even millions of recent refugees into a country would cease to be a problem for that country and become an asset instead. Then they would be welcomed as workers, professionals, traders, customers, and clients, as productive and self-supporting people, who would help to increase the wealth of the country to which they fled. For instance, much of the ready-for -sale goods and services in any somewhat developed country (not stricken by a natural catastrophe or civil war, war or revolution) could then be turned into alternative currencies, which could express an enormous demand for additional employees and would greatly increase turnovers and the need for additional goods and services. If sufficiently explored in advance, such alternative currencies could be introduced within hours and not only employ millions or refugees and deserters but also fully employ millions of formerly unemployed or underemployed. In the absence of an issue monopoly and legal tender and freedom in the choice of value standards, the good alternative currencies would drive out bad ones and any existing bad currency, reducing e.g. the government’s paper money very soon to a sound tax foundation currency (with a stable value standard), helping to clear the government’s tax takes against its government expenditures. In this form it could even anticipate its tax returns for the next 2 to 6 months – until its issues showed their first small discounts. Then further issues would become impossible or would be discontinued in the own interest. Currencies “based” upon “government assets” or public debts for medium or long terms would then become impossible too, because they would be greatly discounted or altogether refused and the other and sound private currencies would be preferred to them. Here, too, good currencies, with a sound and short-term reflux foundation, would drive out the inferior ones, those without such a demand for them. The supermarkets and shopping centers could become the main lenders for short-term loans to pay wages and salaries with. They could then also pay their own employees, tradesmen, some suppliers and running costs with their own exchange media. All that would greatly boost and ensure their turnovers. – Inflation, unemployment, deflation and sales difficulties are the price to be paid for a uniform monopoly currency. –To facilitate that development, they should not be automatically subjected to the laws of the country they fled to. Instead, they should be able to get their own personal law options and for their own voluntary communities societies and federations also full exterritorial autonomy, if they desire this. – They might be welcomed by their kinds of rightful and alternative governments in exile that they choose for themselves and that have already established exterritorially autonomous communities established by prior refugees and immigrants. - J.Z., 22.1.90, 14.5.08, 20.2.11, 6.8.11. – MONETARY FREEDOM, FREE BANKING, FULL EMPLOYMENT, SHOP CURRENCIES, UNEMPLOYMENT, SALE DIFFICULTIES, TAX FOUNDATION PAPER MONEY.

REFUGEES: If the present ca. 15 million refugees in the world, well, the adults among them, all mostly herded into and kept in refugee concentration camps, sometimes for years, because of immigration barriers kept up out of fear of unemployment and ignorance of the monetary freedom options, bothered to study monetary freedom and its relationship to unemployment and immigration barriers cased by monetary despotism, then we would soon be much closer to the realization of this freedom. This would mean, finally, that they would be welcome in all countries, with open arms and as fully employed as they want to be. Not to speak about the probably hundreds of millions of unemployed and under-employed people in the world. But most of them, presently, would rather do anything else than take up such studies. Just like most of the professors and students at the universities and most writers on economics. Even as civilized, intelligent and innovative people as the Chinese intentionally crippled the feet of their women for many centuries. In some backward countries females are still sexually mutilated. How many millions do still make themselves sick and die prematurely by excessive drinking, smoking and eating or consuming the wrong kinds of foods? All people in the world suffer now from inflation and compulsory taxes, all too much legislation and political and bureaucratic interventionism, without being free to secede from them to do their own things together with like-minded volunteers, under personal laws or full exterritorial autonomy, in their own kinds of political, social and economic experiments. - If people do not sufficiently seek out and apply the truths that would serve or even save them, then at least we should systematically collect and offer them, e.g. in a special market for ideas and talents, an ideas archive, starting with the libertarian ones and here also with special encyclopedias, e.g. on how to overcome unemployment, inflation, stagflation and to prevent these and other economic crises. The multitude of false or flawed views in these spheres must become systematically and encyclopedically confronted and reduced to those ideas, plans and practices, principles, rights and liberties that would really work. These must be fully and permanently published, easily, cheaply and fast accessible and provable, and no longer buried by chaff, errors, prejudices, dogmas, false assumptions and false conclusions, which were so far insufficiently countered in public opinion, in mass media, libraries and even in minority publications. – J.Z., 28.6.10, 18.7.10. - UNEMPLOYED & MONETARY FREEDOM

REFUGEES: Immigration barriers are crimes against humanity, especially for refugees from unfree countries. They are enforced by walls, fences, naval blockages, capture and incarceration and the threat of or practice of deportation back to the regimes from which they fled. They are largely motivated by the effects of monetary and financial despotism upon employment. With full employment achieved, largely through full monetary and financial freedom, releasing the monetary demand for the labor of the unemployed and of the immigrants (largely in form of standardized and typified goods and service vouchers, using stable value standards, issued by the providers of goods and services, an expansion of the shop currency system used in Australia in consumer credits), the antagonism against immigrants would largely disappear. They would then no longer be perceived as competitors for the scarce and at the same time unsound and depreciating monopoly money of the government. Such changes could come gradually and yet fast, the voluntary and panarchistic way, simply by allowing immigrants and national dissenters to apply their own principles and practices in this sphere, in their own spheres, under their own personal laws. At least some of these experiments would succeed and set examples that would be followed by others, when they are ready for them. Without the money issue monopoly and legal tender power for it, i.e. under voluntary acceptance and the refusal option and under free market rating or discounting as a possibility, good money would drive out the bad money and would be in sufficient supply for all desired and possible exchanges, to the extent that they are not settled through free clearing or non-cash transfers. – To the extent that the money of the government is good enough, e.g. has sufficient tax foundation, it would not have to be afraid of competition against it. It would not need an issue monopoly and legal tender power. – This competition would see to it that it confined itself to sound issues of its own currency. - J.Z., 18.7.95, 10.5.08. – MONETARY & FINANCIAL FREEDOM, FULL EMPLOYMENT, STABLE COMPETING CURRENCIES, IMMIGRATION BARRIERS, DIS.

REFUGEES: Refugees escape from one national incarceration at home only to get all too often and for all too long incarcerated abroad, in supposedly much more free countries. From one nation-wide prison into another prison camp and this in the so-called “Free World”! – J.Z., 29.5.95. – To me it is obvious that at least monetarily and financially it is not free enough to welcome all refugees as additional workers, soon to be fully employed, with as much overtime work for them as they are willing to put up with. Under that condition they would also not be hated by the natives and maligned. – But how many of the unemployed and of the refugees show a serious interest in full monetary and financial freedom? The sanction of the victims applies here as well. – J.Z., 9.5.08.

REFUSALS TO ACCEPT THE GOVERNMENT’S FORCED & EXCLUSIVE CURRENCY: Everyone should be free to refuse to accept in payment or as full payment any deteriorated medium of exchange or any other currency that he distrusts and to arrange for payments using other means of exchange and other value standards. No more forced and exclusive currencies and legal tender laws. – This does also apply to all other “services” offered by territorial governments. – Everyone to be free to refuse to accept what he considers to be a disservice, also a gift or what is offered as a gift – anything that others suppose would be for one’s own good. – J.Z., 1976, & 4.5.08. – MONETARY FREEDOM VS. MONETARY DESPOTISM, FREE CHOICE OF GOVERNMENTS & SOCIETIES FOR EVERYONE – EXCEPT CRIMINALS WITH VICTIMS & OTHER AGGRESSORS

REFUSALS TO ACCEPT THE GOVERNMENT’S FORCED & EXCLUSIVE CURRENCY: Refuse to accept the government’s paper money at par. Accept it only at a discount against whatever you choose as a standard of value together with your partners. – J.Z., 1976.

REFUSALS TO ACCEPT THE GOVERNMENT’S FORCED & EXCLUSIVE CURRENCY: What if politicians printed money and nobody used it?” – Stormy Mon, Imagine Freedom, p.138. – Also in his: A Liberty Book, p. 55. – That would also have to be part of a rightful and effective tax strike. – J.Z., 4.5.08.

RELIABILITY: Men who are completely relied upon are always in demand.” – 1977 Collins Desk Calendar. – What if the demand for labor and goods produced depends upon the supply of a monopolized medium of exchange? Even the most efficient and reliable workers, managers and proprietors of the best kinds of consumer goods and services, might then be unable to sell many or enough of them to keep them employed or their firm going. Central banks can certainly not be relied upon to always supply everywhere sufficient and sound exchange media and sound value standards. – J.Z., 4.5.08, 6.8.11. - UNEMPLOYMENT, DEPRESSIONS, MONETARY FREEDOM, DIS.

RELIGION: confuse them. That is what religion is all about, ...”- Richard Condon, Money Is Love, p.38. – Not to forget the money, the job and the power motive. How many make their living out of religions? But that they do also practice a kind of voluntary taxation is a lesson even for libertarians exploring voluntary contribution options to replace compulsory taxation. – J.Z., 29.3.09. - Most still offer only benevolence and charity, sometimes that of Welfare States, rather than monetary and fiancial freedom, including all kinds of insurance and credit arrangements. Which reflects rather poorly upon their ethics and rationality for the last 2,000 years. - J.Z., 6.8.11.

REMEDIES: For extreme diseases, extreme remedies.” – Hippocrates, Aphorisms, ca. 400 B.C. – It is not their extremity but their correctness which turns them into genuine remedies. We are all cured of all of our diseases - by having our heads chopped off. – J.Z., 14.5.08. – To cure inflation and involuntary mass unemployment it suffices to repeal the legal tender and the money issue monopoly laws. – J.Z., 22.10.08. - According to my spelling program, I should revise Hippocrates' remark, for it says: "Fragment (Consider revising)". - I do often get such hints on my quotes, not only on my own remarks. - Slogans, aphorisms, quotes etc., like curses, need not always come in complete and quite grammatical sentences. - J.Z., 6.8.11. - DIS.

RENT: How much resources shall go to housing? How is it to be distributed and financed? Above all, why has investment in housing been less than people would wish if they could indicate how much they thought worth paying for it by prices or rents in a free market? Mr. Carmichael’s solution was to use rents as an indicator of demand, a signal to supply, and a means of reconciling both.” – R. Harris and A. Seldon, Not From Benevolence, p.44. – Many other factors are involved: E.g.: In which means of exchange are rents to be paid? And the wages and salaries to pay rents with should be no indicators at all? Nor the prices of goods and services, expressed in sound value standards? The government's monopoly paper money or gold coins only? Or e.g. rent money issued by the landlords? Building restrictions, land releases, prescribed minimum sizes for building land, outlawry of value preserving clauses, high taxes on land and buildings, the ever present threat that rent controls might be introduced again, import restrictions on prefabricated houses, etc. Black market transactions in this sphere are rather difficult to impossible. – J.Z., 4.5.08, 6.8.11. - Rents are just one indication, just like house prices are. And they are dependent upon other indicators, especially also upon wrongful and irrational meddling with the housing market. Due to the increased mobility of labour the renting of flats and houses has become more popular in the somewhat developed Western countries than home-ownership. - It made it easier to live closer to one's job. House prices and rents do also largely depend on the quality and rapidity of transport. For a while, private cars maximized transport options. But the remaining socialized roads and public transport systems minimized transport options once again. Almost nowhere is the housing market free from taxes, inflated currencies, zoning- and building regulations and numerous interventionist labour laws.

REPRIVATIZATION: Conventional reprivatization puts even more money into the hands of politicians and bureaucrats. Money that does not really belong to them and funds that have not been formally and individually granted to them by the real owners of nationalized properties. This is also a kind of crime in my views, just like compulsory taxation is. At least all the adult members of a nation, especially as direct and or indirect taxpayers, should get their equal share in the sales proceeds, best probably in form of general shares that they can later change convert into specific shares of denationalized or demunicipalized enterprises. – J.Z., 12.12.92, 12.5.08. 6.8.11. - See PEACE PLANS 29 C on - The reprivatization schemes that sell public property for the benefit of politicians do still continue the expropriation of the citizens and taxpayers to that extent. What benefits a party or bureaucracy - by putting cash in its hands - does not correspondingly benefit the citizens and taxpayers. They should get their shares of the sales prices, otherwise they benefit only by a reduction of the subsidy burden, since there are less government enterprises left to be subsidized and the privatized enterprises will also have to pay taxes. – J.Z. 7.11.85, 13.5.08.

REPRIVATIZATION: The way the territorial politicians run it, it amounts to more funds and more spending power for them as a result of a sell-out of the State’s capital assets. The tax payer remains robbed, cheated and is not indemnified, although he has morally more rights to the sales proceeds from these assets than the politicians have. The politicians do not reduce taxes as a result and they continue to buy votes with these funds. Instead, each taxpayer or each inhabitant of a county or state or local government area should get his or her personal share in the sales proceeds of such assets, best in form of share certificates, less the brokerage costs involved. I would favor an equal per head share for all people living citizens living at a particular point of time in a country, including even just born children. Anyhow, the politicians should not get their hands on these sales proceeds, as if they had owned them. – J.Z., 11.5.08.

REPUDIATE GOVERNMENT BONDS: Don’t enslave the taxpayers any further. Repudiate government bonds. Whoever invested in theft and slavery – tributes and tax slavery, has no right to be refunded and rewarded with interest out of future taxes. – J.Z., 1976 & 6.5.08. – GOVERNMENT SECURITIES

REPUDIATION: What theft is called, when the thieves are States.” – Ambrose Bierce. – That applies to forced loans but, hardly, to voluntary investments in government securities or insecurities, essentially in tax slaves. – Then the robbery is postponed, to future tax slaves. - J.Z., 6.5.08, 22.2.11.

RESEARCH DEPARTMENT: Research Department - Free Market Money -  - Cached - In this report we will explore how private "free market money" emerges in a new or developing society, and again look at the life cycle of money by ...

RESERVE BANK: Anyone who wants a reserve bank for himself and his trading partners should subscribe to it. – J.Z., 1.11.75, 6.5.08. – RESERVE BANK OF AUSTRALIA, CENTRAL BANKING

RESERVE BANK: No Reserve Bank power: No inflation, not deflation, no stagflation. – J.Z., 27.8.73. – J.Z., 27.8.73. – The Australian central bank is called “Reserve Bank”. The declining purchasing power of its paper pound - later paper dollar - indicates very well how little it was able to fulfill its function to preserve and guaranty the value of its forced and exclusive currency. – Judging merely by its record, it ought to be abolished, the sooner the better. – However, legislatively established institutions tend to have a very long and artificial life-span, regardless of their failures. - J.Z., 6.5.08. -  – CENTRAL BANKING, MONETARY DESPOTISM

RESERVE BANKING: Sound banknotes do not required “reserves”, least of all central bank “reserves” in form of foreign exchange, government securities or stocks of gold or silver bullion or coins. But what they do require, at least, is a sound local shop foundation, i.e., their immediately available convertibility into consumer goods and services that are in daily demand. Even that should not be legally enforced but simply left to the free and contractual regulation and enforcement of free contracts between free people, on a free markets, adjudicated under private and contractually predetermined arbitration, with e.g. shopping centers as issuers of one of the possible local currencies. Only towards the issuers should any issued notes or clearing certificates or purchasing voucher in monetary denominations have legal tender power, i.e. compulsory acceptance at the nominal value. If e.g. Woolworth stores issued their own currency then they would have to accept it at its par value while everyone else would remain free to reject or to discount it. – J.Z., 27.1.98, 29.9.08, 6.8.11. – READINESS TO ACCEPT FOUNDATION, DEBT FOUNDATION OR CLEARING- OR REFLUX-FOUNDATION VS. COVER & REDEMPTION WITH RARE METALS, AS AN EXCLUSIVE CURRENCY, MONETARY FREEDOM VS. MONETARY DESPOTISM, CENTRAL BANKING

RESTRAINTS: Not the standard of living of the citizens should be reduced but that of the governments. – J.Z., 10.6.86. – Voluntary taxation, competition from many exterritorially autonomous communities of volunteers and individual secessionism would be significant steps in this direction. – J.Z., 18.5.08.

RESTRICTIONS: Limitations on freedom can ultimately be justified only by the claim that a greater freedom is guaranteed by the restriction than would exist without the restriction. … Now, although it is clearly false to suggest that the freedom of the man imprisoned is promoted by the action, it may very well be the case that the freedom of others (whom he has been restricting) is promoted by confining the man.” – David Nicholls, The Pluralist State, p.18. – More than a mere claim or assertion is required. Proven facts are needed. One cannot simply assert that the issue of additional exchange media would be inflationary when one is not even aware that only exchange media that are given the legal tender power can act inflationary. Additional exchange media, that are only optional, i.e. refusable and discountable, use a sound value standard and reflux foundation, can have no inflationary effect upon prices, wages and contracts expressed in stable value units, even if they should become somewhat and temporarily over-issued and thus themselves depreciated. Their issuer would still have to accept them at par with their nominal value and that fact would prevent him from making over-issues a habit, apart from the fact that he would have to find voluntary acceptors for his notes, while people would rather accept notes that stand at par with their value standard. – J.Z., 16.5.08.

RESTRICTIONS: The best course, he concluded, was not to impose any such regulations but to let trade work itself without legislative restrictions.” – Murray N. Rothbard, The Panic of 1819, on Senator Talbot of Kentucky, chairman of the Senate Finance Committee. – Alas, neither Talbot nor Rothbard favored full monetary freedom but merely an exclusive currency and they imagined that it would not lead to depressions and monetary panics. – Without legal restrictions on free note-issuing banks and other competitive issuers of sound and optional money tokens, using self-chosen value standards, money shortages would not occur, if full use is made of this freedom and without legal tender laws inflation of the general price level could not occur. - J.Z., 7.5.08.

REVOLUTION: A people which had supported the most crushing laws without complaint, and apparently as if they were unfelt, throws them off with violence as soon as the burden begins to be diminished.” - Alexis de Tocqueville. - Degrees of freedom breed the desire for more freedom and finally for all liberties and rights. To that extent freedom practices are infective - but the incubation period is often all too long. - J.Z., 22.8.02. - And the liberation or revolution or freedom struggle is often all too uninformed, primitive, destructive and murderous. A good and attractive program for all of them either is still amiss or still insufficiently published, appreciated and known. - It should include panarchism, full monetary and financial freedom, a comprehensive human rights declaration and an ideal militia for their protection. These and other steps would make bloodless or almost bloodless revolutions and liberations, as well as the efficient defence of free societies and communities possible. - J.Z., 22.2.11. - To the extent that I was enabled to provide it, I did include it in my first peace book, largely based upon the idas of Ulrich von Beckerath: - But it still needs much more sound input from others. So far, to my limited knowledge, the libertarian movement has not provided it during the last half century! - J.Z., 6.8.11. - LIBERTARIAN REVOLUTION, DEFENCE, LIBERATION PROGRAM. LAWS, OPPRESSION, REVOLUTION, DICTATORSHIPS, TOTALITARIANISM, WAR & PEACE.

REVOLUTION: A revolution tax might be raised by revolutionaries in already liberated zones. To help raise this tax and anticipate it, the revolutionaries should issue tax foundation money upon this tax. They might also issue tax foundation money upon all other taxes still paid - and already to them. They could also issue liberation bonds on the black market and try to sell them, internally and externally. To make tax payments to them more attractive, these bonds and all taxes paid to them should be taken into account when these taxpayers or bond buyers do finally get their share in the remaining capital assets of the State, once its dictatorship is overthrown. Their share would be correspondingly larger. They would thus act as investors in formerly state-owned and nationalize assets, helping to assure their privatization. This system would require a sufficient secrecy and coding of such records. In the computer age this would be possible and most records could be kept in safe foreign countries, not recording names and addresses at all but just numbers, like some Swiss bank accounts do. – J.Z., 6.12.02, 30.10.07. - Perhaps it would suffice if the unfree contributors to a revolution's finance were merely to memorize the amount, time and place of their contribution and thereby identify themselves later, when the revolution has succeeded. The old trick of including half a torn note could also be used. Foreign investors in it, living in relatively free countries, would have less trouble in this respect. - J.Z., 22.2.11. - FINANCE, FOR RIGHTFUL REVOLUTIONS

REVOLUTION: Nearly all the revolutions and great changes in the modern world have a financial origin.” – Richard Cobden, quoted by Ralph Raico in JLS., Sum. 77, p.181. – Rather, they occur under financial and monetary despotism – when, as a result of governmental and legalized wrongful, harmful and irrational "monetary policy" or "currency policy" all too many of their subjects are unemployed, “unfinancial”, illiquid and close to bankrupt. – J.Z., 20.10.08. - Which great changes should we expect once complete monetary and financial freedom are introduced? – J.Z., 7.5.08, 23.2.11.

REVOLUTION: Personal percentage shares, according to the population, for individuals, in the public property of any dictatorship and in the private fortunes of all is major functionaries could even be dropped like leaflets over the cities of dictatorships, as an extra financial incentive. After the successful revolution each former victim of the regime could then claim with one such certificate or an ID, a corresponding share in any so liberated property, for which shares would be issued. Market prices will develop between these new shares in particular capital assets and the general share of each liberated citizen. The recognition of such claims and their estimated value for each person, after the liberation is achieved, could and should also be broadcast. For democracies this general privatization scheme has been described in PEACE PLANS 19 C: on - – For the proper financing of a revolution, to the extent that it requires a prolonged effort, instead of a peaceful take-over within a day, other financial and monetary freedom steps ought to be taken and these ought to be sufficiently publicized long in advance, so that the revolutionaries or military insurrectionists do not make the usual mistakes in this sphere. – GEORG HOLZHAUER’S 1939 book on “Barzahlung und Zahlungsmittelversorgung in militaerisch besetzten Gebieten”, should at least and at last be translated into English. I only got around to microfiching it and its 1938 manuscript. Ulrich von Beckerath’s manuscript on the subject of properly financing a revolution was burned in air raid on Berlin in Nov. 1943. It could only be partly reconstructed a) from Holzhauer's book, for which perhaps a chapter on financing revolutions was left out in manuscript form and may have survived the war. It was not included in the printed edition and from the remains of U. v. Beckerath's extensive correspondence, largely digitized already, and his published three monetary freedom books, which are on - J.Z., 28.2.95, 9.5.08, 23.2.11. – MAKING A REVOLUTION FINANCIALLY ATTRACTIVE & FINANCING A RIGHTFUL REVOLUTION ECONOMICALLY.

REVOLUTION: Your political insights were a mere dawning. You foolishly blamed the creator, although he has given you reason and courage to govern yourself. When oppression thundered down upon your heads then you could rightly blame only your own weakness. Freedom and happiness are for those, who know how to acquire them. (*) All in the world is revolution ...“ Louis-Sebastian Mercier, L’an2440, 1772, in German, 1772: Das Jahr 2440, in Der Traum vom besten Staat, 19722, 1975, p.244 ff, Dokumente, dtv. Wissenschaftliche Reihe, Herausgeber Helmut Swoboda, born 1924. - Mercier envisioned a primitive system of voluntary taxation. The motto of his book is: “The presence is pregnant with the future.” - (*) And who care to acquire that knowledge. But who cares, even today, to acquire full knowledge of all individual rights and liberties and to spread that knowledge? – J.Z., 12.9.07. - VS. OPPRESSION, SELF-EMPOWERMENT, LIBERATION, STRENGTH AGAINST WEAKNESS & SUBMISSIVENESS, THE SANCTION OF THE VICTIMS, STATISM TERRITORIALISM, NATIONALISM

REWARDS: make Australia as great as it should be – through the incentive of appropriate reward for work!”– Michael Clarke, 26.11.75. – Who is to determine which wage is an appropriate reward, if not a quite free market and its satisfied customers? And is it quite appropriate to insist that wages and salaries may only be paid in a monopolized exchange medium and a manipulated and usually deteriorated value standard? – Should we work for Australia or for ourselves? Should “greatness” be our aim or freedom, justice and peace? – Aren’t the demands of e.g. trade unionists often quite inappropriate? - J.Z., 8.5.08. – DIS., WAGES, SALARIES, INCENTIVES, PRICES, WORK, GREATNESS

REWARDS: People work for rewards, they don’t work for punishment.” - John Laws, Book of Uncommon Sense, PAN, 1995, 187. – Alas, now with e.g. wages and salaries being taxed, and all consumer goods and services as well, rewards and punishment are very uneconomically combined. – J.Z., 19.9.07. - VS. PUNISHMENT, TAXATION

RICH: I’ve been rich and I’ve been poor, and rich is better.” – Mae West, quoted by R. A. Wilson, Cosmic Trigger, p.148. – (*) The main point is that each should have the chance to become rich by his own honest and intelligent efforts. – Taxes, inflation and many other wrongful impositions prevent that and the poor, as a rule, do not insist upon the abolition of these impositions but rather demand more of them and get them, as “free” and “responsible” voters. – J.Z., 8.5.08. – The Mises Institute, in its digitized libray, offers: Robert Anton Wilson (1932–2007) by Jeff Riggenbach . It thus informed me that another one of my favourite writers, also an anarchist and monetary freedom advocate has died. He was only one year older than I am. - J.Z., 6.8.11. - I believe that Poul Anderson died in the same year. An honours roll for our great deceased may be still missing. Online o on disc it could include a complete bibliography, abstracts and review collection for all of them and it could promote more sales for the benefit of their heirs. - J.Z., 6.8.11. - VOTING, REGULATIONS, LAWS, DEMOCRACY – “I’ve been poor, I’ve been rich. Rich is better.” – Common saying. – WEALTH, POVERTY

RICH: One of the privileges of a rich man is that he can afford to be foolish much longer than a poor man.” – Mises, Economic Policy, p.72. – Are rich men as a rule any wiser, more informed or more interested about the money of monetary freedom and the opportunities that it offers, than the poor are? – Both are still at least to some extent victims of monetary despotism and have granted it the sanction of the victims. – Just think of a few instances: Poor debtors are authorized by the law to repay rich creditors with depreciated legal tender money. Rich men are authorized to pay their relatively poor employees, the wages and salaries they owe them - in depreciated legal tender money. At the same time, the employers are not free to pay them in sound alternative money issues, which would drive out the bad monies and would help assure the sale of their goods and services. - J.Z., 17.5.08, 6.8.11. - Neither are the poor informed and free enough to demand such payments from their employers. - J.Z., 23.2.11, 6.8.11.

RICH: The only thing I like about rich people is their money.” – Lady Astor. – I wonder how much she knew or cared to learn about monetary theory, monetary despotism and monetary freedom. The rich of today are at most rich in the money of monetary despotism and there are so relatively few of them because of this despotism. Moreover, many of them are so little likeable because of what they have to do in order to become rich in the money of monetary despotism. – J.Z., 17.5.08, 6.8.11.

RICH: the rich aren’t relieving middle-income (and certainly not lower-income) families of increasing tax burdens.” – Angus Black, A New Radical’s Guide … p.103. – And why should they? High direct and indirect taxes were made politically possible only through the popular myth that most of the taxes would be paid by the rich. – Let all dissenters secede. Then, among themselves and among the remaining State subjects, voluntary taxation would come to prevail – and competition would see to it, in most instances, that it would be require much less than the present territorial tax and spending rates. – J.Z., 8.5.08. 23.2.11. – VOLUNTARY TAXATION, SECESSIONISM, DIS., PANARCHISM, PREJUDICES, TAXATION

RICH: Time, energy, ability and willingness to work productively could, via note-issue freedom be turned into work that was thus, through such issues, be paid already in advance. The riches of the capital market, those resulting from the division of labor, the productiveness of machines, the supply of cheap energy, of automation, of cheaply supplied natural resources, of free trade, free enterprise, inventiveness, scientific progress, due to ever improved communications and transport facilities and the wealth of goods and services offered in the shops of the world, are at the disposal of any productive persons to the extent that they are able and willing to provide equivalent services in return. That could be made easy and automatic through full monetary freedom and emancipation, under which e.g. shop association banks could soundly monetize their goods and services with shop foundation money. Then the tendency would be that such money would chase after productive labor, rather than laborers chase, as today, after jobs that can only legally be paid with monopoly money. Seeing that it is present monopoly money, many potential employers of more workers , being, like their potential customers, insufficiently supplied with that monopoly cannot offer to employ more people. They and their customers, being confined to monopoly money, cannot produce and buy more with this money, it being in insufficient supply, in quantities not corresponding to the quantity of goods and services that could be offered - if they could easily be sold for sound and competitively supplied money, using a sound value standard. That they cannot do while the money issue is monopolized and leads to deteriorating money rather than sound money, as would happen under a competitive money supply combined with free choice of value standards. – J.Z., 5.8.92, 17.5.08, 23.2.11. – FREE BANKING, MONETARY FREEDOM, FULL EMPLOYMENT, SELF-MANAGEMENT, FREE TRADE, COOPERATIVE PRODUCTION, PURCHASE OF ENTERPRISES BY THEIR EMPLOYEES, POVERTY, WEALTH, MONETARY & FINANCIAL FREEDOM, POVERTY, LABOR, COOPERATIVE PRODUCTION

RICH: Under freedom almost anybody could become an issuer of currency notes or clearing certificates and thus “coin” his own kind of money, limited only by his ability and willingness to offer equivalent goods or services in return and the willingness of others to accept his offers in this noted and certified form. – J.Z., 5.8.92. – Over a life-time of productive work he has ca. $ 1 to 2 million to offer in the value of his productive work and with short term fractions of this offer he could anticipate and monetize and thus assure himself of paid work, paid for in his own money or clearing certificate with which he could already have bought the needed consumer goods and services in advance (of earning them through his labor) from their ready for sale suppliers. Naturally, the usual suppliers of consumer goods and services would have it even easier to get their notes and clearing certificates accepted by others, e.g. as loans for wages and salary payments, that would facilitate further production and also the sale of their own goods and services. – Competitively supplied exchange media could not be produce and would not be accepted beyond the saturation point for them. If perfect clearging were established without any need for any physical exchange media circulating, then none would or could, most likely, be issued and accepted at all. Anyhow, through freedom of issue, acceptance and evaluation for them or optimal clearing arrangements, free exchange could finally be achieved without too much friction and difficulties, even for the presently involuntarily unemployed or underemployed and those with insufficient business and all too close to bankruptcy or suffering losses (because they are all too much dependent upon the supply of a monopolized, coercive and mismanaged exchange medium and value standard, which brings about one crisis after the other). – We have largely solved the problems of production but not yet those of exchange, under the present legalized and wrongful restrictions. - J.Z., 5.8.92, 17.5.08, 24.2.11. - FREE BANKING, MONETARY & FINANCIAL FREEDOM, FREE EXCHANGE, MONETARY & FINANCIAL DESPOTISM.

RIGHT: Don’t go around saying the world owes you a living. The world owes you nothing. It was here first.” – Mark Twain. - There is only a right to earn a living and to do that under conditions of full economic liberties, including full monetary and financial freedom. But who of the poor and unemployed or underemployed or bankrupt entrepreneurs is seriously interested in these economic rights and liberties as well as opportunities? - J.Z., 23. 11. 06. - TO A LIVING? AT WHOSE EXPENSE? WHOSE OBLIGATION IS IT TO LIVE & WORK FOR OTHERS, OTHERWISE THAN THROUGH WORKING ON A FREE MARKET & ENGAGING IN FREE EXCHANGES? Q., CLAIMS AGAINST OTHERS, ALTRUISM, WELFARE STATE, NEED

RIGHT: In still another way, the government denies men's natural right to life. And that is by denying their natural right to make any of those contracts with each other, for buying and selling, borrowing and lending, giving and receiving, property, which are necessary, if men are to exist in any considerable numbers on the earth …” - Spooner, Works I, A Letter to Grover Cleveland, p.34.

RIGHT: It is a traditional right of the people to refuse acceptance of paper money.” - Ulrich von Beckerath in his Berlin Program. - Unless, naturally, they have issued it themselves or are in debt to its issuer - he qualified this elsewhere. - No paper money should have compulsory value and forced acceptance in general circulation. - J.Z., 10.11.05. – Nor should anyone have a monopoly for the issue of exchange media and the determination of a value standard for a whole population. – J.Z., 1..4.09. – MONETARY FREEDOM, FREE CHOICE OF VALUE STANDARDS, VS. MONETARY DESPOTISM, LEGAL TENDER, MONOPOLY MONEY

RIGHT: The right to work, properly defined, means not the charitable or legal provision of some unproductive jobs via donations or compulsory taxes, but, rather, the right to provide oneself with work, without depriving anybody of it, by undertaking all monetary, financial and organizational measures required for this purpose. - J.Z., 31.12.92, free after Ulrich von Beckerath. – UNEMPLOYMENT & SELF-HELP, MONETARY FREEDOM, RIGHT TO WORK

RINK, JASON, A Brief History of Money and Banking | Jason Rink - - Cached - ... Presidential candidate Andrew Jackson to run his campaign on a platform of shutting down the central banks, and establishing a free-market money system ... - To my surprise, I find that many of the Google entries, just like my own, are also full of typos. - I wonder whether the URL will work with the wrong spelling of "brief". - J.Z., 25.7.11.

ROADS, PRIVATE, FINANCING: Likely shareholders in turnpike companies would e.g. be car insurance and driver and passenger insurance companies, fire insurance companies (good roads would allow fire brigade trucks to arrive earlier), road building contractors, cement factories, bitumen producers, road cleaning contractors, road lighting companies, oil and petrol producers and stations, advertisers, tourist associations, local progress associations, restaurants, hotels, motels and shops alongside a road, parking stations, car and truck drivers, bus and transport companies. Even air lines are potential investors, as far as good roads to air ports are concerned and railway companies, as far as access to their stations is involved. In Sydney suburban railway stations have provided huge parking spaces for workers who do not want to take their cars into the city and air ports provide vast long-term parking spaces for their passengers. Charging road users can now be done electronically. If a sufficient demand can be expected a corresponding service will be provided under freedom. No territorial government has to provide it or should interfere. Associations of proprietors could exclude noise and air polluting vehicles from their areas. – J.Z., 9.5.08.

ROADS: 50 cents of every petrol tax dollar goes to the federal government – which spends 10 cents of this on roads.” – Radio report, 30.9.88.

ROADS: A traffic jam is a collision between free enterprise and socialism. Free enterprise produces automobiles faster than socialism can build roads and road capacity.”– Andrew Galambos - & TRAFFIC JAMS, FREE ENTERPRISE VS. STATE SOCIALISM

ROADS: Americans had built for their own use, at the time of the Revolution, more roads than existed in all of Europe.” – Dale Haviland, reviewing Willis E. Stone, Where the Money Went, in A IS A NEWSLETTER, April 72.

ROADS: At the moment, Australians pay State and Federal fuel levies of over thirty cents on every litre of fuel. Less than five cents of this is actually spent on roads. The people of the State may agree to say, a ten cent levy, to be spent on roads. This would double the amount currently being spent, and yet reduce the existing price of a litre of fuel by twenty cents.” - Sawyer/Wilshire, One Man Band, The best of Peter Sawyer, whistle blower, edited by Brian Wilshire, 1996, Brian Wilshire, PO Box 209, Round Corner NSW 2158, ISBN # 0 646 265117 2, p.103. - FINANCING

ROADS: At the present moment, what government is selling you is lack of movement.” – Noel Dennett, 26.5.76.

ROADS: Denationalize roads – if you want good ones.” – Source?

ROADS: Don’t buy road services from the government! It charges too much – and offers only shoddy goods and services – in short supply. – J.Z., 1972.

ROADS: Government taxes and subsidizes road transport at the same time and wraps it in red tape, instead of allowing road companies to become self-supporting and self-managing enterprises. - J.Z., 1.2.02. - For instance, a small fraction of the price of fuel sold along private roads, if their network is widely enough spread, would suffice to finance the building and the maintenance of private roads. For many years, according to NRMA reports, the governments in Australia managed to finance road building and maintenance with a mere 5% of the taxes levied on petrol. I do not know what the present figure is. - On top of it governments exploit motorists by monopolistic licensing and registration fees and special taxes, whose only function appear to be to support a special bureaucracy and raise more revenue for the general bureaucracy. - J.Z., 1.2.02. - & GOVERNMENTS, TRANSPORT, SUBSIDIES, TAXES, PETROL TAX

ROADS: Hand over the roads to the NRMA! – J.Z., 5.12.74. (National Road Motors Association)

ROADS: Make it profitable to end traffic congestion: re-privatize the roads. – J.Z., n.d.

ROADS: Petrol taxes to pay for better and more roads rather than boost general tax revenues. Even a doubling of the presently probably only still 5% of the petrol tax money that goes into road building and maintenance might be more than enough to achieve much better roads, especially if competitive contractors do the building and maintenance. Some years ago the NRMA thought that 7% would be sufficient. Since then fuel taxes have probably been increased. But leaving roads as public as governmental properties would be a great mistake. They, too, should be privatized and cooperatively run - by those interested in them. Turnpike companies are no longer the only options. - J.Z., 6.12.00, 2.2.02.

ROADS: Sell the roads. Rather private toll roads than car registrations, car licences, transport departments, departments of main roads and petrol and oil taxes that go mostly into general revenue. – J.Z., 11.2.76, 9.5.08.

ROADS: Taxways is the name Prof. Galambos chose for freeways. – FREEWAYS, TAXATION, PRIVATE ROADS

ROADS: The distorting effects of free or subsidized services can be seen outside the sector narrowly regarded as ‘welfare’. Cars are abundant because people are willing to pay for them, while good roads are scarce because they are a charge on public finance. – Public libraries are desperately short of money for staff, books or authors’ royalties, yet their customers are not required to pay for the hundreds of millions of borrowings of mostly indifferent fiction and even ephemeral ‘pop’ records. While some continental places charge a few shillings for comfort, swimming or sunbathing, British beaches remain free, overcrowded and mostly filthy. In such cases, economic theory and practical experience enable us to predict that by charging motorist, reader, bather, there would be an easing of the pressure of demand while at the same time money would be collected to increase the supply of good roads, libraries, beaches.” – Ralph Harris in “Down With the Poor”, p. 17.

ROADS: The streets and highways, run by governments, are not safe.” – JAG, 4.7.75.

ROADS: When roads are made available free of charge then demand for them will always tend to exceed the supply. – J.Z., 4.2.78.

ROBBER BARONS: Tax collectors and monopolists are the new robber barons. – J.Z., 28.2.87. And they are even better defended against their victims than the robber barons of the Middle Ages were. – J.Z., 14.5.08.

ROBBER BARONS: The robber barons now sit in parliament and government offices. – J.Z., 18.12.93. And we were foolish enough to vote them in. – J.Z., 9.5.08.

ROCKWELL, LLEWELLYN H., Jr., Bank privacy hypocrisy - "One of many pastimes of government bureaucrats is forcing foreign banks to cough up tax information on U.S. citizens. This is a disaster for the cause of privacy, the right of contract and freedom itself." - Roy Halliday, in section on Government-Regulated Banking

ROCKWELL, LLEWELLYN H., Jr., Hazlitt's Battle With Bretton Woods by Llewellyn H. Rockwell, Jr. - - Cached - 11 Jun 2010 – "The Austrians were right" is a phrase we hear often now, and for good reason. The housing bubble and bust were called by the Austrians and, ... - The Austrians have reasons to be proud of what they got right but not of what they, most of them, still got wrong. - J.Z., 27.7.11. - HENRY HAZLITT, BRETTON WOODS, FLOATING VS. FIXED FOREIGN EXCHANGE RATES

ROCKWELL, LLEWELLYN H., Jr., The Gold Standard Never Dies. - November 12, 2010. - "Gold actually hasn’t gone anywhere. It is still the hedge of choice, the thing that every investor embraces in time of trouble. It remains the most liquid, most stable, most fungible, most marketable, and most reliable store of wealth on the planet. It has a more dependable buy-sell spread than any other commodity in existence, given its value per unit of weight." - Roy Halliday, in section on gold. - It is almost extinguished now and has been for many decades. As an exclusive exchange medium and an exclusive value standard it ought to remain extinguished for all but its voluntary victims. - J.Z., 11.8.11.

ROCKWELL, LLEWELLYN H., Jr., Victimological Banking - Banks should be prudent rather than indiscriminate. - Roy Halliday, in section on Government-Regulated Banking

ROME: As a matter of fact, Seneca made fiery speeches in the Roman forum protesting the adverse balance of trade with India, and the vast sums in gold that were being sent to purchase Indian goods. (*) Some historians have even gone so far as to suggest it was one of the reasons for the decline and fall of the Roman Empire. Certainly it was for some years a contributing factor. – There were several ports on the Red Sea coast of Egypt where ships were constantly sailing for India – at the rate of one per day in the 120-day sailing season, when winds were favorable. – Louis L’Amour, Education of a Wandering Man, p.189. – This money shortage was also a motive to deteriorate the remaining coinage, leading to all the difficulties and dissatisfactions resulting from inflation. - Even today much rare metal is used, especially in countries like India, as a medium to store and brag with valuables in form of jewelry, or it is stored in the “reserves” of central banks, or of private people, no longer trusting the paper money of their governments, rather than freely circulating in form of coins to promote production and exchange. – Governments consider such coins largely as a dangerous competition to their inflated, forced and exclusive paper currency notes and thus outlawed them as means of payment, illustrating Gresham’s law that bad money with legal tender power drives out good monies that do not have such legalized power. – (*) If only goods-vouchers or service warrants, or clearing certificates, in money denominations, had been sent instead, the balance of trade and payments would have been automatically preserved. But gold can be and was hoarded, by custom. –What did Rome export instead, except its soldiers, its warfare technology and its laws? – Admittedly, there are dozens of other theories attempting to explain the decline of the Roman Republic and Empire. – One of its positive features was that it largely left the laws and institutions of conquered countries untouched and only levied tributes from them and also that it partly suppressed infighting. – If it had merely been a federation of personal law communities of volunteers … But that is not to be expected from an empire based upon conquest and slavery. – As an interesting aside, L’Amour remarked, on pages 147 & 148: “Ambassadors were sent by Rome to the courts of India and China, or in some cases people represented themselves as such. Troups of acrobats and actors had traveled from Rome to China, and plays were performed in Greece using phrases from the language of Ceylon. And there is good evidence that an entire Roman legion sold its services to the Chinese and served as mercenary soldiers in many of their wars.” – I saw nothing on this in the history books that I read. - J.Z., 13.9.07. - DECLINE & SHORTAGE OF MEANS OF PAYMENT, DEFLATION, MONETARY DESPOTISM

RON PAUL FORUM: Free Market Money [Archive] - Ron Paul Forum - - Cached - [Archive] Free Market Money General Political Discussion.

RON PAUL, Abolish the Fed, We demand Free Market Money! | Ron Paul 2012 ... - - ForumsDaily Paul Liberty Forum - Cached - 2 Nov 2008 – We demand Free Market Money! The Next Revolution begins November 22, 2008 from Phoenix Arizona.... Watch for the you tube videos... watch ...

RON PAUL, End the Fed - September 3, 2009. "Chapter 2 of End the Fed by Ron Paul (Grand Central Publishing, 2009), pp. 12–31. The publisher controls reprint permissions for this chapter, and has given permission to to run this." - Roy Halliday

RON PAUL, On Money, Inflation and Government - "The Federal Reserve, a quasi-government entity, should not be creating money or determining interest rates, as this causes malinvestment and excessive debt to accumulate. Centrally planned, government-manipulated economies always fail eventually. The collapse of communism and the failure of socialism should have made this apparent. Even the most educated, well-intentioned central planners cannot plan the market better than the market itself." - Roy Halliday, in section on Genuine Money.

RON PAUL, Paper Money and Tyranny - September 30, 2003. - "Liberty is virtually impossible to protect when the people allow their government to print money at will. Inevitably, the left will demand more economic interventionism, the right more militarism and empire building. Both sides, either inadvertently or deliberately, will foster corporatism." - Roy Halliday

RON PAUL, Ron Paul | My KB Gold - - Cached - 14 Aug 2010 – Free markets require free market money. Fifty percent of every transaction involves currency. You have to allow the market to pick what ...

RON PAUL, Statement Introducing the Free Competition in Currency Act - December 9, 2009. - "In conclusion, Madame Speaker, allowing for competing currencies will allow market participants to choose a currency that suits their needs, rather than the needs of the government." - Roy Halliday, in section on Genuine Money.

RON PAUL, Thomas Jefferson: a monetary socialist? | Ron Paul 2012 | Sound ... - - Forums - Daily Paul Liberty Forum - Cached - 20 Sep 2008 – I guess we can just throw out the ideal of free-market money and free-banking... 2. He ends by using the tired social democrat cliché it ... - The central banking advocates, too, just like the Gold Bugs, offer their exclusive system as, supposedly, an ideal one for the whole population of a country. Even if their form of gold standard were, really, the best possible one, which is far from being true, it should not be imposed but just be an option for its believers. - J.Z., 27.7.11.

RON PAUL: CRITICISM OF R. P.: You Cannot Be Serious - Coordination Problem - - Cached - 19 Dec 2007 – I think its a great shame that Paul is championing the gold standard instead of free-market money. I know his approach would legalize ... - Even R. P.'s ideas do have to become sufficiently criticized. We need more self-thinkers rather than mere followers, like e.g. most of the Randians are and the followers of R. P. - I think that even R. P. would agree with that. - J.Z., 24.7.11. - FREE MARKET MONEY, GOLD BUGS, GOLD STANDARD, GOLD

RON PAUL: Ron Paul proposes sale of Ft. Knox gold | Gold blog, gold blogs ... - - Cached - 23 May 2011 – No system is perfect, but free market money offers Americans a much better chance of retaining their purchasing power than what is currently ... - Free market transactions are also hampered if the only means of payment and value standards are gold or silver coins or certificates redeemable in them. - J.Z., 27.7.11.

RON PAUL: Ron Paul Talks About Digital Gold Currency (2002) | EveryJoe - - Cached - ... interview in 2002, by Bob Nugent for the (now defunct) Ron Paul discussed some ideas about Digital Gold Currency and free market money. ... - DIGITAL GOLD CURRENCY

ROSS, ERNEST G., The Impossible Task of the Fed - February 1981. - "Privatized monetary functions do act as a natural check on the power of government. But the alternative to privatizing the U.S. monetary system, tinkering and fiddling with the derelict government system we have, means keeping a form of tyranny intact. There is only one way to prevent the damages to human liberty which a tyranny inflicts—take away the tyranny. The Fed is such a tyranny. There is no place for it in the future of a free America." - Roy Halliday

ROTHBARD VS. HAYEK: Hayek vs. Rothbard on Free-Market Money - Thrica - - Cached - 13 May 2011 – Rothbard on Free-Market Money. Hayek vs. Rothbard on Free-Market Money. Within Austrian economic theory, there is a fundamental …

ROTHBARD, MURRAY N., Fractional Reserve Banking - "The very idea of "deposit insurance" is a swindle; how does one insure an institution (fractional reserve banking) that is inherently insolvent, and which will fall apart whenever the public finally understands the swindle?" - Roy Halliday

ROTHBARD, MURRAY N., Jean Buridan and the Theory of Money - "Thus, not only did Jean Buridan found the theory of money as a market phenomenon; he thereby took money out of the mystique of being solely a creation of the state, and put it on a par with other goods as a product of the marketplace." - Roy Halliday, in section on Genuine Money.

ROTHBARD, MURRAY N., Money and the Individual - "Ludwig von Mises's The Theory of Money and Credit is, quite simply, one of the outstanding contributions to economic thought in the 20th century. It came as the culmination and fulfillment of the "Austrian School" of economics, and yet, in so doing, founded a new school of thought of its own." - Roy Halliday, in section on Genuine Money.

ROTHBARD, MURRAY N., Money, the State and Modern Mercantilism - "Of all the economic problems, money is possibly the most tangled, and perhaps where we most need perspective. Money, moreover, is the economic area most encrusted and entangled with centuries of government meddling." - Roy Halliday

ROTHBARD, MURRAY N., On Private Coinage - Appendix A of Man, Economy and State. - Roy Halliday, in section on Coinage.

ROTHBARD, MURRAY N., Origins of the Federal Reserve - This article originally appeared in Quarterly Journal of Austrian Economics, Vol. 2, No. 3 (Fall 1999), pp. 3–51. It is also reprinted in A History of Money and Banking in the United States and as a monograph. - Roy Halliday

ROTHBARD, MURRAY N., Taking Money Back - "There is no aspect of the free-market economy that has suffered more scorn and contempt from "modern" economists, whether frankly statist Keynesians or allegedly "free market" Chicagoites, than has gold. Gold, not long ago hailed as the basic staple and groundwork of any sound monetary system, is now regularly denounced as a "fetish" or, as in the case of Keynes, as a "barbarous relic." Well, gold is indeed a "relic" of barbarism in one sense; no "barbarian" worth his salt would ever have accepted the phoney paper and bank credit that we modern sophisticates have been bamboozled into using as money." - Roy Halliday - - ALSO AT: Taking Money Back by Murray Rothbard - - Cached - We have already described one part of the contemporary flight from sound, free-market money to statized and inflated money: the abolition of the gold ...

ROTHBARD, MURRAY N., Taking Money Back: Part I Part II: Fractional Reserve Banking Part III: The Solution - "To save our economy from destruction and from the eventual holocaust of run away inflation, we the people must take the money-supply function back from the government. Money is far too important to be left in the hands of bankers and of Establishment economists and financiers. To accomplish this goal, money must be returned to the market economy, with all monetary functions performed within the structure of the rights of private property and of the free-market economy." - Roy Halliday

ROTHBARD, MURRAY N., The Case Against the Fed - "Murray N. Rothbard's manifesto against the federal counterfeiters." - Roy Halliday

ROTHBARD, MURRAY N., The Case for a Genuine Gold Dollar - "It is my contention that there should be no mystery about the unusual chronic inflation plaguing the world since the 1930s. The dollar is the American currency unit (and the pound sterling, the franc, the mark, and the like, are equivalent national currency units), and since 1933, there have been no effective restrictions on the issue of these currencies by the various nation-states. In effect, each nation-state, since 1933, and especially since the end of all gold redemption in 1971, has had the unlimited right and power to create paper currency which will be legal tender in its own geographic area. It is my contention that if any person or organization ever obtains the monopoly right to create money, that person or organization will tend to use this right to the hilt. The reason is simple: Anyone or any group empowered to manufacture money virtually out of thin air will tend to exercise that right, and with considerable enthusiasm. For the power to create money is a heady and profitable privilege indeed." - Roy Halliday, in section on Genuine Money. - ALSO AT: The Case for a Genuine Gold Dollar - "It is my contention that there should be no mystery about the unusual chronic inflation plaguing the world since the 1930s. The dollar is the American currency unit (and the pound sterling, the franc, the mark, and the like, are equivalent national currency units), and since 1933, there have been no effective restrictions on the issue of these currencies by the various nation-states. In effect, each nation-state, since 1933, and especially since the end of all gold redemption in 1971, has had the unlimited right and power to create paper currency which will be legal tender in its own geographic area. It is my contention that if any person or organization ever obtains the monopoly right to create money, that person or organization will tend to use this right to the hilt. The reason is simple: Anyone or any group empowered to manufacture money virtually out of thin air will tend to exercise that right, and with considerable enthusiasm. For the power to create money is a heady and profitable privilege indeed." - Roy Halliday, in section on gold.

ROTHBARD, MURRAY N., The Monetary Breakdown of the West - by Murray N. Rothbard. - "To understand the current monetary chaos, it is necessary to trace briefly the international monetary developments of the 20th century, and to see how each set of unsound inflationist interventions has collapsed of its own inherent problems, only to set the stage for another round of interventions." - Roy Halliday

ROTHBARD, MURRAY N., The Mystery of Banking - This book explains free-market banking and critiques fractional-reserve banking. - Roy Halliday

ROTHBARD, MURRAY N., The Solution - "To save our economy from destruction and from the eventual holocaust of run away inflation, we the people must take the money-supply function back from the government. Money is far too important to be left in the hands of bankers and of Establishment economists and financiers. To accomplish this goal, money must be returned to the market economy, with all monetary functions performed within the structure of the rights of private property and of the free-market economy." - Roy Halliday

ROTHBARD, MURRAY N., To Save Our Economy From Destruction - November 1995. "To save our economy from destruction and from the eventual holocaust of run away inflation, we the people must take the money-supply function back from the government. Money is far too important to be left in the hands of bankers and of Establishment economists and financiers. To accomplish this goal, money must be returned to the market economy, with all monetary functions performed within the structure of the rights of private property and of the free-market economy." - Roy Halliday, in section on Genuine Money. - Anything that can be freely issued, accepted, refused and discounted, but is also freely accepted for wanted or needed consumer goods and services, also priced out in a sound value standard, is also genuine money, not only gold- and silver coins, which makes everybody dependent on their accumulation and their availability in form of rare metal coins. - Did Rothbard think that e.g. shares, bonds and mortgage letters were valueless because they are not produced on sheets of gold or silver but printed on paper instead? - Primitive and all too flawed notions continue to produce all kinds of hell on Earth for people, who should be quite free to produce, accept and exchange, even exchange media, clearing certificates, clearing accounts and value standards. Laissez- faire, laissez-passer! A free market and free exchange, free enterprise, free trade, freedom of association, ALSO for them! There is nothing special about them except their usefulness as a local currency, decided upon by the participants in a free local market for it, i.e. the main users of any local currency. Naturally, they would be guided also, in their decision-making, by the evaluation of these payment avenues on a free gold- and silver market. Also by its exchange rate against foreign currencies, i.e. local currencies in other districts, countries and continents. A free rare metal world market provides quite naturally, without any help or restrictions by any legislators, the greatest rare metal convertibility fund. But it does not tie down all local issuers and exchangers to it, unless they wish to be so tied down, by choosing gold- or silver weight units as their value standard. (Free choice of value standards is also a very important individual human right and liberty.) However, they would be wise not to use them also as their exclusive exchange media. Decisive for them would be the fact of any local currency having sufficient local shop foundation or readiness to accept foundation. Only rarely do we shop for these two rare metals. We do shop, daily and use, instead, hundreds of thousands to millions of diverse consumer goods and services, required for our survival and enjoyment. Gold and silver for optional decoration purposes are harmless. When ever they are artificially, by legislation or mere custom or ignorance, into exclusive value standards and exchange media - for the population of whole countries and all their exchanges, then they are, as such, very wrong and harmful, like any other important monopoly. At least all radical libertarians should be aware of this. Something is wrong with our systems of information storage and retrieval methods when even a great scholar like Rothbard failed to realize this, for many decades, to the end of his life. I consider this to be a great tragedy, not only for him but for all others, who accepted his teachings in this respect all too uncritically, as their guru.The fact that mankind was foolish enough to so use them thus, for thousands of years, just as it practiced and, partly, still does, slavery, serfdom, religious intolerance, magic and the burning of "witches" and widows, sexual mutilation, human sacrifices, tribal warfare and scorched Earth warfare methods for all too long. - J.Z., 10.8.11.

ROTHBARD, MURRAY N., What has government done to our money? - "Historically, money was one of the first things controlled by government, and the free market "revolution" of the eighteenth and nineteenth centuries made very little dent in the monetary sphere. So it is high time that we turn fundamental attention to the life-blood of our economy - money." - Roy Halliday

ROTHBARD, MURRAY N., Why the Business Cycle Happens - "Mises’ theory shows the complete workings of the boom-bust cycle: the inflationary injection of bank credit, fostered by government; a boom marked by mal-investments caused by inflation’s tampering with the signals of the free market; the end of inflation revealing these unfortunate mal-investments; and finally, the depression as the correction by the free market of the wastes and distor­tions of the boom." - Roy Halliday

ROTHBARD, MURRAY N.: Murray Rothbard - Wikipedia, the free encyclopedia - - Cached - Jump to Free market money‎: ... nongovernmental gold standard or, as a second best solution, free banking (which he also called "free market money"). ...

ROTHBARD, MURRAY N.: Somebody's Review of “What Has Government Done to Our Money? Case for the 100 ...“what-has-government-done-to-... - Cached - 17 Dec 2007 – On the free market, money can be acquired by producing and selling goods and services that people want, or by mining (a business no more ... - The "free" market is not a FREE MARKET until all kinds of alternative exchange media and value standards can also be freely produced, offered, accepted, refused or market-rated. - J.Z., 27.7.11.

ROWLEY, CHARLES, Denationalisation of Money « Charles Rowley's Blog - - Cached - 10 Oct 2010 – Steve argues that “free market money” cannot exist because the government ... But that isn't an argument against “free market money”, ...

ROZEFF, MICHAEL S., Bitcoins Are a Free Market Money – 2 « Blog - - Cached - 29 Jun 2011 – Bitcoins Are a Free Market Money – 2. Posted by Michael S. Rozeff on June 29, 2011 08:27 AM. I deeply appreciate receiving the following ...

ROZEFF, MICHAEL S., Changing to a Silver Economy - January 14, 2011. - "The free market economy can quite easily transition to a silver economy or to an economy with multiple currencies based on other units of account or redemption, and they can all be on a 100% deposit or 100% fractional-reserve basis." -  - Roy Halliday, in section on silver. - Any value standard and any means of exchange, clearing and credit - all only for their communities of volunteers! - Especially libertarians should not propose the practice of any kind of despotism. - However, as far as I know M. S. R., he proposed it, probably, only as an option. As such it is quite right. - J.Z., 9.8.11.

ROZEFF, MICHAEL S., Gold-Exchange Standard, Gold, and Monetary Freedom by Michael S ... - - Cached - 4 May 2009 – This shows absolutely nothing about gold (or any other medium) as free market money. Romer and Bernanke do not bother to distinguish a ...- ALSO AT: Gold-Exchange Standard, Gold, and Monetary Freedom - "Monetary freedom and its possible use of gold as money are not the same as the gold standard courtesy of a State-run system. Defects in the latter say nothing at all about the merits or demerits of the former." - Roy Halliday, in section on Genuine Money.

ROZEFF, MICHAEL S., Liberty, Ethics, and 100% Reserve Banking - by Michael S. Rozeff. - "I will argue a simple proposition about fractional-reserve banking. Suppose that, in a free market situation, depositors in a bank agree to make deposits in the bank, knowing full well that the bank intends to lend out some of these deposits. Depositors may also know full well that they may lose some of their deposits. An analogous case is that of making any risky loan in which there is a chance that the loan will not be paid off in full. My proposition is that, in this free market characterized by willing and voluntary behavior by both depositor and banker, with all actions being known and above-board, the actions of the fractional-reserve banker are not inherently criminal." - Roy Halliday

ROZEFF, MICHAEL S., Michael S. Rozeff - uFollow -  - Cached - It's obvious that they are a free market money because people are using them as such. There have been a large number of free market monies historically. ...

ROZEFF, MICHAEL S., We Don’t Need No Stinkin’ Gold Standard - August 28, 2010. - "We don’t need no stinkin’ gold standard that is another version of government-controlled currencies, accompanied by government suppression of monetary freedom and privately or market-produced money." - Roy Halliday

ROZEFF, MICHAEL S., Why Do Central Banks Exist? - 1 Why Do Central Banks Exist? by Michael S. Rozeff False ... - - Free market money. The definition of money that follows comes in several parts, .... occur in free market money or that are contradictory to free market ...

RULING CLASS.WORDPRESS.COM: Money is what the Free Market says it is « Libérale et libertaire - - Cached - 10 Jun 2011 – ... notion of anarchism, the reality is that State Failure lies at the nexus of any practical application of “free-market money” these days. ...

RULERS: science has tossed itself to fools possessed of power.” - Edgar Pangborn, The Company of Glory, p.102. – That would not have happened if it had bothered to scientifically exploring how to properly and economically finance its own efforts, independent of subsidies, grants and orders from bureaucrats and politicians. Even scientists do not explore their own interests, rights and liberties sufficiently and thus become dependents. – J.Z., 30.3.09. - SCIENCES, ESPECIALLY THE "SOCIAL SCIENCES".

RUWART, MARY J., Banking on Aggression - "We established the "money monopoly" in the hopes of creating economic stability. By using aggression as our means, we created boom-and-bust cycles instead." - Roy Halliday




SALES: It costs seven times as much to gain a new customer as to service an existing one.” – Quoted on ABC radio, 6.2.97. – This applies to conditions under monetary despotism and territorialism rather than those of monetary freedom and panarchism. – Ticket money, once accepted and not kept by collectors will almost always return, soon, to its issuer, without any special advertising costs. It has no other usage. – The existence of particular alternative panarchies will be sufficient advertisement for those, who do like them. - J.Z., 11.6.08. - SALES COSTS, ADVERTISING, PROPAGANDA, CUSTOMERS, VOLUNTARY MEMBERSHIP

SALSMAN, RICHARD M., Banking Without the Too-Big-to-Fail Doctrine - November 1992. - "In conclusion, I want to stress that the “too-big-to-fail” doctrine is part and parcel of a wider system of central banking that undermines the financial condition of the banking system. The sooner we phase out this system in favor of free banking and the rule of law, the better off we will be. In other words, repealing the “too-big-to-fail” doctrine will be a good start, but it won’t go far enough in curing what really ails the banks." - Roy Halliday, in section on Free Market Banking.

SANTACRUZ, SILVIA, The Goodness of Gold - May 8, 2009. - "The demand for the precious metal has propelled economic growth in the developing world as investment in exploration has led to significant job creation and improvements in health." - Roy Halliday, in section on gold. - Gold is neither good nor bad. Only persons have ethics. Materials have only usefulness at best. - J.Z., 9.8.11.

SAVING OTHERS: Nobody can be saved from anything, unless they save themselves. It is hopeless doing things for people.” – T. H. White, The Book of Merlin, II (11?). – This does largely apply, as the primary “save yourself!” rule, but it does, certainly, not to all situations. Most people, in most situations, can only be saved through their own efforts. However, individual efforts are largely insufficient when it comes to prevent e.g. nuclear war, destroying all nuclear “weapons” and reactors for their production, or resisting and abolishing a tyranny, trying to stop monetary despotism, leading to mass unemployment and inflation. Only if individual ideas and talent inputs were sufficiently marketed through and ideal Ideas Archive and Talent Centre, then even individuals could achieve much, relatively easily and soon, through bringing supply and demand in this sphere sufficiently together. – On a levy principle, combined with monetary and financial freedom, even an earthquake insurance and credit arrangement would be possible, in which people would voluntarily invest, with their own standardized IOU assignments upon their own labor and products, on long terms, with the credits so raised used by the earthquake victims directly or indirectly, and, finally, being repaid by the survivors, once they have economically recovered, with assignments upon their services and products. - J.Z., 7.6.08. – SELF-HELP, AID, ASSISTANCE, EARTHQUAKE INSURANCE & CREDITS

SAVINGS & INVESTMENTS: No savings or investments are safe and secure if they are repayable in government paper money, with its paper “value standard” at a forced and fictitious rate, and when sound alternative means of payment and value standards remain outlawed. – J.Z., 4.7.73. – Or if they can be taxed, nationalized or regulated. – J.Z., 6.4.09. - MONETARY DESPOTISM, CENTRAL BANKING, LEGAL TENDER, SECURITY, FINANCIAL FREEDOM

SAVINGS: and we should all die if we did not save.” – Ernest Benn, Confessions of a Capitalist, p.117. – Should we or would we? Most of us, probably, would. But some could survive as primitives, without saved-up capital and its productive investment – apart from some primitive tools. – J.Z., 19.5.08.

SAVINGS: Don’t penalize the saver and investor. – J.Z., 1974. He is one of the greatest benefactor of the economy. Putting the taxed away private capital into the hands of politicians and bureaucrats does largely waste it. It may then even become counter-productively used. – J.Z., 19.5.08.

SAVINGS: individuals and families who save and accumulate wealth serve the nation as truly as they serve themselves.” – Conservative Manifesto, U.K., 1970. – Quoted in: Dr. Rhodes Boyson, editor, “Down with the Poor”, 1974. - CAPITALISM

SAVINGS: savings and sound investment may be the most important benefit that the rich can confer on the poor.” – Henry Hazlitt, The Conquest of Poverty, p.215.

SAVINGS: Savings in the hands of the State, i.e. politicians and bureaucrats, are usually turned into public waste, at least to a high percentage. – J.Z., 15.2.86.

SAVINGS: The citizen’s right to keep or dispose of his savings has been greatly impaired by taxes and the inflationary spending of the welfare State …” - Raymond Morley, How to Keep Our Liberty. – Not the spending of the Welfare State is inflationary but its method of issuing monopoly money with legal tender power to “finance” its spending. – J.Z., 19.5.08.

SAVINGS: The fact that an increase in saving is not a withdrawal from demand but rather a change in time preference (*) that will shift the structure of production towards more capitalistic methods.” – William P. Field Jr., MERCURY, Sep./ Oct. 80. - (*) by the saver and investor. The loan recipients act, for the time being, as the spenders of these funds. – J.Z., 19.5.08.

SAVINGS: the higher small savings are, the more money available for investments in the private sector, which employs the bulk of the work-force.” – READER’S DIGEST, 7/77. – More clearly: The higher the total of all the small savings is …. – J.Z. - Compare: PENSION-FUND SOCIALISM, PURCHASE OF ENTERPRISES

SAVINGS: Without savings and tools we’d still live in caves.” – V. Orval Watts, THE FREEMAN, 3/73. – CAPITALISM

SAY'S LAW: In researching my forthcoming book, The Story of Modern Economics ..., I came across a remarkable new work by Australian economist Steven Kates, “Say's Law and the Keynesian Revolution” [Northampton, Mass.: Edward Elgar, 1998]. According to Kates, John Maynard Keynes created a straw man in order to produce a revolution in economics. The straw man was Jeane-Baptiste Say and his famous law of markets. Steven Kates calls The General Theory"a book-length attempt to refute Say's Law." But to refute Say's Law, Keynes gravely distorted it. As Kates states, "Keynes was wrong in his interpretation of Say's Law and, more importantly, he was wrong about its economic implications." .... - "Exactly what is [Jean-Baptiste] Say's Law? Chapter 15 of Say's "A Treatise on Political Economy" [Augustus M. Kelley, 1971 (1832), p.134] describes his famous law of markets: 'A product is no sooner created, than it, from that instant, affords a market for other products to the full extent of its own value' (*) When a seller produces and sells a product, the seller instantly becomes a buyer who has spendable income. To buy, one must first sell. In other words, production is the cause of consumption, and increased output leads to higher consumer spending. - In short, Say's Law is this: The supply (sale) of X creates the demand for (purchase of) Y. - Say illustrated his law with the case of a good harvest by a farmer. "The greater the crop, the larger are the purchases of the growers. A bad harvest, on the contrary, hurts the sale of commodities at large." ... Say's Law states that recessions are not caused by failure of demand (Keynes' thesis), but by failure in the structure of supply and demand. Recession is precipitated by producers miscalculating what consumers wish to buy, thus causing unsold goods to pile up, production to be cut back, income to fall, and finally consumer spending to drop. As Kates elucidates, "Classical theory explained recessions by showing how errors in production might arise during cyclical upturns which would cause some goods to remain unsold at cost-covering prices." The classical model was a "high-sophisticated theory of recession and unemployment" that with one fell swoop by the illustrious Keynes was "obliterated." - Quoted from "Say's Law Is Back" by Mark Skousen, as published in the August, 1999, issue of THE FREEMAN, the journal of the Foundation for Economic Education, pp.54-55: - - (*) Provided they are connected by a good enough clearing system or well enough supplied with sound exchange media. Rothbard still imagined that this would automatically happen even for exclusive rare metal currencies, through rapid enough price adaptation to any available supply of or fluctuation in the supply of rare metal coins as an exclusive currency, supplemented or replaced only by 100 % covered and redeemable rare metal certificates. But a sufficient and sound supply of exchange media and clearing services will happen only under complete monetary freedom. Otherwise currency famines or money shortages (deflations), as well as inflations will be all too common and all may become reduced to attempting barter transactions, as far as these are possible or, nowadays, can be somewhat facilitated by computerized barter exchange and clearing systems. Exchange media, value standards and clearing systems are still under many legal restrictions, none of them morally or economically justified. Under freedom for the issue of goods- warrants and service vouchers in monetary denominations, which only the issuers would have to accept at their nominal value, i.e., all subject to voluntary acceptance or refusal, to market rating against sound and optional value standards, and only then would Say’s law be demonstrated as self-evident. The goods and service providers themselves could then issue enough of this kind of money – or clearing certificates - of their own, always using a self-chosen sound value standard for their prices and their notes, to assure their sales. – They could not force more of their ticket money or shop foundation money into circulation than would be voluntarily accepted at par with its nominal value, expressed in a sound value standard. - All shopping centers, for instance, could issue a local currency. – A shortage of currency would then be no more likely than a shortage of tickets for those who supply e.g. cinema, theatre, concert or sports performances. An inflation of goods- and service vouchers would be as impossible as an inflation of tickets. – Neither would have a monopoly and legal tender power in general circulation. They would be refusable and market-rated optional monies, not legal tender money (with compulsory acceptance and a forced value), readily issued up to the amounts needed and readily accepted in local circulation only as long as they are sound. – The way I remember Say’s Law is: “Goods and services create or attract their own purchasing power.” – Under this assumption Say did not care about the supply of exchange media but simply assumed that they would appear where and when needed. – That is an all too widely spread and insufficiently unchecked premise even today, combined with the assumption that a central bank could and would sufficiently supply a whole country with sound exchange media. – Even after this has been disproved, in practice, again and again, the faith in central banking still persists, just like the faith in an all powerful and benevolent God and in an all powerful and benevolent Welfare State. We need the practise of religious freedom and of monetary freedom in this sphere, to demonstrate that freedom works best in this sphere as well. – To each his own kind of exchange media, clearing certificate, value standard and credit system! Then and thus the wheat would soon be sorted from the chaff. The best systems would spread. The worst would disappear. Good monies, good clearing and credit systems would drive out the bad one, because none would have a territorial monopoly or “legal tender” power. – Gresham’s Law, properly understood. - J.Z., n.d. & 4.1.08.

SAY’S LAW: Perhaps he merely meant: Money, whatever there is of it, will tend to flow towards those, who provide attractive goods and services for it? – J.Z., 12.7.10. - He certainly did not clearly enough state that those, who do provide wanted consumer goods and services could and should also provide the sound exchange media, with which their goods and services could be easily sold. They were always wrong to leave that job, too, to any territorial government. - J.Z., 29.7.11.

SAY’S LAW: Supply tends to create equivalent demand. – While this would be quite true under perfect clearing or under a competitive supply of sound exchange media, it is not true under monopolized and unsound exchange media that are forced into circulation through their monopoly and legal tender power. Nor is it true that prices will always adapt, quite automatically and fast enough, to changes in the circulation of the exclusive and forced currency so that no friction effects result. E.g., numerous forced sales, with emergency sales prices and persistent mass unemployment are proof of that. An increased supply of labor does not automatically increase the monetary demand for it. Thus we get immigration barriers even against refugees and refusals to grant asylum. Nevertheless, Say’s Law is still, largely, unquestioningly repeated and accepted. Primitive, false or incomplete notions still prevail, all too much, everywhere. In the monetary sphere e.g. the popular misinterpretation of Gresham’s Law and the Quantity Theory – although both apply also only to currencies that are legal tender. – Such prejudices or errors save thought but also do mislead - the public and all too many scholars as well - sometimes for all too long. - J.Z., 20.5.08, 29.7.11, 6.8.11.

SAY’S LAW: When goods and services, including labor services, are offered ready for sale and remain to a large extent unsold (sales difficulties for goods, combined with large unemployment rates), then they have, apparently, not attracted enough customers, who do want them and who are also supplied with enough exchange media to purchase them. They do not automatically attract or lead to the issue of more and sound exchange media to become easily sold. They do not and cannot automatically lead to an increase of sound exchange media when the supply of exchange media is monopolized and the value standard is also an imposed one. That happens often under exclusive exchange media, whose supply is either severely mismanaged or simply not elastic enough to be expandable as required - without thereby deteriorating its exclusive value standard, which is tied, by legal tender laws, to the quantity of notes issued and which, under legal tender laws, must also be exclusively used in expressing the prices of goods and services. Under the money issue monopoly and the exclusive and forced value standard - the suppliers of goods, services and labor are not free themselves to issue their own kind of ticket money, or shop foundation money, goods warrants and service vouchers or means of payments for wages and salaries, or to freely accept and use those the competitively offered to them. They remain dependent on the under-supply or, in case of inflation, the oversupply of the monopoly money, which is almost never issued for long just to the amounts that free exchanges would require, simply because of lack of competition and lack of proper pricing for them in sound value standards and also lack of the option to refuse doubtful and deteriorated means of payment and to demand sound ones instead, competitively supplied, using a sound value standard and maintaining their value against it. While the potential sellers remain dependent on insufficiently supplied monopoly money, their only remaining option is to reduce their prices and wage claims. But that can lead to a deflationary spiral because falling prices deter buyers. Only fallen price attract them. – When, in the absence of a monopoly for money issues, no under-supply of sound exchange media is involved - then prices and wages of larger quantities of goods, services and labor offered ready for sale, while consumption or usage rates for them would not go up, then this would lead to their price reductions, but unevenly, for different goods, services and labor services. E.g. the prices for mass produced ball point pens, PCs and computer discs did go down very much, because they were more easily and plentifully produced, even automatically, with reduced costs per unit, while the productivity of labor, expressed in wages and salaries, would tend to go up with higher skills, better capital equipment, better management or transport facilities and less artificial trading barriers or a combination of all relevant factors. Including e.g. a multiplication of the number of diverse and specialized jobs, going into the hundreds of thousands. The average prices of goods would go down, but in a market-like way, at different rates for different goods, according to their production and distribution conditions and could be sold at their reduced prices to the extent that they still satisfy existing demand for them. A genuine overproduction in all spheres or a general under-consumption in all spheres is impossible under fully free enterprise and fully free trading. – At the same time, the total take of all labor in production and business of the total returns from it went up during the last 150 years, while the percentage taken by investors and managers went down. At the same time, under government management or mismanagement, social insurance rages and taxes went up and up. – The State has become the modern exploitative feudal lord. - When all prices, wages etc. tend to go down, at an almost equal rate, and tend to stay down or become even lower still, then this is an indication of deflation: An under-supply of sound exchange media. - When almost all prices rise, largely equally and stay up and increase further, as expressed in an unsound but enforced value standard, then this is a sign for inflation, i.e., an over-issue of legal tender monopoly money. (An exclusive currency with compulsory acceptance and a forced value.) – Alas, Say and his modern followers haven’t made these distinctions and had only the model of an exclusive rare metal currency in mind and of notes that are 100 % covered and redeemable in such coins. (At most Say's Law applies within the narrow margins that exclusive exchange media like gold and silver coins are either hoarded or circulated. - J.Z., 26.2.11.) – While gold- and silver production went up, the population and its goods, service and labor offers went up even faster and this led to the social problem, poverty and numerous and frequent economic crises under monetary despotism, made even worse by additional financial despotism as expressed by taxation and regulated capital markets and other protectionist or interventionist government measures, offered as solutions but merely creating further problems. – Later the forced and exclusive paper currency of governments took the place of the enforced and exclusive rare metal currency and its 100 % covered and redeemable notes, with the same kind of unjustified expectations for them. Say wrongly assumed that the supply of exchange media was not a problem. – I doubt that he had free banking or monetary freedom in mind, under which, indeed, it would not be a problem. - J.Z., 3.4.09. . - ONLY under free banking or a perfect clearing system could and would the own ready-for-sale and wanted consumer goods and services become transformed into purchasing power for the ready for sale and wanted consumer goods and services offered by others, in a system of extensive division of labour and of free exchange. - J.Z., 29.7.11.

SAY’S LAW: Whoever wants to purchase has first to sell and he can sell only what he has produced or what one has produced for him.” – Say, “Ausfuehrliche Lehre der Politischen Oekonomie”, 1845, S. 11. (J.Z. tr. of: “Wer kaufen will muss zunaechst verkaufen, und er kann nur das verkaufen, was er produziert hat oder was man fuer ihn produziert hat.”) – At least here he quite clearly presupposed that someone else provides the exchange media for his transactions. Under full monetary freedom the process he describes can and would be largely reversed. Has he described that reversed process somewhere? - Especially when the governmental supply of exchange media is insufficient and unsound, due to its monopoly position and forced currency power. The owner of goods or services for sale, whenever insufficiently supplied with sound exchange media by others, i.e. the government or its licenced and privileged banks of issue, may then first purchase, with his own exchange media, issued freely by himself, including his own IOUs and clearing certificates, and then sell his goods or services upon the reflux of his own exchange media to him, in payment for them. - (1) For instance: railway money, issued by the railway network for its transport capacity for goods and services. Even if no other or not enough other money would be offered to it, it could issue its own railway money – to purchase what it needs, pay for its staff and its running expenses. Immediately or somewhat later it would have to “redeem” its own money, in its transport services, to those requiring these services and paying for them with its railway money. (Bus-, tramway- electricity- and gas-money have also been successfully issued their own exchange media - in some instances in the past.) - (2) With tax foundation money or tax anticipation warrants, it is similar. The government first pays with it for its expenditures – and then sells tax receipts to its tax payers, when they taxes are due, accepting thus its own tax foundation notes back. – The old term for them in Prussia was “tax anticipation certificates”. - (3) A third kind of monetary clearing with the aid of private clearing certificates or purchasing warrants, typified and standardized, in money denominations, consists in a huge supermarket or network of supermarkets or a local shopping centre, issuing its own shop currency, for its own current expenditures – and then accepting this currency back in payment for its goods and services. - - In all three cases merely an effective clearing is involved and a reckoning in a sound value standard, e.g. a gold or silver weight unit, in which all prices, services and notes are expressed. Not a single gold or silver coin would have to circulate or would have to be offered in redemption upon demand. The daily quotes for such private notes on the gold and silver markets would suffice. - However, admittedly, some small concurrent circulation of rare metal coins, best privately issued as well, and with the private clearing certificates usually standing at par with them, would be helpful and clearly demonstrate the par value of such competitive and optional private and public paper money or clearing certificate issues, which would be refusable and discountable - by all but the issuers. Precisely because it would be refusable and market rated - it would tend to be issued and to circulate in general local circulation at par. - If such notes were, for one or the other reason, somewhere and temporarily, at a small discount in general circulation, then further issue attempts would be widely refused and the notes discounted in general circulation would stream all the faster back to the issuers, to be used against him at par. Thereby the discounted notes and their discount would disappear fast. - Under these conditions they could and would not be over-issued to any significant extent, if ever. (Not locally, in their normal circulation sphere. As "foreign exchange", in other districts, countries and continents, they could, naturally, have a fallen exchange rate. Precisely this low rate would induce the holders to use them for purchases in the district of the issuer, purchases, which would then, due to this low exchange rate for them in all the other areas, correspondingly cheap for them.) - Their over-issue would then also be against the self-interest of the issuer. - Only under this condition could and would the ready for sale goods and services provide their own purchasing power and assure their own sales. But this natural issue and reflux process for sound alternative exchange media or clearing certificates, reckoning in sound value standards, is, alas everywhere outlawed rather than freely permitted. - The fundamental difference between monopolized and forced currencies and those which are optional, competitive, market rated and refusable in general circulation with legal tender power only towards their issuers, is not yet clearly and widely enough recognized in its nature, importance, possibilities and natural limitations. One kind of money just is not like other kinds of money when it comes to such fundamental differences. Only under monetary freedom will sound and competitively issued and freely accepted monies drive out unsound monies. Then the unsound monies can no longer be forced upon anyone, in general circulation and this at par. Only the issuers, e.g. the government’s central bank and the tax collectors would have to accept their kind of money at par, even when it has been depreciated. – Only under an exclusive and forced currency can inferior money drive out good money. – (Gresham’s Law, properly understood.) Under the issue monopoly and legal tender power the available goods and services cannot be freely utilized by their providers to produce their own kind of purchasing power or exchange media. The only possibility for them to be exchanged would then consist in a perfect clearing system, using an agreed-upon value standard, and quite free from any governmental intervention. I know of no country or period in which the territorial governments have left this possibility quite open. – Under full monetary and clearing freedom, and to the extent that it proves to be superior to cash payments in competitively issued sound exchange media, it would be introduced. - J.Z., 31.5.08, 6.4.09.

SCABS: In addition to the use of bricks, clubs, and bullets, the selfish labourer finds it necessary to express his feelings in speech. Just as the peaceful country dweller calls the sea-rover a ‘pirate’, and the stout burger calls the man who breaks into his strong-box a ‘robber’, so the selfish labourer applies the opprobrious epithet ‘scab’ to the labourer, who takes from him food and shelter by being more generous in the disposal of his labour power. The sentimental connotation of ‘scab’ is as terrific as that of ‘traitor’ or ‘Judas’, … It is far easier to arrive at what may be called a technical definition, worded in commercial terms, as, for instance, that a scab is one who gives more value for the same price than another.” – Jack London, The Scab, in Revolution: Stories and Essays, p.50. - - The laborers are not “selfish” but rather ignorant, short-sighted and prejudiced in this respect. Neither the “scabs” nor the unionized workers nor the employers and the legislators consider, sufficiently, that the monetary demand for additional labor is today limited by a forced and exclusive currency that makes the sale of labor for wages or salaries often difficult to impossible to achieve for all too many unemployed or under-employed and for additional workers like legal or illegal immigrants, refugees and asylum seekers and that legal tender laws of the government’s paper money are almost constantly utilized to depreciate the money in which wages and salaries are paid. The artificially created money shortage applies to deflations, stagflations and even inflations as well. In the latter, for instance, prices can run ahead of the capacity of the note-printing presses. Moreover, further credits are hard to get when they can be repaid at face value in depreciated money. The unionists hating “scabs” also refuse to look at them from the point of view of consumers, for whom the employers are merely agents, trying to reduce the costs of mass producing consumer goods as much as they can. They do ignore this aspect although all the trade unionists are also consumers. They remain unaware and uninterested in the fact that under a competitive supply of sound exchange media additional labor could be easily employed, help to produce more through further division of labor and thereby increase the general standard of living, without wages being forced down. Prices would rather tend to go down and wages up, since work would become more and more productive through the use of better and more tools and machines. Employees do not have an epithet for monetary despotism, because they are unaware of it and they do not know and appreciate monetary freedom, either. Neither do most employers, although towards the unemployed and under-employed of today they are certainly no longer genuine “employers” deserving that term. – J.Z., n.d. & 20.5.08, 26.2.11. - MONETARY FREEDOM VS. MONETARY DESPOTISM, UNIONS, STRIKES

SCABS: in virtually all cases the scabs are poorer than the workers they seek to replace.” – Walter Block, Defending the Undefendable, p.240. – Actually, they do not seek to replace other workers but merely to support themselves, by doing work that other workers have refused to do, and this without having given notice, i.e., the former workers have broken their work contracts. – Obviously, they do not own their former jobs, although they act as if they did. Alas, both unionized workers and scabs do not know and do not bother to learn how they could supply themselves with full employment and better paid jobs through a monetary and financial revolution. To that extent both a guilty and also victims of monetary and financial despotism, which they managed to ignore for years to decades. – J.Z., 4.6.08. – UNIONS, STRIKES, EMPLOYMENT, JOBS, MONETARY REVOLUTION & LACK OF INTEREST IN IT & ITS EFFECT UPON EMPLOYMENT & WAGES, DIS.

SCABS: Scabs believe in freedom of contract, the right to work, i.e., the right to provide oneself with work by free contracts, even contracts involved full monetary and financial freedom, without depriving anyone of the right to contract work for himself or herself at better conditions, if they can get them, under free market conditions. - I am a scab and proud of it. I will not either work or not work upon the beck and call of a third party. – J.Z., 5.11.92, 2.6.08. - STRIKES, UNIONS, RIGHT TO WORK

SCALIGER, CHARLES: In a Free Market, Money Doesn't Grow on Trees, In a Free Market, Money Doesn't Grow on Trees - - Cached - Written by Charles Scaliger. Wednesday, 12 November 2008, 18:47 ...

SCARCITY: We live in an age of (*) artificial scarcity, maintained by ignorance (**) and fear. The government has been paying farmers not to grow food for fifty years – while millions starve.” (***) – Robert Anton Wilson, Right Where You Are Sitting Now, p.144. – We can’t do much about natural scarcity, except looking for and using substitutes, economizing and, ultimately, looking for more resources in space. But we can rapidly end artificial scarcities. – J.Z., 26.7.92. - - (*) natural and … - (**) , prejudices … - (***) The money issue monopoly and trade barriers have made it impossible for millions to pay for what they need, using their own clearing certificates and goods or service vouchers as means of payment, also using sound alternative value standards in these certificates. Free exchange, even with the poorest, is not impossible but merely outlawed. If whatever little they can produce in goods and services under present conditions (lessened e.g. by monetary and financial despotism despotism and protectionism) – could be easily sold by them (through monetary freedom, with their service and goods vouchers, used for their purchases, quickly streaming back to them, to be redeemed in what they do have to offer), then they would also and soon become credit-worthy for initially small credits to increase their productivity, via some simple tools and machines. – How can anyone expect exchange to be free and easy when exchange media and value standards as well as clearing options are monopolized? - J.Z., 7.6.08.

SELF-APPRECIATION: Henceforth I ask not good-fortune, I myself am good fortune.” – Walt Whitman, quoted in Ingersoll’s Testimonial to Walt Whitman and in Charles Bufe, The Heretic’s Handbook of Quotations, expanded edition, p.137. – For instance: Many will perhaps only appreciated the economic value of self-ownership and of self-“exploitation” and of the profits they derive from their lifetime’s labor - once they have added up all the returns from all their productive or creative activities during their life. They should also add up the total pay-rolls of the enterprises they worked for and compare it, usually the lion’s share, with the total of the dividends and interest rates the enterprises had to pay for its borrowed capital and with its tax burdens and social insurance levies. Then they would be close to realizing that they and their work-mates, in most instances, could have bought up, on terms, using industrial obligations issued by themselves, the enterprise that they worked in and thus, with the additional incentives and responsibilities co-owners, they could have earned even more and could have paid off the bonds they had issued in their take-over bid, gradually, but relatively fast, with only a part of their thus achieved additional earnings. For then they would be clearly working for themselves, either harder or more intelligently than before, in their own interest, with class warfare notions and actions having disappeared. Then they would see in the territorial State the main remaining exploiter. Will they then continue to use capitalism as a swear word and consider a free market as their enemy rather than as their ally? – Furthermore, then they might also become interested in achieving full monetary and financial freedom, including voluntary taxation, thereby avoiding monetary and financial crises, sales difficulties for their firm and also in achieving much better social insurance arrangements than those provided by the State. – So far they left all too many decisions to their employers and their trade union and their political bosses, largely ignoring their economic self-interests, with predictable results. - J.Z., 8.4.09, 28.2.11. - LIFE, EXPLOITATION? CAPITALISM? PROFIT? WAGES, GOOD FORTUNE, LUCK, SELF-OWNERSHIP, EXPLOITATION? PURCHASE OF ENTERPRISES BY EMPLOYEES, COOPERATIVES, PARTNERSHIPS, SELF-MANAGEMENT

SELF-GOVERNMENT: The tendencies of the times favor the idea of self-government, and leave the individual, for all code, to the rewards and penalties of his own constitution, which work with more energy than we believe, whilst we depend on artificial restraints.” – Emerson, quoted in Sprading, Liberty and the Great Libertarians, p.151. – Alas, since individuals did not care sufficiently about monetary and financial freedom they fell into the hands of State socialists and have still not escaped them. - J.Z., 12.6.08. - STATISM, STATE SOCIALISM, UNIONS, LAWS, MONETARY & FINANCIAL DESPOTISM

SELF-INTEREST: We have always had bad money because private enterprise was not permitted to give us a better one. In a world governed by the pressure of organised interest, the important truth to keep in mind is that we cannot count on intelligence or understanding but only on the sheer self-interest to give us the institutions we need.” – F. A. Hayek, Denationalization of Money, p.100. - And the self-interest of everybody in this sphere has so far been recognized only by a small minority. The sanction of the victims prevails: How many unemployed and inflation victims ponder the real cause and cure for both phenomena? Their statism induced them to ignore the freedom alternatives to monetary despotism, their own monetary rights and liberties. Well, it was not so long ago that people even put up with absolute monarchism, slavery and serfdom. The transition from monetary despotism to monetary freedom requires a bit more knowledge, thought and intelligence. - Through legal tender laws and money issue monopolies the possible issuers of good monies are not allowed to drive out the bad government money or confine it to its tax-foundation sphere: clearing government spending against government takes. All kinds of popular errors, myths, prejudices and false assumptions on exchange media, value standards and clearing options do still prevail even among most anarchists and libertarians. No wonder: They have not yet been systematically refuted in a single reference work and no single book has so far clarified all of the monetary freedom alternatives. Nowhere are all monetary freedom titles offered together, including all the pro and con comments, although by now they would fit onto a single and cheap disc. – J.Z. - MONETARY FREEDOM, FREE BANKING, GRESHAM’S LAW

SELF-RESPONSIBILITY: Under such an administration everyone would understand that he possesses all the privileges, as well as all the responsibilities of his existence. No one would have any argument with government, provided that his person is respected, his labor is not controlled, and the fruits of his labor are protected against any unjust attack. When successful, we would not have to thank the state for our success. And conversely, when unsuccessful, we would no more think of blaming the state for our misfortune than would the farmers blame the state because of hail or frost. The state would be felt only by the invaluable blessings of safety provided by this concept of government.” – Dean Russell, Bastiat, p. 3. – A “safety” now exemplified by its “nuclear umbrella” and its uniformly imposed monetary despotism. Even if it were only an enforced “classical” redemptionist gold standard, it could do much wrong and harm, although its advocates are not aware of this. If they were, they would not demand anything more than to be allowed to apply it among them. – J.Z., 10.6.08, 29.7.11. - Fully enlightened on the alternatives of monetary freedom they would retain gold weight units only as value standards, not at exchange media and as redemption goods. - J.Z., 3.3.11. - LIMITED GOVERNMENT

SELGIN, GEORGE A., A Ramble 'Round Old Birmingham - "This "missing chapter" is excerpted from an early draft of Professor Selgin's new book, Good Money, the true and remarkable story of private coinage and banking in Britain in the early years of the Industrial Revolution (1775- 1850)." - Roy Halliday, in section on Coinage.

SELGIN, GEORGE A., Central Banks as Sources of Financial Instability - Spring 2010. - "The present financial crisis shows how central banks can fuel the financial booms that make severe busts possible. Unfortunately, theoretical discussions of central banking badly neglect its role in fostering financial instability, in part because they ignore its history and political origins." - Roy Halliday

SELGIN, GEORGE A., Free Banking » Free Banking and Economic Development, Part 2 - ‎(Both parts of this article originally appeared, under the title "Fractional Reserves and Economic Development," on the short-lived Free Market News Network.)

SELGIN, GEORGE, Should We Let Banks Create Money? - "Some economists of the Austrian school oppose fractional-reserve banking on the grounds that it is inherently fraudulent, pro-cyclical and unstable. These critics should focus their wrath on repressive financial legislation and central-bank mischief, not on a legitimate practice that encourages savings and investment." - Roy Halliday

SELLING: Nothing sells itself.” – Viscount Bearsted, 1853-1927, founder of Shell Oil Co. - Lore and Maurice Cowan, compilers, The Wit of the Jews, Leslie Frewin, London, 1970, p.107. – As if e.g. oil does not almost sell itself, at least today. And do producers of e.g. toothbrushes and soaps ever go bankrupt? Moreover, if you have managed to issue your own currency, redeemable in your goods and services, then and thereby they almost sell themselves. (However, that requires the issue freedom of monetary freedom or quite free and developed clearing, combined with free choice among value standards. - J.Z., 3.3.11. – He also says, ibid: “Success is not on the beaten path.” – But, precisely there it is most easily attained by those pleasing the multitude with things and services they are already accustomed to. Significant innovators, so far, have a much harder path to success – under pre-existing and present conditions. - J.Z., 13.9.08. – SELLING, SALESMANSHIP, SUCCESS, DIS., IDEAS ARCHIVE, SUPER-COMPUTER PROJECT

SENNHOLZ, HANS F., Dr.: Free Money Is Sound Money - June 1975. - "The history of the gold standard heralds the principles and achievements of free and honest money. The history of fiat money is little more than a register of monetary follies and inflations." - Roy Halliday, in section on Genuine Money.

SHARE PRICES: Share prices, industrial bonds etc. depend primarily upon the ease with which the products and services of the firms, which issue the capital securities, can be sold. And that does primarily depend upon the availability of turnover credit in form of sound local currencies and other clearing facilities. Unless the firms in which one has invested can easily sell whatever they produce, the shares etc. will soon be more and more worthless. And central banks with their monetary policies do make the selling quite unnecessarily difficult. They should, therefore, be abolished, even if it were only to achieve a more profitable and secure capital market. – J.Z., 9.1.98, 29.9.08, 3.3.11. - CAPITAL MARKETS, INTEREST RATE, DIVIDENDS, PROFITS, CAPITAL, CAPITALISM, ECONOMIC CRISES, MONETARY FREEDOM VS. MONETARY DESPOTISM, CENTRAL BANKING, LEGAL TENDER, INFLATION, UNEMPLOYMENT, SALES DIFFICULTIES & DEFLATION

SHARES: The enlargement of the value of real productive capital can be financially anticipated through the issue of shares of financial obligations, which are some of the significant options to help build up and use a large capital required for many productive efforts. Knowledge, ingenuity, skills, training and capital matter for productivity. Ignorant, prejudiced, untrained and traditional primitive labor is almost valueless except for marginal subsistence efforts. Most of the values achieved is due to all the other factors. And yet the odd thing is that labor, including social insurance contributions and taxes, supposedly spent for the common welfare, do get an ever larger share of the total income of productive enterprises, while profits, dividends and interest recipients get an ever smaller share of the total earnings of enterprises. While that has been demonstrated for over a century and in numerous profit and loss accounts, only few have ever drawn this conclusion from such facts. Most stuck to common errors, myths, dogmas and prejudices in this sphere. The fact that the returns from skillful managed labor is already large and increasing, in most cases, makes it possible for employees to purchase the enterprises they work in, in most cases, and this within a relatively short period, largely paying the installment payments involved to redeem their industrial obligations, issued for the take-over bid, out of the additional profits attainable through the self-management advantages that follow the successful take-over-bid. For it would provide everyone in such an enterprise with capitalist incentives to increase his productivity. Trade unionist prejudices have so far prevented most of these possible take-over bids, which could have greatly improved our general standard of living. Hierarchies don’t work very well in most private enterprises, either. Self-management schemes have also been proposed in a panarchistic variety. Extensive free competition and experimentation between them would soon demonstrate which forms would be best and most profitable for certain industries, all their producers and all their customers. – J.Z., 3.10.10, 6.8.11. – PURCHASE OF ENTERPRISES, TAKE-OVER BIDS BY EMPLOYEES, WAGES, SALARIES, PROFIT AND LOSS ACCOUNTS, SHARES OF LABOR & CAPITAL, SELF-MANAGEMENT SCHEMES, PRODUCTIVE COOPS, PARTNERSHIPS, EMPLOYEE SHAREHOLDING

SHARING: Anyone who says “I want my share, I demand my share”, and isn’t earning his share is a thief. No amount of nice words will disguise that blunt truth.” – Viv Forbes, “Let’s Free Enterprise”. – It depends upon what share of what is meant. For instance, every tax payer should get his share in the remaining government assets, with the government becoming totally expropriated. And when it comes to certain government hand-outs to certain people, one should also take into consideration, how much these same people previously and even now still pay in direct and indirect taxes. No government is providing us with a proper balance sheet of all that it takes from us, compared with all that it pays us or finances for us. And we get no choice in the matter, e.g. by setting a total limit, like for an insurance premium, or determining for which budget items our tax contributions are to be used. And we are not allowed to opt out of this territorial government mess, to come to more rightful and honest relationships with the kinds of communities or societies that we would then choose for ourselves. Presently the distribution of tax founds is probably just as unjust as is the tax collection. – J.Z., 14.6.08.

SHEDLOCK, MIKE "MISH", Case Against the Fed and Fractional Reserve Lending - "Fractional Reserve Lending (FRL) is fraudulent. Indeed, FRL in conjunction with micro-mismanagement of interest rates by the Fed is the root cause of the financial crisis we are in." - Roy Halliday, under Fractional-Reserve Banking.

SHOP CURRENCIES: A verbal description of the circulation process involved. Circulation charts do make this process as a rule clearer. I will not offer them here. - The employers would have received the services of their employees and produced, using their capital and this labor, goods which they would sell to wholesalers. The employers would be paid in commercial bills or other short-term payment promises of the wholesalers, which they would then get discounted in private goods warrants from the issuing centre of the local shop association. With these goods warrants they would pay the wages of their employees and bills of their suppliers. They would take out their own profit in this way, too and, after a corresponding tax reform, pay their taxes with them also. (Otherwise the territorial State, as long as it is still allowed to raise taxes, could raise only as much in taxes as it made sound tax foundation money available for current and near future tax payments.) - - The wholesalers would have received the goods and given their commercial bills in return, obliging themselves to repay their bills in goods warrants when they are due. They would sell the goods on commission to retailers, or upon the short term promises of payment of the retailers, to pay them for the goods in goods warrants within 2-3 months. - The retailers, between them, would receive the goods from the wholesalers, and would be obliged to repay them in goods warrants within the near future. The goods they could thus offer would constitute the ready for sale cover of the goods warrants issued by the issuing centre of the retailers. - This centre had discounted the commercial bills of the wholesalers, presented by the employers, with its own goods warrants, keeping the bills as a short term security. All members of the association would have to oblige themselves to accept these certificates in payment. - The employer would then pay the wages he owes to his employees - with the goods warrants received in this discount. The workers, if they want to be employed, would have to oblige themselves to accept the goods warrants in payment of wages. Seeing that the local retailers would accept them at par, they would be inclined to do so. If they insisted instead upon being paid in some or the other exclusive currency, which the employer could not or not as easily obtain, they might lose their jobs or their pay would have to be reduced. - The workers would spend the goods warrants in the local retail shops, acquiring the goods and services they want. - The retailers would thus have additional turnover and repay their debts to the wholesalers, ordering more goods at the same time. - The wholesalers would use the goods warrants received to redeem their commercial bills at the issuing centre. Their circulation would be thus become closed. However, this sound turnover credit process can be repeated over and over again. - - For the service cover, which is locally offered, the circulation system would be slightly different. For instance: The independent tradesmen and professionals involved could get their own bills discounted by the retailers' issuing centre - up to the amount of their service potential and average trading during the next short term period. By paying their suppliers, profits and wage bill in goods and service warrants, they would put them into circulation. By accepting them in payment for their services, they would be enabled to withdraw them and repay their IOUs with them. - The issues of the goods and service warrants would merely provide the necessary turnover credit. They would not and should not be used to provide medium or long term capital loans - because that would not assure their rapid return to the issuing centre. If issued for longer periods, they could depreciate. - - This use of monetary freedom would mean that due to your private issues (alone, or, preferably, in association with others), you would no longer have to scramble for a chance to sell your labour and your products for a monopolistic and more or less scarce exchange medium issued by a central banking system. Instead, you would be enabled to pay with your own notes or the notes of your association and thereby you would assure that your own notes or that of your association would come back to you and your association - to pay the goods and services you have to offer. - To the extent that you have valuable goods and services to offer and that others have valuable goods and services to give in exchange, you would then be enabled to exchange them, independently of the monetary policies and mistakes of any government or its central banking system. All your issues would automatically flow back to you to be redeemed in the gold weight values expressed in your goods and services. A barber, to the extent that he would be able to circulate standardized hair cutting tickets, would not have to be afraid of being out of work. They would, inevitably, stream back to him to be redeemed by him. If he were to spend the same amount of government cash, it would not necessarily stream back to him or not fully. - Without this freedom, employment opportunities are, indeed, tied down to the supply of legal tender money. (Monopoly money with compulsory acceptance and a forced value.) Under monetary freedom, they are only limited by your willingness to give your productive labor and services in exchange for those of others. In Fact, under monetary freedom you could anticipate your earnings and then work and thereby finally pay off what you bought with your standardized IOUs or those borrowed from your local shop association. Naturally, you would always have to accept your own notes in payment for your own work. Likewise, you would have to accept the notes of your creditor, since you could use them immediately to pay your debt to him. - - Compare this self-liquidating issue, acceptance and reflux system with the issue of e.g. gold or silver coins or the circulation of legal tender paper money notes. These coins and notes are not as effective in providing work for you - because when you pay with them, they do not necessarily return to you but may flow to anyone else in the country or even, temporarily, into foreign countries. - - Private notes, promising redemption in the goods and services of the issuer - and his associates - have the essential capacity for a rapid and regular reflux, i.e. they must stream back to the issuer, if they are to have any value for the holder, and will thus provide corresponding sales and employment for the issuer. - If they happened to suffer a small discount in general circulation and all the rules of a sound issue technique would have been obeyed, then these notes and their discount would disappear rapidly from circulation. Debtors of the issuing centre would not only accept them at par for their goods and services but would attempt to buy them up on the market for exchange media, using other means of payment. If a debtor would thus be enabled to buy such notes at 1% discount and could with them repay, on the same day, his debt to the issuing centre, he would have made a 1 % profit on this day, amounting to an annual profit rate of 365%. That would be so attractive that the discounted notes and with them their discount would soon disappear from circulation. Potential customers of the stores of the issuing centre would also love to acquire such notes at a discount - in order to bring them fast to these stores to be there redeemed in goods and services at par. In other words, a discount of sound goods warrants would not last long and would not be large. However, if a discount were considerable and persistent, then something else would happen. People would mostly refuse to accept the notes altogether. Only a few would continue to accept them, at a considerable discount - to the extent that they could still use them against the issuer. In other words, the issuer could no longer issue more notes or only at a loss. The loss would occur because he could issue them only to a few and at a discount whilst he would have to accept them again at par and immediately. - J.Z. file: Unemployment incomplete comb of old files – In essence this is the scheme of the old principle and practice of the old Real Bills Doctrine, all too widely misunderstood by many economists for the last 2 centuries and even today still. – To my knowledge it has been most clarified in the writings of Ulrich von Beckerath and freed of all notions of the supposed need to also cover and redeem such banknotes with gold- or silver coins, although it is still likely that such rare metal weight units would serve as value standards for such bank notes or shop currencies and for the prices of local goods and services offered in shops and for determining the wages and salaries and other debts., unless, of course, the contractors choose other value standards. – If you can express all this more clearly in 3 words or 3 sentences, please, do. - J.Z., 4.4.09, 29.7.11, 6.8.11. - SHOP FOUNDATION, MONETARY FREEDOM, FREE BANKING, UNEMPLOYMENT, WAGE PAYMENT MEANS

SHOP CURRENCIES: According to a radio news report on 6.3.97 Australia’s debt of then ca. A $ 200 billion came then to ca. 40 % of the G.N.P. (Alas, there are many different methods to calculate that and they arrive at different figures. Just like the calculations of the different public and private debts do differ.) Assuming, however this figure to be correct, then a quarter of this debt of A$200 billion came then to A$50 billion. Such debts are not very high if reckoned per head of the population or per head of the productively employed people. Firms like Woolworth and Coles alone had then about annual turnovers of ca. $ 25 billion each. How high was the turnover, annually, of all of Australia's shops and businesses? Up to a quarter of their turnovers they could issue in their own private shop currencies. - In these they should also be free to use a much sounder and self-chosen value standard than the governmentally imposed paper dollar standard. - The public debts should also be distinguished from the private debts, since private debts are usually productively invested whilst public debts represent money largely wasted by governments in unproductive or even counter-productive activities. Morally they represent investment in tax slaves, either or involuntary ones. - As such the public debts should be repudiated. - How many billions could all the Australian governments issue in sound tax foundations monies for the payment of all their taxes, rates and fees and for all their chargest for the public services they are still allowed to run monopolistically? According to old experiences with them, the anticipated tax revenues for up to the next 3 months could thus be issued in tax foundation money with a sound value standard, which, under free market rating would remain at par with its nominal value. How high is the annual or quarterly total tax revenue of all Australian Governments? Compare with it the public debt in past and current years may still be moderate and could be repaid relatively fast via cutting government expenditures to the bone. I would not favor paying them through the sale of public enterprises. Because morally these belong to the people of Australia and they should get their sales proceeds, rather than our official wastrels and debtors. - Probably all present governments do not make use of this tax foundation money issue option, either because they are unaware of it or because they prefer the inflation option, which their issue monopoly and legal tender power for their notes gives them. - The effective limiting factor for competitively provided optional and market rated note issues (and coins) would always be their voluntary acceptance or their refusals and their market rating. As long as it stands at par the issues are sound. (A lower exchange rate for them in foreign countries would merely tend to speed up their reflux in payment for our exports.) Once the first local discounts occur and a considerable number of acceptance refusals as well, then the present limit for their issue is reached, their supply has reached or exceeded the saturation point and the current cash holding requirements and further issues must be and would be stopped, under monetary freedom, until the discounts and the refusals disappear again, through a sufficient reflux of the discounted notes (at par to their issuers) or their refusals become so rare that they can be safely ignored. – There will always be a few who will not accept a particular variety of means of exchange. –J.Z., 6.3.97, 28.9.08. - There are even records of some people being unfamiliar with gold coins or religiously or otherwise suspicious of them and thus refusing them. To each his own preferred value standard, means of exchange or clearing certificate or method! – J.Z., 4.4.09, 3.3.11. - (I made all too many careless mistakes in my prior statement. - J.Z., 3.3.11.) - PUBLIC DEBTS, PRIVATE DEBTS, TAX FOUNDATION MONEY, PRIVATE MONEY ISSUES, PRIVATIZATION

SHOP CURRENCIES: An extension of the shop currency system, with shop associations becoming local issuing centres for shop currencies or goods- and service-warrants in convenient monetary denominations. - - Numerous clearing centres issuing clearing certificates and using other modern clearing methods. - - Between them, they are to mobilize or liquidify the ready for sale goods and services, including labor readiness, and skills, in any community, mainly for short term credits to employers to pay wages and salaries with. Producers and manufacturers could thus get their payment claims discounted, by competing note issuing banks, that is their claims arising out of the sale of goods already produced and sold to wholesalers, for which payment has not yet been received. - - Thus, under free pricing and wage agreements, and when all other restrictions on production and exchange are repealed, the monetary demand for labour could be freed and equated to the quantity of ready for sale consumer goods and services. Wanted and ready for sale consumer services, including public service goods (transport, telephone, postal, electricity, water, gas, insurance, tradesmen and professional services ) could also become monetized and anticipated, as long as such ticket money is voluntarily accepted at par, which can be for the expected and normal turnover revenues for up to the next 3 months. However, the real limits at any time being indicated by the refusals to accept such monies at all or at par in general local circulation. Because of the liberties and rights involved, nobody can rightly predict how large or small such circulations would become. But they are likely to turn over much more in ready for sale consumer goods as well as wanted consumer services, including labor, while using sound value standards in their pricing and other contracts, e.g. labor contracts, in their competing note issues and coins, than any current territorial governments provides with its forced and exclusive currency. They would achieve this without inflating prices, wages and other charges, all likewise priced out in sound and self-chosen value standards, just like these notes and coins, tokens or clearing certificates or clearing accounts. The goods and services side could thus be brought into balance with the money supply side, including all clearing options. Under monetary freedom instead of monetary despotism, the incentive to inflate, existing under legal tender and the issue monopoly, become turned into an incentive not to inflate. Free market rating of notes in general circulation, the free choice for sound value standards and voluntary acceptance for competitively issued and optional notes would see to that. Only the issuers and by contract their debtors, would have to accept them always at par with their nominal value. - - In short, good money would to be given its chance to drive bad and inferior monies out of circulation. Force, fraud, monopoly and coercion are to be banned in this sphere, as well. Full experimental freedom is to be introduced for all dissenting monetary freedom advocates, always at their own risk and expense in their own payment communities of volunteers. The best monetary and value standard system would win - to the extent that it would be voluntarily most widely applied. - J.Z. file: Unemployment incomplete comb of old files. Somewhat revised: J.Z., 3.3.11, 6.8.11.

SHOP CURRENCIES: Apart from legal prohibitions, shop currencies issued by an association of shops in a city like Wollongong (N.S.W., Australia), and accepted by them in payment for their goods and services, would also be acceptable to most Wollongong employers and employees as means of wage and salary payments. Alas, like many other good freedom options they are not impossible or impracticable but simply outlawed. Shop currencies were so far, and many years ago, only allowed in the granting of instalment credits granted by shops. Seeing the avalanches of even more restrictive laws, descending upon us every year, it is quite possible that they, too, have been outlawed for Australia during the last few years. – J.Z., 3.6.08. – Shop currencies acceptable e.g. in most shops of Wollongong, N.S.W. would also be acceptable to most of its employers and employees as means for wage payments - if laws and jurisdiction provided no obstacles. - J.Z. file: Unemployment incomplete comb of old files - WITH SHOP FOUNDATION, FREE BANKING, MONETARY FREEDOM

SHOP FOUNDATION: Half-yearly sales of the Australian Woolworth chain stores amounted in 1999 to 9.95 billion A $ and in 2000 to 10.86 billion. – THE AUSTRALIAN, 15.2.00. Perhaps up to half of its half-yearly sales could be issued in its own shop currency at par with its nominal value. If less, then the free market rating for it, preferably in value standard units much sounder than the A $, would indicate its issue limit. – J.Z., 6.10.08. – Sooner or later chain stores like Woolworth and Coles or whole chopping centre chains, like Westfield, which in Australia has ca. 140 such centres, should consider their own note issue potential, alone or in associations with other local shops. Between them they could constitute a powerful lobby to legalize such issues and thus improve their own business, while also promoting the whole economy in a safe and sound way, helping to end and prevent economic crises. – J.Z., 4.4.09. - THE MONEY ISSUE POTENTIAL OF E.G. THE WOOLWORTH CHAIN STORES

SHOP FOUNDATION: Supermarkets, shopping centers and associations of local shops, as issuers and acceptors of their own shop foundation monies would have their own or refer to nearby special exchange desks or offices that would either accept the payment of their bills in e.g. the own government’s currency, foreign currencies, one or several local currencies or notes of other issuers like themselves. They would also clearly indicate, via well placed in tables, which kinds of currencies they would accept and at what market rate against their own currency or its value standard, also which kinds of currencies, credit cards or clearing certificates or money transfers they would refuse or discount greatly. Sufficient publicity of this kind would be essential to the proper functioning of this system. Automation might also be advanced enough that anyone offering to pay in other currencies etc. than those issued by the sales institution and their issuing centre could inserted this kind of money into exchange automatons, which would indicate their value in the local currency, the exchange rate used and then, if the owner of these currencies does agree, by pushing a button, pay out this amount in the shop currency that is used in that sales institution. One might compare this practice to the issue of chips by gambling casinos. – J.Z., 2.11.10. - LOCAL CURRENCIES; PUBLICITY, FOREIGN EXCHANGE RATES, FREE MARKET RATING

SHOP FOUNDATION: The total turnover of the Coles/Meyer Corporation, which runs a chain of stores in Australia, came in 1996 to almost A$ 10 billion. This would come to ca.2.5 billion quarterly. If even merely 10 % or their regular turnover amounts could be issued in form of their own shop currency, then this would already come to $ 250 million per quarter. If, through these issues, they could increase their turnovers and employment, then their issues might become larger still. The Woolworth chain in Australia has a similar turnover and was often estimated to come to at least 1/10th of the total retail store turnover in Australia. Compared with these turnovers, the total take of all gambling establishments is supposed to come to 15 billion a year. Thus gambling money could also have a considerable circulation. Similarly, probably, the general entertainment industry could become an issuer of its own money. Likewise, the privatized education industry could come to issue its own currency, not only the transport and insurance companies and associations of professionals and of tradesmen. All participants of the health services could also come to issue their own currencies - to the extent that they do find voluntary acceptors. I do not have current figures for each of these potential issuers on hand but Internet searches might reveal them. – J.Z., 28.9.08. - SHOP CURRENCIES & SOME OTHER OPTIONS FOR ALTERNATIVE CURRENCIES & THEIR ISSUERS.

SILVER BEAR CAFÉ, Is Higher Inflation Inevitable? - The Silver Bear Cafe - - Cached - Sound money is free-market money, money that is the result of the free supply of and the free demand for money. It is money that is produced in unhampered ... - Free market transactions are also hampered if the only means of payment are gold or silver weight units or so redeemable rare metal certificates and if such weight units are the only permitted standards of value. - J.Z., 25.7.11.

SILVER: 5 ALARM FIRE AT COMEX: SILVER WILL SOAR ONCE AGAIN | Fiat videos ... - - Cached - 26 Apr 2011 – Saying that free market money threatens capitalism is completely absurd! Free market money threatens our phoney fiat “too big to fail” ... - Even silver or gold are still not good enough as exclusive currencies, and not even good enough as exclusive value standards! - They, too, should not be given, constitutionally or by law, any fiat money POWERS! - J.Z., 24.7.11.

SILVER: Silver was money in Hamburg for 250 years » Plan B Economics - .. - Cached - 22 Jun 2011 – The Euro crisis and gold as free market money: Free: Subscribe to Receive Complimentary Copy of "The Inflation Threat": Email Address: ... - One does not have to possess and be able to pay in silver in order to use it, effectively, as one's value standard. - As an exchange medium it should also only be optional. - J.Z., 24.7.11.

SILVER: The Bar Zotzil was the old well-house of La Valenciana mine, when the mine had produced silver enough to build and decorate a hundred churches a year.” - Diane de Avalle-Arce, Bats, in Future Earths Under South American Skies, ed. by Mike Resnick and Gardner Dozois, p.231. - That was the pious but not the economically right thing to do. - How much of the mined silver in South America, was coined to be used as exchange media there? How much of it was used just to decorate these churches and how much of it was just turned into jewelry? Neither the silver decorations of churches nor the private silver jewelry would have boosted free exchange and employment in South America, to the extent that they could have, as silver coins, and the churches themselves were hardly as useful as e.g. better roads would have been, or schools and additional workshops. In this way religion and customs have prevented possible development in many countries, at least as strong contributing factors. – J.Z., 11.9.08. – RELIGION, SILVER MINING, MONETARY FREEDOM, COINAGE & DEVELOPMENT, JEWELRY, SILVER PRODUCTION & USAGE

SILVER: Silver: There are no shortages in a free market! : DGC Blog - - Cached - 21 Nov 2008 – ... federal reserve, Frederic Newmann, free and unashamed, free game, free market money, free markets, free online game, free seminar .... - In relation to the total value of all goods produced and services offered, in millions of varieties and enormous quantities, the rare metals will always be in short supply, because we can only find and extract them, but not produce them as we can goods, services and labour. The gold and stock, does not grow in parallel with the population and with its productivity, even though technology has greatly helped to produce more of both metals. Using either or both as exclusive currencies and imposed them as such, as legal tender monies, they will always be an uneconomic and even anti-economic barrier to fully free exchanges, unwarranted bottlenecks, in spite of the beliefs and assumptions of their followers. - Their best qualities will only shine and become revealed once they are only used optionally and competitively. - J.Z., 27.7.11.

SINGLE TAX: Each new settler himself has also contributed to the extra value of his land and the land of others due to a more dense settlement. To assume that only the other settlers would have brought about any extra value is simply wrong. All of them add the value of their presence and no one has the right to tax that extra value away. - J.Z., 1.7.95. Greater division of labor, due to higher population density, among people who are not land-owners, does also produces extra value for all of the population. Should we tax that added value, expressed in higher salaries and wages, away and consider it to be unjustified? Science and technology, better transport and more free exchange also add extra values. Should these likewise be taxed away as “unearned income”. Whoever resorts to any compulsory taxation is wrong already through that compulsion. – Compulsory taxation is not the solution to any problem. - J.Z., 27.5.08. - HENRY GEORGE, LAND REFORM, DIS., TAXATION

SINGLE TAX: If ALL of the value of location were taxed away then the advantages of a good location would disappear and e.g. services, which should be available at centres will then be offered rather at the periphery! That would mean, in balance, not only an inconvenience to potential customers and clients but also extra transaction costs in time, energy and money, i.e., it would be uneconomic. But to leave even merely some of that location value to ensure the continuance of the economic value of good locations, to producers and consumers, would, by George-ist standards, still constitute an unjust privilege. - J.Z., 8.5.01. – I raised that objection to followers of Henry George many years ago but did not get a rational answer. All objections to the remaining errors and flaws of the ideas of Henry George should become assembled and published much better than they were so far. – J.Z., 4.4.09. – GEORGE-ISM, HENRY GEORGE, DIS.

SINGLE TAX: If Georgists consistently applied their principle and collected in full the “unearned increment”, the full local value of land, in their “single tax”, they would defeat their objective in cities, namely centralization and economic use of space. The otherwise most useful and profitable spaces would no longer be such places and used as such. A far-out location might then be just as economical to them, for their returns after all taxes. And the advantage of centralized access would disappear for the consumers. All locations, after taxes, would be equally good or bad for business. If they did not consistently and fully apply their “solution”, via their form of taxation, then and only then might they approach their objective. – But I have still to meet a Georgist who understood that or refuted me. – J.Z., 18.11.90, 5.6.08. - GEORGISM, LAND REFORM, UNIMPROVED LAND VALUE

SINGLE TAX: Single-Taxer, n. One who advocates one tax too many.” - L. A. Rollins, Lucifer’s Lexicon, p.113. – The single tax is still one tax too many. – J.Z., 3/95. - JOKES, HENRY GEORGE

SINGLE TAX: Territorial governments would spend the revenues from a single tax much more wastefully and counter-productively than would the landlords, if they remained untaxed by it. – If communities of like-minded volunteers raised such a tax from their members it would be quite another matter. – J.Z., 27.5.08. – GEORGE-ISM, LANDLORDS, GOVERNMENT, LAND REFORM, VOLUNTARISM, TOLERANCE, EXPERIMENTAL FREEDOM

SINGLE TAX: The “single tax” in the hands of any territorial government becomes just one more among a multitude of taxes and would also tend to become increased so much that it would put more and more land out of economic use. – J.Z., 30.8.94.

SINGLE TAX: The “single tax” is still a tax and no tax is justified. – J.Z., 2.6.95. – Except those which volunteers impose upon themselves, in their own exterritorially autonomous communities. – J.Z., 27.5.08.

SINGLE TAX: The George-ist single tax is at best only a stepping stone towards no taxation at all or to voluntary taxation. – As an imposition on involuntary subjects it is quite wrong, like all imposed taxes. - J.Z., 8.1.98, 27.5.08.

SINGLE TAX: The single tax is the last attempt to morally and rational defend taxation and it is as untenable as is all other taxation – except among volunteers, as a subscription charge that they have agreed to. - J.Z., 4.6.86.

SINGLE TAX: The victory of the single taxers would have one advantage: Only one tax would then remain and would then still have to be abolished. – J.Z., 25.6.95. – Naturally, tolerant George-ists should be free to continue to apply it among themselves. – J.Z., n.d.

SINGLE TAX: When governments force landholders to hold more land than they need or want to possess, by coercive political subdivision, zoning, building restrictions and minimum size requirements, then they do, partly, expropriate these owners and they do also tax them for the land they do not want and are nor free to sell. They also create an artificial shortage of building blocks and drive up the price of such land and then penalize the new buyers of such land by more highly taxing them by means of these artificially increased land-prices. Even if only the “unimproved” value of land were taxed away, it would also merely be another unjustified and coercive tax. Freedom to buy and sell land titles, untaxed, would establish more justice in this sphere than any imposed taxation or land title system. – J.Z., 14.3.97, 4.3.11. – HENRY GEORGE, MINIMUM ACREAGE, LAND MONOPOLY, SUBDIVISIONS

SLAVERY: Slaves, not only animals, at least in some countries and for some times, were also considered media of exchange and capital assets as well as value standards. But they did not have a sufficient shop foundation, tax foundation, debt- or a clearing-foundation reflux to keep up their value, their “units” differed in value, were never a rightful, and rightfully exploitable and transferable property. At least they had no legal tender power, i.e. a compulsory acceptance and value. Their market value was also limited to determination by relatively few slave traders. And they could, as a rule, only be sold for an exclusive currency, always in short supply. Since most of us are, probably, descendants of former slaves, the abhorrence a slave may have felt, standing on a slave block, about being traded for money, to a new owner, might have led, according to Ulrich von Beckerath, to some inborn and negative notions about money, profit, capital, property and wealth, just like animals developed, over very long periods, some instinctive reactions against phenomena that threatened them. They had no money, property and wealth, they did not even own themselves and those, who had possession, were usually disliked or even hated by them, often with very good reasons. – J.Z., 21.3.03, 21.10.07. - MONETARY FREEDOM & MONETARY DESPOTISM, LEGAL TENDER, EXCLUSIVE CURRENCY, ANTI-CAPITALIST & ANTI-MARKET MENTALITY

SLAVERY: The blow that liberates the slave //But sets the master free.” – James Jeffrey Roche, Gettysburg. – As if it would not have been much cheaper in money and would have cost no lives, limbs, blood, maltreatments or prisoners, waste of labor power and time to purchase the freedom of every slave in the U.S.A. – As quite free laborers and under full monetary and financial freedom, free trade and free enterprise, the thus liberated slaves could even have paid back their purchase price themselves, after their liberation, in easy installments over a few years. – The question is only whether the slave owners would have been entitled to this purchase price and should not have been subjected to indemnification claims from the slaves and by those who put up the money to purchase the freedom of slaves. – Half a million dead and many more wounded and cripples and years of fighting and destruction was too high a price to pay, certainly no bargain. - J.Z, 18.6.08. – MASTERS, AMERICAN CIVIL WAR

SLAVERY: The perfect slave thinks he's free.” - Slogan from the SPIRITUAL ANARCHY WEBSITE. – A “perfect slave” is a contradiction in terms. It does not even makes sense to speak of a perfectly enslaved person, since the productivity of an enslaved person is certainly not optimal. Ultimately. slavery was, largely, abolished because personally free laborers were and are simply much more productive than slaves. They do not have to be bought, housed and whipped but were just paid a market price for their value as production “units” or commodities. Free laborers drive themselves to their jobs, instead of having to be driven to their forced labor location. Alas, the supply of means of payment and value standards was never as yet under fully free market conditions and, therefore, even nominally free workers could not earn as much as they could have under full monetary and financial freedom and also under the best of the various self-management and self-ownership schemes. If these three liberties had been fully realized much earlier, then slavery, too, would have been abolished much earlier than it was. Moreover, then State Socialism or monopolistic State capitalism would not have risen to the ultimate totalitarian terror and mass murder regimes that did happen under and as a consequence of monetary and financial despotism and of the "leadership-principle" being incorrectly applied to the processes of production and trade. Thus all kinds of secular religions arose against free enterprise, free trade and laissez faire capitalism, which still lacked, especially, full monetary and financial freedom and good self-management schemes, with productive capital much more widely spread than it is even today, under what has been called "pension-fund socialism". –Even Free Trade was so far never fully realized. These and many other statist and territorialist wrongful or flawed beliefs are still all too much alive today, even in supposedly “free” countries and within supposedly “educated”, “enlightened” and "civilized" populations. – As Ulrich von Beckerath pointed out, the authorities in favor of central banking are merely something like the high priests of the popular religion on money. – In this sphere, too, a new Reformation is needed, introducing not religious freedom but full monetary and financial freedom as well as the best kinds of self-management schemes, at least among all those, who would already appreciate them. - J.Z., 4.4.09, 6.8.11. - STATISM, TERRITORIALISM, NATIONALISM, LIBERATION VS. ALL FORMS OF STATE SOCIALISM & MONOPOLY CAPITALISM

SMALL BUSINESS: Give small business its head: it needs no government help. Freed from the throttling grasp of government on its monetary supply, small business will spread first into banking, and will thereby do more to promote the entry of small business into industry than all the government agencies put together. It will at one stroke provide cheap loans for small industry, and also avoid the stop-go crisis system which today dogs small business and brings it down. – Governments today want to help small business. Let them examine the effect of the stop-go policy on small industry. It is in the stop-go system that the root of the evil lies.” - Henry Meulen, THE INDIVIDUALIST, 6/78, p.27. – But it needs freedom from government laws, taxes, regulations and paper work. – Government should be much more concerned with running its own business efficiently – assuming it does have any – or confine its activities to its voluntary victims. - J.Z., 19.6.08, 5.3.11. – The most important self-help action for small to large business enterprises would be to associate into a local bank of note issue and to issue their own local shop currency, to make them independent of the monopolistic and coerci ve (legalized) "currency policy" of the central bank and to assure their sales and to enable them to pay their suppliers, various costs, wage and salary bills and also their taxes, as long as the latter are still tolerated. - Once freedom and rights are realized in this sphere, it would also be easy for them to adopt a sound value standard to the usually unsound one legally imposed by the government. Freedom of note issue and clearing, combined with free choice of value standard could solve many of their current business problems. Sound value standards, combined with the more assured sales for them, would also make them more credit-worthy for free savers and investors. - J.Z., 5.3.11. - MONETARY FREEDOM VS. MONETARY DESPOTISM, FREE BANKING, SUBSIDIES, GOVERNMENT AID, REGULATIONS, TAXATION

SMITH, ADAM: TAX FOUNDATION MONEY: Tax foundation, was recognized by Adam Smith in one passage of his writings, On money, in An Inquiry …The Wealth of Nations. (Vol. I of the London, Grant Richards edition, page 366): A prince, who should enact that a certain proportion of his taxes should e paid in a paper money of a certain kind, might thereby give a certain value to this paper money, even though the terms of its final discharge and redemption should depend altogether upon the will of the prince. If the bank which issued this paper was careful to keep the quantity of it always somewhat below what could easily be employed in this manner, the demand for it might be such as to make it even bear a premium, or sell for somewhat more in the market than the quantity of gold or silver currency for which it was issued. - Here he summed up a large experience, which most of his fans still ignore. However, in its last part he still does, quite wrongly, assume that it must be issued upon a stock of gold or silver currency and, ultimately, redeemable in it. He, too, did not clearly realize that its acceptance like rare metal coins, in payments of taxes, whose size is measured in such value standards, can already give such paper money a par value with the chosen rare metal, without the promise of redemption and the costs of any readiness for it. - J.Z., 2.7.11.) A government's optional paper money issues can, indeed, be balanced by and limited in its amount to its due or soon due tax "revenues". Thus such paper monies have been called tax anticipation warrants. As such they are merely clearing certificates, not promises to pay rare metal coins for them. Such tax foundation money should have legal tender only towards its issuer and it should also use a sounder value standard than a managed and usually mismanaged paper standard. Taxes and tax foundation money could be expressed e.g. in gold weight units and the government should have to accept its own tax foundation certificates at their face value even when in general circulation they have got a discount corresponding to their over-issue. That would reduce the "spending" power of the government and reduce the tax burden for the tax victims. Moreover, without legal tender power and the issue monopoly, government paper could ultimately be altogether refused in general circulation, being replaced by sounder and sufficient issues, so that at last even government employees would no longer be prepared to accept it. The more and more worthless bucks should be passed back to the issuer. Pay to Caesar what is Caesar's! Do not offer him your own honest currencies in payment- and do not let your incomes, paid in these currencies, be confiscated by him! Rather go on a well organized tax strike, one that includes the total refusal to accept any government paper money. - J.Z., 2.4.97, 3.7.11. - DIS., TAX STRIKE, TAX FOUNDATION MONEY

SMITH, GEORGE T., The Case for Natural Money - "Studying Jörg Guido Hülsmann's latest book, The Ethics of Money Production, is a vastly enriching experience. After building his case for natural money on the inviolability of an individual's right to his own property, he then shows us how the state has spent the last 400 years usurping this right for the benefit of a privileged few through its protection of fractional-reserve banking." - Roy Halliday, in section on Genuine Money.

SMITH, L. NEIL, Down With Power, by L. Neil Smith - The Money of Your Choice - - Cached - One thing is certain: free market money must be denominated in weights ounces, grams, etc. rather than use meaningless and deliberately misleading words ...

SOCIAL CREDIT: It ignores freedom of note issue, free choice of value standards and supports a kind of paper money by the government, without realizing that the government can and sometimes has issued sound paper money without rare metal cover and redemption but accounting in rare metal value units, without compulsory acceptance and a forced value (legal tender) in general circulation and this merely on the basis of tax foundation, by which only the tax authorities have to accept it at any time in payment of taxes at its face value. That suffices to keep up a tax foundation note issue at par with its nominal value for up to 3 months of tax revenue expected, if historical evidence is any guide. While Adam Smith mostly only discussed gold cover and gold redemption currency, in a short and neglected passage he made a remark that indicated that he was aware of the tax foundation option, i.e. giving a paper money value through a strong demand for it. The compulsory taxation aspect makes it wrong. But it works also for voluntary taxation and contribution schemes. In his 3rd. monetary freedom book Ulrich von Beckerath described this for public insurance companies. See - Payment methods have changed since then, so the period indicating the safe issue volume might be shorter or longer. At the first sign of refusals to accept such notes and of a small discount for them among others, further issues should be stopped, until the par value is restored, by the discounted notes being withdrawn in tax-payments with them at par. Then more could be issued again, while the par value is restored and maintained. Thus the issue limit could be found and serve as a guide. But many Social Credit advocates neither agree on this nor on many other points. One of them even told me, many years ago, that not even two of them would fully agree with each other. Seeing the variety of views among other monetary reformers, I was not greatly surprised - although that guy probably exaggerated a bit. Social Credit people are often fanatic about realizing their system country-wide by a territorial government. They have this in common with the followers of Silvio Gesell, but among these there were at least some tolerant people, like e.g. Paul Nagel, Karl Walker and Heinz Peter Neumann. Others have come away from their former intolerance as Gesellians, e.g. Christian Butterbach and Uwe Timm and adopted tolerant libertarian positions in this sphere as well. Moreover, quite a few Gesellians adopted the experimental method for their system in their practice, i.e. they did not wish to wait until they had persuaded a government to territorially impose their system. I do not know what percentage of them is by now tolerant enough to be satisfied with trying out their scheme among volunteers only. An intense discussion on some details of their system does still seem to go on among them, according to some emails I have received. In essence they wish to accelerate the circulation of their money, by a kind of tax or stamp duty on it, so that, thereby, any money shortage would be overcome, in their opinion. Instead of adopting freely the value standard of their choice, they wish to achieve a stable currency through keeping the price index stable. They also advocate their kind of land reform. That a currency shortage could be overcome much more naturally, simply by freedom of note issue for optional and market rated alternative monies and by free choice of value standards was not seen by Silvio Gesell and many to most of his original followers, possibly not by many of his present followers either. That advances in science and technology etc. should lead to lower prices for goods - but not for personal services, is ignored by their insistence on stabilizing the price index. However, to the extent that e.g. they and the Social Credit followers of Major Douglas are satisfied with tolerant experiments among volunteers, their systems are unobjectionable for all others. There is also a right to make mistakes at the own expense and risk. Their volunteers deserve their self-chosen systems. - J.Z., 25.2.11. - SILVIO GESELL, MAJOR DOUGLAS, FREEDOM TO EXPERIMENT, PANARCHISM, MONETARY TOLERANCE

SOCIAL CREDIT: Salvation Through Inflation - - Cached - The group is called Social Credit. Since 1917, defenders of this reform scheme have offered arguments against free market money, private banking, and gold. ... - There are numerous different schools of "social credit" "thinking" and proposals. - However, in spite of all their flaws, they, too, should be allowed experimental freedom for their systems - always at the own expense and risk. - J.Z., 27.7.11. - INFLATIONISTS, MODERN GREEN-BACKERS, DIS.

SOCIAL INSURANCE: Social insurance was a misnomer which sought to cash in on the reputation of private insurance (*) whilst sinking deeper into losses that had to be made good by subsidies from general taxation.” – Ralph Harris and Arthur Seldon, Not from Benevolence, p.14. - Moreover, the “social insurance” of governments was based upon monetary despotism, with its great tendency towards inflations, deflations and stagflations. Furthermore, there are the abuses of these “insurance” funds for general government expenditures, due to Trustee Acts, enforcing the purchase of government “securities” with these insurance funds, “securities”, governmental securities that were and are really “insecurities”: If redeemed at all, they are repaid in inflated paper money and by the insured people themselves, in form of additional tax amounts. Insofar a double payment is involved, first in the form of social insurance contributions, then in form of taxes, to repay the forced loans which governments had taken out of the social insurance funds. Almost everybody pays twice for his insurance, first as compulsory contributor, then as taxpayer. The Nazis, for instance, financed much of their armament with these funds, the present authoritarian and territorial Welfare States much of their welfarism. That kind of abuse goes on and on, quite legally and neither the “insurers” or the “insured” seem to care sufficiently about it. – Least of all our Big Brothers, our “protectors”, the politicians and legislators. Compulsory taxation, combined with monetary despotism has also led to the levy principle being applied, rather than the investment principle for the funds of the insured, so that the contributions have to be much larger and the benefits are much smaller. - (*) Which, in the now distant past, was largely based on stable currencies rather than on inflated paper monies. - J.Z., 19.6.08. - SOCIAL SECURITY, OLD AGE, SICKNESS & ACCIDENT INSURANCE

SOCIAL INSURANCE: The only old age insurance that the politicians and bureaucrats look after very well - is their own. – J.Z., 1.4.00. - OLD AGE PENSIONS, POLITICIANS, BUREAUCRATS

SOCIAL JUSTICE: all men considered merely as men and apart from their conduct or choice have a claim to an equal share in all those things … which are generally desired and are in fact conducive to their well being.” – O.K.: To everyone e.g. a new car and a nice house of his own! However, at whose expense? – J.Z., 11.11.04. – DIS.

SOCIAL SECURITY: J. Howard Pew saw that government security is a fraud: “it has nothing excepting only that which it takes from the people. The key to security is production.” The greatest economic charity to Mr. Pew was every productive effort that enables other individuals to become independent of alms. He thought the greatest danger to charity was the rise of compulsory benevolence by an omnipotent provider state. Above all, while voluntary activity strengthens social cooperation, the coercive redistribution by the state generates conflict and breeds corruption.” – From a review by Mark B. Spengler in THE FREEMAN, 3/76, of a book by Mary Sennholz. - Sound insurance, on a stable value basis and highly productive investment basis and quite free from imposed tribute payments is not impossible but simply not allowed by the existing legislation. Private charity is not a good enough substitute for it. – J.Z., 23.6.08. - Neither is the "Welfare State". - J.Z., 6.8.11.

SOCIAL SECURITY: Peter J. Ferrara, whose book Social Security: the Inherent Contradiction presents a comprehensive analysis of the subject, offers several sample calculations. Because the system redistributes benefits somewhat, awarding disproportionately higher benefits to lower-income workers, the advantages of escaping it vary. A person who entered the workforce in 1980 at age twenty-four and earned the maximum taxable income until retirement would, assuming his premiums earned 6% on the average, accumulate a retirement fund of a million dollars, enough to buy a life annuity paying $ 100,000 a year – more than five times his social security benefits. - - At the other end of the scale, a worker who is entering the system now at age eighteen and earning only the minimum wage all his or her life would have a retirement fund of about $ 300,000, enough to buy a lifetime annuity paying about $29,000 a year – almost four times the social security benefit. - - The break comes at about age forty. People under forty could buy better protection outside the system with the same money. Those over forty could not. (*) – In practice, the system works like a Ponzi scheme or chain letter. The early generations of participants benefit greatly, at the expense of the later ones, until at some point the machinery breaks down. In twenty-five years, assuming social security survives, the tax on younger workers to support the retired will approach 50% of their wages. …” (**) - Richard Cornuelle, Healing America, G. P. Putnam’s Sons, New York, 1983, p. 186/87. - - (*) Alas, in all cases governments come in with tax claims, inflation, investment regulations and other counter-productive meddling. – - (**) It did not come to as high contribution figures as yet. But then: How much of the general taxes raised is, by now, spent on the Social Security program? - J.Z., 12.9.08.

SOCIAL SECURITY: since 1937, a citizen is compelled to contribute to Social Security and will receive today paper money which holds the same nominal value but can buy less and thus, he does not receive a just compensation for his forced deposit.” – Joseph DeJan, The Devil Theory, p.14. – Far less will he received justified interest returns out of productive investments of these funds, for these funds are not productively invested. – J.Z., 23.6.08.

SOCIAL SECURITY: Social security is a disaster from every point of view. Participants could buy equal, more secure protection from private companies for much less money.” - Richard Cornuelle, Healing America, G.P. Putnam’s Sons, New York, 1983, p.85.

SOCIAL SECURITY: Social Security” is an outstanding example of fiscal evil. Never in all history has there been a greater fraud, measured in money terms, than this. Private perpetrators of such chicanery would be imprisoned and rightly. … Yet, try now to wipe if from the statute books!” – Leonard E. Read, NOTES FROM FEE, July 73.

SOCIAL SECURITY: The ‘pay-as-you-go system, consistent with the Keynesian spirit of the times, diverted money from saving to spending. Over the years, the effect has been to reduce massively the rate of capital formation. - - Harvard’s Martin S. Feldstein, president of the National Bureau of Economic Research and chairman of the Council of Economic Advisors, who ha studied this phenomenon most carefully, has calculated that social security has reduced savings by about 35%. Without this drain America’s capital stock would currently be 80’% higher. This meant that in 1981, the GNP was $ 550 billion less than it would have been - $6660 per family. - - The figures for individual participants are even more dramatic. If Americans bought private life insurance, health insurance, and annuities with amounts equal to their social security deductions, the earnings of these invested reserves would multiply the value of their retirement benefits.” - Richard Cornuelle, Healing America, G. P. Putnam’s Sons, New York, 1983, p.186.

SOCIAL SECURITY: The basic idea of the Social Security System is to forcibly seize money (by taxation) from workers for the declared purpose of bestowing benefits upon people who have not worked for the same. The Social Security System is being operated like a chain letter, with each guy now in the system hoping that some day his name will come up to the top of the list, while others are still below him and supporting the program. It is a fraud.” – JAG, 27.3.73.

SOCIAL SECURITY: The reason for the failure of social security in Germany, and wherever else it has been tried, is psychological, not political. When the individual is relieved of the obligation of self-respect, he acquires the habits of helplessness: he is inclined to retreat to the security of the prenatal state. The more he is taken care of the more he wants care.” – Frank Chodorov, The Income Tax … p.59. - There are also economic failures for this problem. When e.g. old age pensions are not paid out of productive investments but, rather out of current social security taxes, then the pensions can be only rather small and the levies must be relatively high. – If all contributions were productively invested at the highest possible interest rate, under a stable currency and safe from confiscations and taxes, then the pensions could be very high, while the contributions could remain rather small. -J.Z., 22.6.08.

SOCIAL SECURITY: The Social Security System is a fraud.” – JAG, 27.3.73. – - The Social Security System is a swindle and a fraud, and I want no part of it. – R. S. Jaggard, M.D., JAG, Aug. 19, 1973. - But, apparently, under the USA “justice” system the US government can carry it on and on over decades, with no one being held responsible for this legalized fraud. – J.Z., 23.10.08.

SOCIAL SECURITY: The Social Security System is a massive program of thievery on a grand scale, far surpassing in the magnitude of its larceny anything ever dreamed of by all the organized crime syndicates put together.” – JAG, 27.3.73. – CRIME

SOCIAL SECURITY: The Social Security System is a monstrous conspiracy involving millions of people, each of whom is trying to beat the system and gain some advantages for himself, trying to use the power of government to force somebody else to pay some of his bills.” – JAG, 27.3.73.

SOCIAL SECURITY: The Social Security System is NOT an insurance program, and the benefits are NOT guaranteed, and there is NO cash reserve. If you don’t want to believe that, please read the decisions of the US Supreme Court on the subject.” – JAG, 27.3.73.

SOCIAL SECURITY: The sugarcoated fiction of a gratuity to the taxed wage earner is maintained by requiring the employer to make an equal contribution to the security fund, but since this contribution is added to his cost of doing business and therefore to his prices, it will be seen that the wage earner pays this part too when he buys the product. (*) A further dishonesty of the social-security tax is that the revenues thus obtained are used to meet the general expenses of the state, while the old-age pensions and unemployment benefits, for which the tax is ostensibly levied, are met by new taxes on current production.” – Frank Chodorov, Fugitive Essays, p.273/73. - (*) Also by a correspondingly lower net wage level. – Only all the other direct and indirect taxes do imposed upon all working, trading and consuming people a still higher burden and a, usually, still less justified one. - J.Z., 22.6.08, 6.8.11.

SOCIAL SECURITY: These changes have been made under the name of ‘insurance’, but the plain fact is that the government made them in order to increase its spendable funds. It wanted more taxes, and it dipped further into the pay envelop; that is the real purpose of the social-security laws.” – Frank Chodorov, The Income Tax … , p.56.

SOCIAL SECURITY: Under the administration of territorial governments social security amounts to social insecurity under the pretence of social security. –J.Z., 19.11.95.

SOCIAL SECURITY: What is wrong with a state system of compulsory social security? It denies to the individual his freedom, his right to choose what he will do with his own resources.” – Susan Love Brown et al, The Incredible Bread Machine, p.153.

SOCIAL SERVICES: In 1915, two foundations, Rockefeller and Carnegie, spent twice as much for education and social service as did the federal government.” - Richard Cornuelle, Healing America, G.P. Putnam’s Sons, New York, 1983, p.11.

SOCIAL SERVICES: No public assistance except in form of high-interest-bearing loans – to be guaranteed by first degree family members. – J.Z., n.d. – The best assistance in personal emergencies, sickness, accidents, old age, could come from voluntary social insurance, provided that the government does not interfere with such insurance at all, e.g. via inflation and taxation. – J.Z., 5.6.08. Or by “Trustee Acts”, forcing social insurance companies to invest in government debt certificates – which the insured themselves or their children and grandchildren have to repay later, as taxpayers! – J.Z., 8.4.09.

SOCIAL SERVICES: To borrow a phrase from Nozick, benevolence enforced by the guns of the state is coercion, not charity. We are entitled to be cynical about the motives of those who advocate compassion with other people’s money. The concept of charity or benevolence loses all meaning when it is compelled by the state through tax power, under penalty of fines and jail sentences.” – Joseph F. Johnston, Jr., The Limits of Government, Regnery Gateway, Chicago, 1984, p.291. - WELFARE STATE, BENEVOLENCE, CHARITY

SOCIALISM: Actually, I quite agree that under capitalism, man exploits man. Under socialism, it is the exact reverse.” - Poul Anderson, NEW LIBERTARIAN, May 78. – A free exchange is no exploitation. – When no one can get a legal monopoly and everyone can become a capital owner, the term exploitation will soon become meaningless. We all “exploit” each other’s special abilities, services and products in our free exchanges, to mutual advantage. – J.Z., 19.6.08. – CAPITALISM, EXPLOITATION, MONOPOLISM, FREE EXCHANGE, PROFIT, FREE TRADE

SOCIALISM: At bottom, Socialism rests on one simple fallacy, namely that free competition inevitably leads to the exploitation of man by man.” – Henry Meulen, THE INDIVIDUALIST, Dec. 72. – As if free exchange could be exploitative! – J.Z., 22.6.08. – What made exchanges largely unfree so far was, mainly, monetary despotism. In spite of this only few do so far advocate full monetary freedom. – J.Z., 8.4.09. - PREJUDICES, EXPLOITATION, DIS., COMPETITION

SOCIALISM: Democratic socialism? I’ll give you a matching phrase – pregnant virginity.” – Mr. Russell Prowse, Bank of NSW. – THE SYDNEY MORNING HERALD, 27.12.75. – Would R. P. know and understand cooperative or voluntary socialism? – J.Z. - In politically still totalitarian East Germany progressive taxation, a basic communist demand, was discontinued already for years while it West Germany, under supposedly anti-communist Democracy, it was continued. On both sides totalitarian monetary despotism was practised. - J.Z., 5.3.11. - STATE SOCIALISM, DIS., DEMOCRACY, MONETARY DESPOTISM, PROGRESSIVE INCOME TAX

SOCIALISM: He was critical of doctrinaire State socialism, which he described in 1926 as “little better than a dusty survival of a plan to meet the problems of 50 years ago, based on a misunderstanding of what someone said 100 years ago.” – On the other hand, he thought capitalism, wisely managed, could probably be made more efficient for attaining economic ends than any alternative system in sight, although in itself it was “in many ways extremely objectionable.” – Jim Cameron, THE SYDNEY MORNING HERALD, 5/12/78, on Maynard Keynes. – Jim Cameron, as a prominent Australian Labor Party official, also a George-ist, who recently died, took, just like Maynard Keynes and Milton Friedman, the monetary despotism of central banking for granted and assumed, quite wrongly, that it was part and parcel of free enterprise capitalism and that it should merely be better managed, according to their ideas. – J.Z., 20.6.08.

SOCIALISM: It is said that Jefferson declared, “That government is best that governs least.” It appears that the socialists have appropriated the dictum to their own use in this corrupted form: “That government is best which spends most.” - Admiral Ben Moreell, Log I, p.57. – The victims should be free to bail out from any territorial system that has nothing better to offer in a crisis than the continuance of its many wrongful monopolies and interventions combined with huge bail-out payments to enterprises that failed under its “protection” and “regulation”, “controls” and “guaranties”, with these bail-out funds provided by further taxation or even merely the government’s note-printing presses for its forced and exclusive currency, i.e., by inflation. Under full monetary and financial freedom, intelligently applied in a peaceful monetary and financial revolution, the present economic crisis, too, could be ended within hours to days. This solution has been published for decades and, typical, the present governments are still unaware of it. – So are most of its victims. – J.Z., 12.4.09. – ECONOMIC CRISES, BAIL-OUTS BY GOVERNMENTS INSTEAD OF BAIL-OUTS FROM UNDER TERRITORIAL GOVERNMENTS

SOCIALISM: Legal plunder can be committed in an infinite number of ways; hence, there are an infinite number of plans for organizing it: tariffs, protection, bonuses, subsidies, incentives, the progressive income tax, free education, the right to employment, the right to profit, the right to wages, the right to relief, the right to the tools of production, interest free credit, etc., etc. And it is the aggregate of all these plans, in respect to what they have in common, legal plunder, that goes under the name of socialism.” – Frederic Bastiat, Essays, p.61. – That description does not fit e.g. “voluntary socialism” or “cooperative socialism”. – At least this form of socialism tries to turn every employee into a co-proprietor of the enterprise that he works in. And this not by expropriating the owner or occupying the factory but, in a businesslike way, by making him a purchase offer, one so attractive that he will be greatly tempted. People so organized and willing to try responsible self-management can, probably, make the present owner or proprietors the best offer that they can get on a free market for enterprises, since they can anticipate that they will work harder and better and will make as many improvements as they can, as soon as possible, thereby increasing their returns for their labors. – Like in most take-over bids, no cash need be offered by them but merely industrial bonds, gradually redeemable out of their future profits. - J.Z., 20.6.08. – DIS., PLUNDER, PURCHASE OF ENTERPRISES

SOCIALISM: The advocate the substitution of public control of the means of production for private control. They aim at the establishment of what is called socialism, communism, planning, or state capitalism. All these terms signify the same thing. No loner should the consumers, by their buying and abstention from buying, determine what should be produced, in what quantity and of what quality. Henceforth a central authority alone should direct all production activities.” – Ludwig von Mises, Planning for Freedom, p.19. – And its centralized and monopolistic money issue and forced value standard system has been adopted by all the supposedly free countries, leading almost constantly to either inflations, deflations or stagflations to one degree or the other. – J.Z., 22.6.08. - CONSUMER SOVEREIGNTY, STATE SOCIALISM.

SOCIALISM: the U.S.A. has been moving closer and closer to Marxian socialism – dictocratic control over people’s lives. This is a fact. And there is the accompanying fact that nearly everyone thinks of employment as nothing more than a guaranteed wage – which is to say that popular understanding of the free market is nearly nil.” – Leonard E. Read, Having My Way. – How many wage and salary recipients are e.g. fully aware that central banking, with its exclusive and forced currency, was a major demand of Marx and Engels in their Communist Manifesto of 1848, that it is the precondition for inflations, deflations and stagflations, i.e., most economic crises, and that it greatly determines the demand for their labors (the degree of unemployment) and the purchasing power of the dollars they earn? Moreover, that only a competitive supply of exchange media and value standards can supply sufficient and sound exchange media? School-, university-education – largely government controlled - and the mass media, largely based upon popular statist errors, myths and prejudices, do certainly not supply that kind of knowledge - in most instances. – J.Z., 21.6.08.

SOCIALISM: Therefore, for those of us who do not like inflation, only one recourse is open - divest government of its power to practice socialism.” (*) – Leonard E. Read, Elements of Libertarian Leadership, p.167. – Why did he not clearly come out, here, for the repeal of the note issue monopoly of the central bank and that of legal tender (forced acceptance and forced value) for its notes? – J.Z., 21.6.08. - Did he anywhere advocate the right of dissenting peaceful individuals and minorities to secede from all territorial regimes, however "limited" and to organize their own systems of governance or of non-governmental societies under full exterritorial autonomy? THE FREEMAN had a very wide readership. Why were such topics never sufficiently, if at all, discussed in it? By now all of its issues are online so that its omissions would be much easier to discover and point out. Since it is still appearing, they could be made up for in the current editions. - FEE and its writers, speakers and publications have done much enlightenment and pioneering work, but this kind of work should never stop or stop short at certain topics. - J.Z., 6.8.11.

SOCIALISM: What is usually referred to as “socialism” should rather be renamed: “anti-social statism”. It has e.g. nothing to do with pro-property socialistic efforts like voluntary and cooperative socialism and other extensions of property rights and opportunities and incentives for present employees, like employee-shareholding, partnerships and the businesslike purchase of enterprises by their employees, to increase their productivity and to redeem the bonds, the issued for the purchase, gradually and, largely if not altogether, out of the additional productivity thus achieved by them. – J.Z., 6.12.92, 20.6.08. – PURCHASE OF ENTERPRISES BY THEIR EMPLOYEES

SOCIALISM: Whatever else socialism is, or is claimed to be, its first tenet is the denial of private property. All brands of socialism, and there are many, are agreed that property rights must be vested in the political establishment.” – Frank Chodorov, The Income Tax …, p.12. – Alas, as F. C. should have known, this is true only for all forms of State Socialism. Cooperative socialism is very much in favor of property rights and incentives – for every worker within an enterprise and merely opposes the employer-employee relationship, which confines propertarian capitalistic interests all too much to the relatively few present owners of enterprises. It rather aims to turn every employed person in a proprietor and aims at decentralized responsibility of work teams at their work place. In the Bata system for instance, each such team has its own profit and loss accounting. It aims to maximize self-management and self-responsibility within every enterprise at every level in production and exchange and does not favor any political intervention with this liberty and right. – There exist still too many popular errors and prejudices – even among libertarians and anarchists. – Where are all of them listed together and systematically and optimally refuted? - J.Z., 21.6.08. – DIS., PROPERTY RIGHTS

SOFT MONEY: Instead of calling all currencies that are not redeemable by the issuer in rare metals merely “soft” currencies or “fiat” money or “debt-based” currencies, people should utilize less biased terms and distinguish e.g. between legal tender currencies, issued by central bank monopolists, with compulsory acceptance and a force value, and currencies that are competitively issued, optional in general circulation and free-market-rated under free choice of value standards. Then it would turn out that the supposedly “hard” currencies would not be competitive as exchange media with as sound but much cheaper other exchange media. Then they would be seen as not being any more “sound” than e.g. a gold weight value clearing or accounting standard. Such a gold standard could be used in many more transactions than could possibly be mediated by gold coins and gold certificates only. Exchange media and clearing certificates or clearing accounts can use such a “soft” value standard or “fiat money” for any number of exchanges, without this value standard becoming thereby depreciated, because value carrier and value standard are clearly distinguished in them. Thus their multiplication, over a wide range, does not depreciate their value standard, and does not affect their gold weight pricing and accounting for goods-, services and labor sales and other debt contracts. Under it most exchange media, regardless of the quantities that can be issued by them, will be kept at par or close to par with their nominal value. The quantity theory of money, like Gresham's Law, applies only to legal tender money. - - Sound currencies could and should be based on sound debts, suitable for them, e.g. real bills, assuring a steady and fast reflux for them, sound shop foundation, if issued by shop associations, or sound tax foundation, if issued by the State for government expenditures, anticipating due or soon tax payments with such money. A sound, i.e. strong and short-term debt foundation can assure a fast enough reflux of issued exchange media to their issuers and thus prevent their depreciation and also their over-issue. Naturally, at the first sign of their discount in local circulation, against their value standard, further issues should be stopped until this discount disappears. However, a debt foundation for currencies that is merely based on capital assets, expressed in capital securities, is quite another matter. While it can, on free capital markets and via dividends or interest payments, keep capital securities at par with their nominal value, it could not keep a currency at par, if such assets are fully monetized, because such money would not have a sufficient short term debt foundation, usability or readiness to accept foundation within a short period. Nobody or no association would be obliged, in the absence of legal tender for it, to accept all of its circulation immediately or soon. Thus it would depreciate, as did all currencies that were based on capital securities or capital insecurities like e.g. medium- or long-term governmental “securities” unless their value is upheld by their tax foundation. With regard to such money issues “debt-based” money should indeed be condemned. With regard to tax foundation the compulsorily inflicted “debts” in form of taxes or tributes levied, should be morally and economically condemned and ultimately abolished. For really wanted and needed services they should be replaced by voluntary contributions or subscriptions by voluntary members. - Especially in hunger periods, caused by wrongful and irrational government actions and interventions, shop currencies, redeemable in wanted and needed consumer goods and services, would be even superior to gold certificates that can be directly redeemed only in gold coins and these could often only buy food, at high prices and risks, on the black market. However, under price controls and rationing and while sound and competing currencies are outlawed, gold coins could, indeed, still purchase much on the black market. But not more, either, than black market money issues that would also be reckoned in gold weight units. Gold coins would then only have the advantage of being harder to trace and suppress. - - Stockpiles of ready for sale and wanted consumer goods constitute a better, larger and cheaper “redemption fund” or convertibility option than do gold coin reserves and redemption funds. Shop currencies can and will also be sound and hard money, once they can be freely issued, and will be independent of the quantities of gold in circulation and in the hands of the shop keepers and of their customers. The stockpiled goods and ready for sale services constitute the largest and quite sound redemption funds in existence. – One even larger than all the mined and stored gold available on free gold markets. - J.Z., 2.7.06, 30.10.07, 29.7.11. - HARD MONEY, FIAT MONEY, LEGAL TENDER, FREELY ISSUED & MARKET-RATED MONEY, AT PAR OR AT A DISCOUNT

SOLVENCY: Solvency for some is at present largely achieved through legislated insolvency for most, to the extent that taxation is used, or the inflation tax or forced loans. The money issue monopoly reduces the ability to pay to a small group upon which all others, who want to participate in a monetary economy, become dependent. As Ulrich von Beckerath once put it: Once Lenin had occupied the note printing presses in Petersburg he was the only one always able to pay his way, even if only with his inflated paper money. The others, especially the members of opposition parties, had to come crawling to him even if they wanted merely the money needed e.g. to pay their secretary with. - In the revolutionary power games and war games it is also very important to be able to pay one’s soldiers and to pay for the supplies they need. His opponents had never seriously considered replacing the governmental currency with any other currency. That is one of the factors why he won. But only so much and no more can be achieved with an exclusive and forced currency. It is more useful to power addicts and military conquerors and dictators than for peaceful producers and traders. – J.Z., 7.9.98, 26.9.08, 7.3.11. – LIQUIDITY, ABILITY TO PAY, MONETARY FREEDOM, MONOPOLY MONEY

SOLVENCY: Solvency, liquidity or ability to pay has so far largely been considered only in terms of monetary despotism, with its issue monopoly and legal tender for its currency. It made possible and causes over-issues and corresponding depreciations of currencies and, sometimes, artificial shortages of them: inflations, deflations and even stagflations. When inflation advances very fast, then prices, in expectation of even further and larger depreciation, can come to race ahead of the printing presses and thus cause deflationary phenomena right in the middle of a rapid inflation! Under monetary despotism inflations, deflations and stagflations are not only possible but likely. Moreover, they do leads to a variety of wrongful, coercive, unnecessary and harmful legal and government "measures", under all kinds of unchecked premises and conclusions, errors and prejudices which, in the absence of free competition tend to me maintained. The managers or mis-managers of central banking never blame themselves or their power and coercion. Even their victims, largely mis-educated by their territorial governments, grant monetary despotism the sanction of the victims and the mass media largely go with and strengthen the popular errors and prejudices in this sphere. That makes them more popular, sells papers and brings more advertising revenue. If the law of supply and demand, of freedom of contract and association, of free exchange, of freedom in the choice of value standards, of freedom to issue one’s own notes, of freedom of association (even into note-issuing centres and exterritorially autonomous communities of volunteers) were fully applied, under experimental freedom for volunteers even with whole economic, social and political systems, which would always only oblige and cost their members, than being and remaining territorially outlawed, then e.g. all our difficulties with the supply of sufficient exchange media and achieving sound value reckoning would soon disappear. Good money and good value standards would tend to drive out bad ones that are presently forced into circulation by the law, which outlawed all sound alternatives to them. – 6.9.98, 26.9.08. - LIQUIDITY, ABILITY TO PAY, CENTRAL BANKING, MONETARY DESPOTISM,, GRESHAM'S LAW, EXPERIMENTAL FREEDOM, INDIVIDUAL SECESSIONISM, VOLUNTARISM, EXTERRITORIAL AUTONOMY, PERSONAL LAW, MONETARY & FINANCIAL FREEDOM.

SOTO, JESUS HUERTA de, Money, Bank Credit, and Economic Cyles, English translation offered by Mises Institute.

SOTO, JESUS HUERTA de, Economist Huerta de Soto discusses the real causes of the financial crisis - - In this video, Economist Jesús Huerta de Soto discusses the real causes of the financial crisis. - Facebook hint, 12.8.11.

DIVISION OF LABOUR COM: Division of Labour: September 2007 Archives - - Cached - (1) Is there a market failure in a free-market money and banking system that a central bank could in principle remedy? (I.e. do we need a central bank?) ...

SOTO, JESUS HUERTA De, Money, Bank Credit, and Economic Cycles. - by Jesus Huerta de Soto. This is a gigantic book with an even bigger theory of how the world of banking and macroeconomics works. He shows how seemingly small mistakes in banking policy lead to huge effects in the real world. It might be the final answer to Keynes and his apostles. Certainly it has the explanatory power to show what’s gone wrong and what to do about it. - English translation offered by Mises Institute in print. From the long contents list, which is online: Our Proposal for Banking Reform: Total Freedom of Choice in Currency. A System of Complete Banking Freedom.

SOUNDMONEY.BE: De fouten bij een fractioneel reserve banksysteem | SoundMoney - ... - Cached - 8 Jan 2011 – Such a recommendation has a firm economical-ethical footing: free-market money is the only monetary order that is compatible with ...

SOVIETS: Out of every hundred Bolsheviks 70 are fools and 29 rogues, and only one a real socialist.” – Lenin, marginals, Bertram Wolfe, “Lenin and the 20th Century”, 1984, p.190. - What gave him any reason to believe that he was among the exceptions? – But this one in 100 managed to impose his will upon the 99% of his party and also upon the rest of the Empire he had conquered. – A neglected aspect of his victory was that, as one of his first counter-revolutionary acts he occupied the note-printing press in Petersburg. From then on he was the only one able to pay his way. All his opponents had not thought about the means of payment problem and a replacement of central banking by free banking and other note-issuing institutions. – As Ulrich von Beckerath expressed it concretely: Even when the leaders of the other parties wanted to pay their secretaries, they had to come to Lenin’s central bank for a loan! – During any revolution the means of payment are extensively hoarded. - J.Z., 23.9.07. – BOLSHEVIKS, COMMUNISTS, STATE SOCIALISTS, TERRITORIALISM, CENTRAL BANKING VS. MONETARY FREEDOM, LENIN

SPACE RESEARCH: If all science fiction fans were free to allocate part to all of their taxes to space research then the problem of privately financing space research would be solved. - J.Z., 6.10.88. Following that thought, science fiction fans should be among the first to explore all voluntary taxation and tax strike options. – J.Z., 1.6.08.

SPACE RESEARCH: Make all private space research contributions fully deductible from all taxes otherwise levied. Then there will be just about as much of this research financed as people want to finance. – J.Z., 3.6.89, 2.6.08.

SPACE RESEARCH: Space research should not depend upon tax subsidies, mainly granted with military abuses in mind, or on politics, laws and treaties, but just upon the business and knowledge opportunities it opens up. Thus it should become self-supporting, at least as a long-term and speculative investment and sponsored only by all those interested in space research. The others should only have to pay for all the products and services which are the by-products of such research. – J.Z., 28.6.92, 2.6.08. - Anyhow, whenever territorial governments become involved with space research - from the Nazi-regime to modern "democratic" ones, they do, largely, use it for their wrongful military purposes. - J.Z., 29.7.11.

SPACE: It is worth mentioning, however, that engineer G. Harry Stine has calculated that there are 10¹ºº industrial processes that can be performed more cheaply and/or efficiently in space, because of the low-or-zero –gravity conditions and higher-quality of vacuum there.” – R. A. Wilson, Right Where You Are Sitting Now, p.139. – What about the transport costs, up and down, for the raw materials and finished products? – Even if the planned elevator can finally be built, when there are suitable materials for it, for Earth gravity, it too, would swallow much energy in lifting or in friction if lifting loads up is largely balanced by sending loads down. Production for installing space habitats and space ships are another matter. – Are there really as many different industrial processes that could be economically done there, in spite of the additional transport costs? – Are there dissenting experts on this? - J.Z., 7.6.08, 9.4.09.

SPACE: It was just like a bunch of kids with billions of dollars or billions of rubles or whatever.” – Kurt Vonnegut, Jr., Welcome to the Monkey House, pocketbook edition, p 252, on governmental space research.

SPACE: it’s becoming cheaper to build new worlds in space than to fight over the old one down here.” – Timothy Leary, quoted in NEW LIBERTARIAN WEEKLY, No. 69, April 10, 77. – True – but already now? An economical space drive is still missing. And would it really cost so much, apart from mental efforts, to end wars on Earth, the libertarian panarchist way, and save very much in the process? Did his LSD experiments inspire him with no better ideas than escape into space? Is fighting on Earth totally unavoidable or preventable? – J.Z., 19.4.89, 31.5.08. – DIS.

SPACE: Let’s discover and apply intelligence on earth, first. – J.Z., 30.7.92. - Let us liberate intelligence on Earth first. - J.Z., 6.8.11. - EXTERRESTRIALS, ALIENS, CIVILIZATIONS & INTELLIGEN LIFE IN SPACE.

SPACE: Look up. Space begins about fifty miles above your head. Yonder are all the materials, energy, elbow room, and wonderful discoveries to make that our species can ever require. Whether or not we reach the stars (and we can eventually, with or without Einsteinian speed limits laid on us, if we really want to) the solar System holds more than enough.” – Poul Anderson, Space Folk, p.259.

SPACE: Our investment (*) in space technology has created more jobs and real wealth in the U.S. economy than all the welfare programs (**) since the end of WW II.” – Ben Bova, ANALOG 7/89. - (*) Should government spending of tax funds be called an “investment”? – J.Z., 2.6.08. - (**) The latter have actually destroyed jobs and wealth. And so have the taxes levied for space technology expenditures by the government. Moreover, many to most of these public expenditures were for military purposes. The space program is too important to be entrusted to politicians, bureaucrats and generals. – J.Z., 3.6.89, 2.6.08.

SPECIALIZATION: Why is coming together a beginning? Because it results in a pooling of our specializations. Americans are the most specialized people who ever existed. We have become interdependent; each of us is dependent on the unique specializations of others and freedom to exchange.” – Leonard E. Read, How Do We Know? p.82. – And the free exchange between its thus interdependent people is still interfered with by the money issue monopoly or the USA central bank, the Federal Reserve System, that has for almost a century mismanaged the supply of exchange media and the compulsory and exclusive paper value standard of it. – No wonder that there is one crisis after the other in such a legalized monopoly system. It has provided the USA, with a series of inflations, deflations and stagflations – and provides the same “service” in all other countries. – J.Z., 9.4.09. – CENTRAL BANKING, MONETARY DESPOTISM, CRISES, INFLATION, DEFLATION, UNEMPLOYMENT, MONEY ISSUE MONOPOLY, COOPERATION, MUTUAL DEPENDENCY, INTERDEPENDENCE

SPECULATION: Everyone who tries to protect his savings from the bottomless inflation is a ‘speculator’.” – George Hardy, The Doom of the Welfare Society, p.85. - DIS.

SPECULATION: Indeed, if speculators were driven from the London markets, prices would almost certainly become more volatile. Speculators tend to lose as much money as they make.” – Quoted in GUARDIAN, Jan. 14, 1974 and then in Terry Arthur: 95% Is Crap, p.212.

SPECULATION: No successful speculator can increase the fluctuations in a market. To be successful, he must buy at a low price and sell at a high price – this will moderate the extent of fluctuations. Any speculator who fails in this task will quickly go broke.” – V. R. Forbesin speech, The Resource Crisis, 4.4.77.

SPECULATION: Now speculators operate in areas of uncertainty. Where forecasts can be made to some extent, successful speculators reduce the ups and downs rather than increase them. This might happen in commodities. By buying when the price is low, they create a demand which would otherwise be absent, and increase the price. By selling when the price is high they reduce the demand and reduce the price. They even out the fluctuations. The better their ability to forecast, the more helpful they are in stabilizing the price! They help us! This is true of any commodity you care to mention – speculation reduces the fluctuations which are caused by other things.” - Terry Arthur: 95% Is Crap, p.211.

SPECULATION: Possibly the most destructive idea in history is the idea that speculation is bad.” – David Friedman, 21.7.78. – I hold the idea of collective responsibility to be much worse. – Also the ideas and practices than can be summed up with “monetary despotism”. Likewise, the class-warfare notions and practices. - J.Z., 26.6.08. – DIS.

SPECULATION: prohibiting food speculation has the same effect on society as preventing squirrels from storing up nuts for winter – it leads to starvation.” - Walter Block, Defending the Undefendable, p.175.

SPECULATION: Speculators … provide a valuable role in every market. They are the first to see the shortage. They begin to stock up and thus start the self-corrective action. Any action which delays this correction increases the size of the shortage when it arrives.”V. R. Forbesin speech, The Resource Crisis, 4.4.77.

SPECULATION: Speculators are our friends. And foreign dumpers are also our friends.” – Terry Arthur, “95% Is Crap”, p.216. – DUMPING, FREE TRADE, STOCK EXCHANGES, PRICE CONTROL

SPECULATION: The result of speculation is that if the demand does actually rise, the rise in prices will not be as steep as it otherwise would be. If the speculation fails, the speculator alone, and not the taxpayer suffers.” – Henry Meulen, in THE INDIVIDUALIST, 8/73, p.58, with slight changes. – J.Z. – PRICE INCREASES

SPECULATORS: He started to fool with the market, but it was the market that did the fooling.” – Louis A. Savian, compiler: The Giant Book of Insults, Castle Books, 1981, p.178. – There seems to be no envy for those speculators who lost fortunes at the stock exchanges. – J.Z., 4.4.09.

SPENCER, HERBERT, State-Tamperings with Money and Banks - 1858. - "If Government will promptly execute the law against all defaulters, the self-interest of bankers and traders will do the rest: such evils as would still result from mercantile dishonesties and imprudences, being evils which legal regulation may augment but cannot prevent." - Roy Halliday, in section on Government-Regulated Banking

SPENDING: a thief who presumed to justify his theft by saying that he was really helping his victims by his spending, thus giving retail trade a needed boost, would be hooted down without delay. But when this same theory is clothed in Keynesian mathematical equations and impressive references to the ‘multiplier effect’, it carries far more conviction with a bamboozled public.” – Murray N. Rothbard, For a New Liberty, p.65. – Alas, Rothbard, by having only gold coins, redeemable gold certificates and inflated legal tender money in mind, did not explore the possibilities and historical practices of additional and sound currencies issues that are not redeemable by the issuer in gold, are not legal tender, but are optional and market rated, made out of paper, too, but with their issue and reflux, so managed by their competing issuers and also automatically regulated by voluntary acceptance or refusals, and the possibility that some of them, at certain places and for a short while could suffer a small discounts against their nominal value – never towards the issuer - that they could become and remain stable currencies in all the additional quantities needed to easily exchange all ready for sale goods and services, at their prices stated e.g. in gold weight units. Such additional and competing currencies would, most likely, be stated in gold weight value units, would be accepted by the issuers like equivalent gold coins, for their goods and services, but their convertibility into gold would be confined to free gold markets. Only their issuers would always have to accept them at their nominal value and this for goods and services that are in daily demand. (Acceptance foundation. Or "readiness to accept foundation".) To use gold weight units merely as value standards, not as exclusive means of payment, would not only be good enough but better than the conventional gold standard. And even that gold weight unit value standard should be freely exposed to competition from other value standards, under free choice of value standards for individuals and whole payment communities, in their contracts. – J.Z., 2.6.08. – MONETARY FREEDOM & FREE CHOICE OF VALUE STANDARDS VS. MONETARY DESPOTISM & ANY KIND OF EXCLUSIVE CURRENCY, QUANTITY THEORY, LEGAL TENDER

SPENDING: All government make-work schemes – and indeed most government employment – consists in spending without producing, spending without investing. …” - Vaughn C. Nystrom, THE FREEMAN, 1/78.

SPENDING: All paid for by people who haven’t the faintest idea what it’s being used for.” – Christopher Irwin, They Who Go Down to the Sea, GALAXY, 3/77. – GOVERNMENT SPENDING, GOVERNMENT BUDGETS, BUREAUCRACY, WELFARE STATE, TAXATION, WASTE

SPENDING: An American University professor has suggested that the Australian Constitution be altered to give voters the power to limit government spending. – The professor of economics at Virginia Polytechnic, David Friedman, said government spending should be a fixed percentage of Australia’s income. – He said there should be a referendum at every election with voters giving their preference for a 10 percent reduction or increase in government spending.” – LIBERTARIAN OPTIMISM, 11/78. – REFERENDUM ON TAX REDUCTION


SPENDING: And it’s equally impossible to spend the problems away.” - John Singleton with Bob Howard, Rip Van Australia, p.4. - As everybody should know by now, money and capital can be malinvested. All territorial governments demonstrate that on a huge scale, every day. - J.Z., 6.8.11.

SPENDING: As Nero Wolfe once said, ‘A government, like an individual, spends money for any or all of three reasons: because it needs to, because it wants to, or simply because it has it to spend. The last is much the shabbiest.’ I am merely trying to eliminate this last and shabbiest.” – “But this will mean the end of your present system of government. Until your semi-barbaric world evolves a more civilized and rational economic.” – Hayford Peirce, The Missionaries’ Position, ANALOG 1/77. – The last word should, probably, have been “economy” or “economic system”. - I do not recognize any territorial government’s right to engage in any of these three ways of spending money, at least not until it permits dissenters to secede to do their own things. – From then on I would gladly let it go to hell in its own way, with its remaining volunteers, because then it would also be reduced to a mere panarchy, one for statists. - J.Z., 26.6.08. – PANARCHISM, INDIVIDUAL SECESSIONISM

SPENDING: English public life, one of our proudest possessions, is chiefly occupied today with discussion of schemes for spending money. Our campaign for Economy will direct all that intelligence and public spirit into the search for saving money. That simple change in point of view is all that is wanted to bring down rates and taxes, and open the gates for a return to prosperity.” – Sir Ernest Benn, speech, 27.1.1931. - Reproduced in Deryck Abel, Ernest Benn, Counsel for Liberty, p.156. – The Great Depression could not have been stopped by saving more, whether by governments or by private people, but only through full monetary and financial freedom, which would also have restored full employment, sales to normal and better, free trade, free migration and shown most government programs to be superfluous at best, if not already wrong and harmful. – J.Z., 6.6.08. – Saving more would not have sufficed to overcome the depression! – J.Z., 26.6.08. – Instead, all the wrongful and irrational anti-economic laws remained upheld. They caused and prolonged the crisis and led to the Nazi regime, with its mass murders and also to WW II. – The same kind of laws are still in force in all countries – with very similar effects. – We have to become free to opt out from under them and their institutions. Especially since some territorial powers became nuclear powers as well. - J.Z., 9.4.09. - BUDGET, GOVERNMENT EXPENDITURE, TAXATION, SECESSIONISM, PANARCHISM, FREEDOM TO EXPERIMENT UNDER FULL EXTERRITORIAL AUTONOMY, DIS., CRISES, DEPRESSIONS, DEFLATION

SPENDING: Government preempts private incentive to provide services because it forces us to pay for its programs.” - Sam Wells Jr., OPTION, 4/77. – TAXATION, INITIATIVE

SPENDING: Government spending means taxation.” – Terry Arthur, 95% Is Crap, p.216. - Or inflation, or public debts and thus more taxes for us, our children and grandchildren. – J.Z., 26.6.08.

SPENDING: Governments harangue about deficits to get more revenue so they can spend more.” – Allan H. Meltzer (1993). - Governments never complain that they have imposed and collected too much in taxation. Their appetite for tributes to their "programs", in form of direct or indirect taxes or inflations and devaluations, to cover their expenditures and get rid of their debts, is insatiable. They even speak of "starvation" of the public sector, ignoring that it is bloated and grossly overweight. - J.Z., 22. 11. 06. - BY GOVERNMENTS, BUDGETS, GOVERNMENT EXPENDITURES, DEFICIT CLAIMS

SPENDING: Hence, then, the justification of the seeming paradox, that until spontaneously fulfilled, a public want should not be fulfilled at all. It must, on the average, result in our complex state, as in simpler ones, that they think left undone is a thing by doing which citizens cannot gain so much as by doing other things; is therefore a thing which society does not want done so much as it wants these other things done; and the corollary is, that to effect a neglected thing by artificially employing citizens to do it, is to leave undone some more important thing which they would have been doing; is to sacrifice the greater requisite to the smaller.” – Herbert Spencer, quoted by Gary Courtney, THE LIBERTARIAN NEWSLETTER, issue 2, 1976. – At least an approximation to the actions resulting from consumer sovereignty on a free market could be achieved, if every taxpayer were allowed to allocate his enforced tax contribution to those particular budget items that he wants to see financed. Then items, favored only by a few, will have to wait until sufficient funds have been thus individually allocated for them. – However, a split up of the territorial monster States into communities of volunteers, all only exterritorially autonomous, would, naturally, be a much better solution still. In them many to most decisions would be made almost unanimously – and from them dissenters could opt out. – J.Z., 26.6.08. – SUBSIDIES, INTERVENTIONISM, HANDOUTS, NEEDS, BUDGETS, TAXATION, VOLUNTARY TAXATION, PANARCHISM

SPENDING: His second key point is that the free market is not only the most efficient allocator of resources but the best. (*) According to Friedman, massive Government spending in the areas of health, social welfare, urban renewal, housing and education has led to wastage and the further deprivation of those whom the money was intended to help.” – An article on Milton Friedman in NATIONAL TIMES, 3.11.77. - (*) Even all the existing free markets and their advocates have not yet allocated funds for the establishment of a world-wide free market for ideas and talents. And they have not yet managed to overcome legally introduced and maintained monetary despotism, although it severely restricts free markets. Just like the “free” publishing market has not yet managed to produce a complete electronic freedom library. How many other problems are not yet efficiently tackled by it, even if their solution would be right away quite legal? –It is much better in producing e.g. better tooth brushes and tennis racquets than better work and self-management relationships. – It has not even combined and evaluated all peace ideas, all voluntary taxation proposals, all kinds of health knowledge and advice. - J.Z., 16.6.07. - DIS., FREE MARKETS IN EVERY SPHERE! EVEN IN THE PROVISION OF ALTERNATIVE SOCIETIES & COMMUNITIES.

SPENDING: How can they create employment? Increased “public” expenditure means increased taxes means less private expenditure, and it all cancels out except for the distortions created, and the bureaucrats and their secretaries in between!” - Terry Arthur, 95% Is Crap, p.206.

SPENDING: If Parliament would say ‘We will spend no more’, the first practical step would be taken. Those with proposals for new expenditures would be driven to find economies to balance them.” - Sir Ernest Benn, speech, 27.1.1931. - Reproduced in Deryck Abel, Ernest Benn, Counsel for Liberty, p.160. – One of the many primitive and all too incomplete proposals on how to end a Great Depression like that during which this speech occurred. – J.Z., 9.4.09.

SPENDING: If you are paying out of your own pocket for something and not out of somebody else’s pocket, then you have a very strong incentive to see whether you are getting your money’s worth. “– Milton Friedman, 1975. – GOVERNMENT SPENDING

SPENDING: It is not often that we see people spend the money that belongs to others either quite honestly or quite intelligently, and state departments are no exception to the rule.” – Auberon Herbert, in Mack edition, p.182.

SPENDING: Less government money means less government control.” – Winston P. Sanders, Industrial Revolution, p.259, ANALOG 9/63.

SPENDING: Lord, the money we do spend on Government and it's not one bit better than the government we got for one-third the money twenty years ago.” - Will Rogers. - Paula McSpadden Love, The Will Rogers Book, p.20 (1972). Paula McSpadden Love was a niece of Will Rogers and curator of the Will Rogers Memorial in Claremore, Oklahoma. - BY GOVERNMENTS: GOVERNMENT PROGRAMS, BUDGET, TAXATION, WELFARE STATE

SPENDING: Money for bludgers and parasites and as little as possible money left - out of the wages of workers, after direct and indirect taxes, that seems to be the essence of today’s “wisdom” and “economic policy”. – J.Z., 1.4.77, 26.6.08. – On this subject very much hatred can be found on the Internet, especially on Facebook, uttered by those who, habitually, rather blame persons than causes, principles, institutions and bad laws. - J.Z., 6.8.11. - TAXATION, WELFARE STATE

SPENDING: More and more money has been thrown at problems, but the problems have not been solved. They are, in fact, increasing … as a result of this very money.” – Milton Friedman, SATURDAY EVENING POST, May/June 77. – As someone once said: “You can have as much poverty as you are willing to pay for!” – J.Z. - PUBLIC SPENDING, GOVERNMENT SPENDING, SUBSIDIES, HAND-OUTS, WELFARE STATE

SPENDING: nobody spends somebody’s else’s money the way he spends his own and the result is that we have, all of us, been disappointed in the outcome of these programs.” – Milton Friedman in Australia 1975, p.19.

SPENDING: Our country is suffering from the continual diversion of resources to the least efficient area, the Government.” – Dr. H. L. Soper, 1980.

SPENDING: People are tired of the old spend and spend, tax and tax routine. While the rest of the economy has taken 30 years to double, government at all levels continues to double every seven years.” – Jim Clarkson, chairman of CANT ( Citizens Against New Taxes ), SOUTHERN LIBERTARIAN MESSENGER, Winter 75 p.6. - GOVERNMENT SPENDING, BUDGETS, SUBSIDIES, TAXATION

SPENDING: People take notice of price when spending their own money.” – Lang Hancock, Stopping the Energy Chaos.

SPENDING: Politicians whose careers are built on promises of more public spending and more interference find it almost impossible to comprehend that the most helpful thing they can do might be nothing, and that the optimum of money for government to spend to achieve some goals might be nil.” – Anthony Lejeune in “Right Turn”, p.71, 1970, edited by Dr. Rhodes Boyson.

SPENDING: Prevent government over-spending by voluntary taxation and a free market rate and voluntary acceptance for the government’s paper money - instead of legal tender power and the issue monopoly for it. – Also do away with the government’s territorial monopoly, by allowing individuals and groups to secede from it, as long as they do not claim a territorial monopoly for themselves. – Then the voluntary communities with the least taxation or contribution burden upon their members would soon be the most popular ones. – J.Z., 17.10.74, 26.6.08. – PANARCHISM, NOTE ISSUE MONOPOLY, LEGAL TENDER, CENTRAL BANKING

SPENDING: Q.: “How do you activate the economy under recession without Government spending?” A.: ( Milton Friedman ) “By reducing Government spending and Government taxes simultaneously, by leaving more spending power in the hands of the private economy. Government spending does not activate the economy. It simply transfers resources from the private sector to the public sector. It impoverishes the economy. You must avoid the mistake of supposing that the cost of Government is measured by the explicit taxes imposed. The cost of Government is measured by the amount that Government spends.” – Milton Friedman in Australia 1975, p.72/73. - If he had known about the monetary freedom options then he would have mentioned them there and then. – J.Z., 26.6.08. - To this cost of governments must be added the cost of the production and exchanges that it prevents by its interventionist laws. Moreover, much of its revenue serves just to maintain its vast interventionis apparatus. Only a part of the revenue filters back to the tax payers and the various privileged beneficiaries in the population that the government had in its mind, in its vote-buying attempts. - J.Z., 7.3.11. - BAILOUTS, PUMP PRIMING, STIMULUS SPENDING, INFLATION, TAXATION, GOVERNMENT BORROWING

SPENDING: Q.: Does it really make any difference whether the government or a private corporation does the spending? It’s all money to be spent, isn’t it?Friedman: Not at all. The only way a private corporation can get money to spend is by persuading Mr. Jones that it has something Mr. Jones is willing to pay 5 dollars for. A private corporation does not have an employee who can put his hands in your pocket and take your money out – whether what he is giving you is something you individually prefer or not. The government has such a policeman … “ – Milton Friedman, SATURDAY EVENING POST, 5.6.77. – A productive private corporation, e.g. a chain of super-markets, under monetary freedom could also issue its own money, with a sound value standard, based on what it has ready for sale and redeem it at par with that value standard, with its goods and services, their prices also expressed in this sound value standard. It could lend such notes for wage and salary payments on short terms, increasing employment and the increasing the circulation of sound money, while increasing its sales, without depreciating its currency. But without the issue monopoly and legal tender power and without a sound value standard the depreciation of the government’s paper money might then become revealed. Then the government's paper money would be widely refused and discounted, except in the payment of taxes. The government would still have to accept its own notes at par in tax payments, even when in general circulation it would stand at a considerable discount. (That would be one form of tax reduction for the tax debtor, who could buy up depreciated government paper money and use it at par to pay his taxes with.) For this depreciation the government could not rightly blame sound new and additional private note issues but merely its own unsound issue and reflux policy. Then tax payers, who already paid their due taxes might even pay them – at par – an advance of taxes due for them in the future. That might significantly reduce the government’s excess paper money issues. Most importantly, without legal tender power and the note issue monopoly, governments could no longer force an excess of their notes into circulation at par with their nominal value. They would be refused or discounted. Thus they could not drive up prices expressed in sound value standards. – J.Z., 12.4.09, 7.3.11. – MONETARY FREEDOM WITHOUT INFLATION OR DEFLATION, TAX FOUNDATION MONEY, OPTIONAL & MARKET RATED MONEY, ALL WITH A SOUND VALUE STANDARD.

SPENDING: Quantity of effect does not vary as quantity of means. From a mechanical apparatus up to an educational system or a social institution, the same truth holds. – Herbert Spencer, The Study of Sociology, p.269. – A paper money that is not an exclusive currency and has no legal tender power cannot drive up prices that are expressed in a sound value standard. Excess issues would be refused or discounted. – J.Z., 12.4.09. - The quantity theory applies only to legal tender money. Sound, competitive, optional, refusable and discountable money can be safely further issued, as long as it remains at par with its nominal value standard and is not massively hoarded and then suddenly put into circulation. That can be prevented, e.g. by a short circulation period for it. Like a use by date imprint on consumer goods. A steady and strong reflux for it must be arranged, via short-term debts, to be repaid in it and, e.g. by being a local currency that is widely used to purchase needed or wanted consumer goods and services. Then it is as limited and safe as tickets for performances are. - J.Z., 7.3.11. - QUANTITY THEORY

SPENDING: Some years ago, in an article published in the New York Times magazine, John Kenneth Galbraith said that there was no problem in New York City which would not be solved if the city government’s budget was doubled. In the interim the city government’s budget has been quadrupled, and so have the problems. And the reason is straightforward. While the city government had MORE to spend, the citizens had LESS to spend because the government can only get the money by taking it away from somebody else.” – Milton Friedman, ca. 1975. – The volume of money can be increased – within the limits of its readiness to accept foundation – without depreciating it. Just like the production of goods and services can be increased, without depreciating them – within the limits of the demand for them. Both kinds, the exchange media and the goods and services in which they are “redeemed”, are not fixed and unchangeable quantities, at least not under monetary and financial freedom. M. F., here, too, thought only in terms of a fixed quantity of an exclusive currency. - J.Z., n.d.

SPENDING: Steven D. Symms, just elected to Congress, has made several moves toward laissez faire by the government since taking office in January 1973. Among his first bills filed were proposals to legalize ownership of gold, place a spending ceiling on government via a Constitutional Amendment, and …” - Libertarian Handbook 1973.

SPENDING: Thank God the Government wastes most of the money it spends, because, if it were really spending it efficiently, we wouldn’t have an iota of our freedom left.” – Milton Friedman, (WRI ) Quoted in SOUTHERN LIBERTARIAN MESSENGER, 12/76. – Someone turned this or a similar remark into: “Thank God, that we don’t get all the government we pay for!” – J.Z., 26.6.08.

SPENDING: The assumption that spending more of the taxpayer's money will make things better has survived all kinds of evidence that it has made things worse.  The black family- which survived slavery, discrimination, poverty, wars and depressions- began to come apart as the federal government moved in with its well-financed programs to ‘help’." - Thomas Sowell. - BY GOVERNMENTS, TAXATION, BUDGET, WELFARE STATE, THROWING MONEY AT PROBLEMS

SPENDING: The belief – the unfortunate present policy of government – that it can do what no American family can do – spend money it does not have, year after year – has shown itself for what it really is – a political and an economic fraud upon the people.” – Jack F. Kemp, speech, 14.4.76, THE ANSWER, 4th quarter 75. - DEFICIT SPENDING, INFLATION THROUGH MONETIZING GOVERNMENTAL DEBT CERTIFICATES VIA ITS MONETARY DESPOTISM.

SPENDING: The best method of promoting a quick recovery – as well as securing an absolute increase in living standards – is to cut taxes, shifting money from government hands into the private sector. Instead of the same millions of dollars being spent in one lump sum by the government, it would be spent by many individuals for their own direct benefit. And it would be spent on the products of more efficient private enterprise.” – Ron Shaw, BULLETIN, 4.2.76. – Competitively issued private exchange media, using a sound value standard, would also be more economically spent than government paper money issues. – J.Z., 12.4.09.

SPENDING: The big spenders threaten freedom.” – Newspaper heading, reviewing Milton Friedman’s visit to Australia, in 1975. If a private millionaire or billionaire spends all or much of his money then he does not threaten our freedom! But when government “spends” then it actually spends what belongs to us, via taxation or inflation. – J.Z., 12.4.09.

SPENDING: The government can drastically cut its own budget, its taxes and expenditures. Thus would lift the great and crippling burden of taxes from the backs of our producers and workers. It would allow people to save and spend their own money in whatever ways they saw fit.” – Roger McBride, A New Dawn, p. 1. – That is unlikely to happen as long as governments are allowed to uphold their territorial monopoly powers. But it would happen, soon, once individuals and minorities are free to secede from it and to manage their own affairs in their own and exterritorially quite autonomous communities of like-minded volunteers only under personal laws. – J.Z., 26.6.08. – Without the government’s money issue monopoly and legal tender power many people and their organizations would also be free to produce and to spend their own and self-issued money and would only be obliged to accept it back, in par with a sound value standard, for their goods and services, also priced out in that sound value standard. Thus the exchange media supply could be in natural balance with the ready for sale supply of wanted consumer goods and services. PANARCHISM, INDIVIDUAL SECESSIONISM, MUCH MORE IMPORTANT THAN REPRESENTATIVE DEMOCRACY & ITS RIGHT TO VOTE.

SPENDING: The only way to cut taxes is to first cut spending. The only way local government will get the message to cut spending rather than raise taxes is for the voters to say NO to new taxes.” – SOUTHERN LIBERTARIAN MESSENGER, Winter 75/76. – Not in all countries do the voters get any direct say on any taxes and the height of taxes, like they do, at least to some extent, in Switzerland and some of the States of the USA. – J.Z., 26.6.08. - REFERENDUM ON TAXES

SPENDING: the pattern of public expenditure is determined, not by conscious choice on the part of the society whose needs that expenditure is supposed to satisfy, and not even by the conscious choice of the elected representatives of that society, but by a haphazard combination of ad hoc political pressure, departmental log-rolling and bureaucratic inertia.” – David Marquand, The Dilemma of Government Expenditure, 1976, quoted in Ralph Harris and Arthur Seldon, Not From Benevolence, p.146.

SPENDING: The point to remember is that what the government gives it must first take away.” – John S. Coleman, President of the Detroit Chamber of Commerce, Address to the Chamber. – And to cover its high transaction costs it must take more than it gives back. – J.Z., 9.4.09. - TAXATION, GOVERNMENT

SPENDING: the State cannot get a cent for any man without taking it from some other man, …” - W. G. Sumner, What Social Classes Owe To Each Other, p.108.

SPENDING: The true costs of government to the people is what government spends, not the explicit taxes that it collects.” - Milton Friedman in Australia 1975, p.15. - Does that formula include all the wrongs and costs of its taxation and of its spending? The total amounts thus raised and spent may be less wrongful and harmful than the ways in which they are raised (e.g. by progressive taxation) and the kinds of spending the government engages in (e.g., subsidizing parasites, obstructive bureaucracies or e.g. a wrongful war). - J.Z., 7.3.11.

SPENDING: The usual effect of the attempts of government to encourage consumption is merely to prevent saving; that is, to promote unproductive consumption at the expense of reproductive, and diminish the national wealth by the very means which were intended to increase it.” – John Stuart Mill, Essays on Some Unsettled Questions of Political Economy, quoted in THE FREEMAN, Nov. 72. - CONSUMPTION TO BE ENCOURAGED?

SPENDING: There can be little doubt that the spectacular increase in government expenditure over the last 30 years, with governments in some Western countries claiming up to half or more of the national income for collective purposes, was made possible by government control of the issue of money. On the one hand, inflation has constantly pushed people with a given real income into much higher tax brackets than they anticipated when they approved the rates, and thus raised government revenue more rapidly than they had intended. On the other, the habitual large deficits, and the comparative ease with which budgeted figures could be exceeded, still further increased the share of the real output governments were able to claim for their purposes.” – F. A. Hayek, Denationalization of Money, p.90.

SPENDING: There is another difficulty with political control of the economy which keeps even the best-behaved governments from using resources well. This problem was explained by the economists Milton and Rose Friedman in their Book Free to Choose. The Friedmans argued that there are only four ways to spend money: 1. Spend your money on yourself. 2. Spend your money on other people. 3. Spend other people’s money on yourself. 4.) Spend other people’s money on other people. – If you spend your money on yourself, you look for the best value at the best price – knockoff Pings on sale at Golf For-Less. If you spend your money on other people, you still worry about price, but you may not know – or care what the other people want. So your brother-in-law gets a Deepak Chopra book for Christmas. If you spend other people’s money on yourself, it’s hard to resist coming home with real Pings, a new leather bag, orange pants with little niblicks on them, and a pair of Foot-Joy spikes. And if you spend other people’s money on other people, any damn thing will do and the hell with what it costs. Almost all government spending falls into category four. This is how the grateful residents of Ukraine got Chernobyl.” - P. J. O’Rourke, Eat the Rich, A Treatise on Economics, Picador, 1998, p.240. – When he speaks of “your money” he still does not think of money that you could have rightly issued yourself, based on whatever wanted goods or services you have to offer. He speaks only of those portions of the governments monopoly money that you have been able to acquire. – J.Z., 12.4.09. - SPENDING MONEY, GOVERNMENT SPENDING VS. PRIVATE SPENDING, FREE ECONOMIC VS. CONTROLLED ECONOMY, TAXATION, BUREAUCRACY, CHARITY, BUSINESS, CONSUMERS

SPENDING: They are themselves always, and without any exception, the greatest spendthrifts in the society. Let them look well after their own expense, and they may safely trust private people with theirs. If their own extravagance does not ruin the state, that of their subjects never will.” – [Adam Smith] – What Smith could say of the ways of kings and ministers can be said with equal justice about those who govern in republics.” – Clarence B. Carson, THE FREEMAN, 4/76. – RESTRAINTS ON PRIVATE SPENDING, GOVERNMENT SPENDING

SPENDING: they have proclaimed heedless spending as the best method to increase wealth and welfare.” – Ludwig von Mises, Omnipotent Government, p.4. – Compare the present bail-out “programs’ of governments. They still know of nothing better to do than increasing taxes and inflation. Their ignorance and incompetence is almost unbelievable. But then monetary and financial despotism is not self-regulating and enlightening but leads inevitably to misunderstanding and mismanagement. And our great misleaders are definitely not prepared to give up either of these despotic interventions with our economic affairs. – J.Z., 12.4.09.

SPENDING: Unless we restore a situation in which governments (and other public authorities) find that if they overspend they will, like everybody else, be unable to meet their obligations, there will be no halt to this growth which, by substituting collective for private activity, threatens to suffocate individual initiative.” – F. A. Hayek, Denationalization of Money, p.91. - OVERSPENDING, GOVERNMENT SPENDING, BANKRUPTCY

SPENDING: We don’t have a budget crisis. We have a spending crisis.” – Jonathan Hill, Citizens for a Sound Economy. - Can a sound, i.e., a free economy, develop sufficiently on the basis of territorial States, however limited they may pretend to be? The business of public services is then still monopolized rather than exposed to free competition and thus to market forces and free contracts and free associationism and free disassociationism as well. That is like saying: Compulsory marriages, with no divorce option, are free marriage contracts. - J.Z., 24. 11. 06. - SPENDING CRISIS NOT BUDGET CRISIS, PANARCHISM

SPENDING: what the State giveth, it first taketh away, …” - Terry Arthur, 95% Is Crap, p.116. – If it does not take it away by taxation or forced loans, or loans based upon its taxation power towards its tax slaves, then by the inflation tax, which is currently popular once again with most governments. – J.Z., 9.4.09.

SPENDING: When Gough Whitlam’s ministers say they will cut government spending, it’s like a group of heroin mainliners saying they will reduce their drug intake.” – THE BULLETIN, May 24, 1975.

SPENDING: You cannot keep out of trouble by spending more than you earn.” – Abraham Lincoln. – Didn’t he set an enormous example for this? – J.Z., 26.6.08.

SPENDING: You cannot spend or “deficit spend” what you cannot seriously pretend to be real and full-value money. But you can force 10 or 100 times as many requisitioning certificates upon people in form of government monopoly money with legal tender power. But no rational person would call this a “purchase” or “spending”. – No private issuer, under competitive note issue and without legal tender power could thus increase and depreciate his note circulation. J.Z., n.d. & 12.4.09. - GOVERNMENT SPENDING, INFLATION, LEGAL TENDER, FORCED & EXCLUSIVE CURRENCY, DEPRECIATED PAPER MONEY.

SPIES: In the film "The President's Mistress", of 1978, with Beau Bridges, the president's mistress is reported to be a spy for the Soviets. As if it were not well known that both sides employed many spies and as if the president himself, through his secret service agencies, towards external and internal enemies, were not also and greatly involved in espionage and as if his revenuers would not continuously spy upon his peaceful and productive subjects, in order to extract more tributes from them! (I do admit, however, that spying for a totalitarian regime is worse than spying for a democratic or republican one.) Moreover, the espionage systems of all territorial States are so inefficient that they have not yet spied out some of the basic truths, namely, that tyrannicide is preferable to mass murdering conscripts and non-combatants, that exterritorial autonomy could prevent most wars, violent revolutions and civil wars, even terrorism, that collective responsibility thinking and actions lead to many of their major international policy problems - and internally to terrorism, that air raids, even with "intelligent" bombs and rockets are largely wrong and inefficient (In Afghanistan they may, according to some reports, have killed as many innocents as the terrorists of Sep. 11 2001 did in the U.S.) and that monetary despotism greatly reduces their economic potential by inflations, deflations, stagflations, bankruptcies and mass unemployment, that higher taxes often lead to less revenues, that ideal volunteer militias could provide a much more effective defence, that they and competing protective agencies could also provide a better protection for individual rights and liberties than the State's police forces can, that there are better human rights codes than those drafted and passed by governments, that ABC mass murder devices are not really weapons, that most of their laws and measures are wrong and counter-productive, that they are repeating the same old wrongs and mistakes over and over again, to their own disadvantage and to that of all their victims. - J.Z., 20.3.97, 1.2.02. - & ESPIONAGE, SECRET SERVICES

SPORT: To finance even sports and sports facilities out of coercively levied tax funds is quite wrong. They should only be financed by their fans, e.g. through ticked sales for events and advance ticket sales for future events in facilities to be built with the proceeds from such sales or through voluntary taxation schemes. Betting shops could also help to finance sports facilities and so could and should the record holders, who sometimes make millions through advertising contracts. – Each human activity should, as far as possible be self-supporting rather than being involuntarily subsidized by others, more interested in other activities. - Why should e.g. sportsmen be forced to subsidize opera houses and opera house visitors be forced to subsidize sports? Why should cricketers be forced to subsidize boxing and boxing fans be forced to subsidize cricket? – Under voluntary taxation or contribution schemes people could allocate their spare funds to those activities they like and ignore all others. - J.Z., 28.8.97.

SPORT: Why should even the most popular hobby activity, that of the various sports, still be subsidized by governments and business enterprises and thus also and involuntarily, by all who have to pay taxes and prices, who are not sportsmen themselves or sports spectators? Is that sporting or fair? – J.Z., 17.11.99, 11.6.08. – SUBSIDIES

SPORT: Why should popular sports be support out of tax funds? Obviously, they are in less need of funds than unpopular sports. But unpopular sports should not have to be subsidized out of general tax funds, either. Why subsidize any particular sport, hobby, craft or art when many to most people are already prepared to voluntarily spend much of their own time, energy and money upon them? At present my local government pushes for an expensive leisure centre at the expense of the taxpayers. As if we were even unable to utilize our leisure time to please ourselves. And as if it were not already bad enough when governments interfere with our work, trades, property, our choice of societies, our water, gas, petrol and electricity supplies, our schools and universities, the political, economic and social systems that we would prefer for ourselves and our peaceful international relations, our self-defence rights and most of our other individual rights and liberties! Now they want to mismanage or leisure, too! Also at our expense! – What will be next? – J.Z., 4.6.08. – SUBSIDIES

STABILIZATION OF PRICES: Pardon us for being skeptical, but in our experience whenever a government has stabilized prices, they somehow end up higher than we’d ever dreamed possible.” – TANSTAAFL, 3/76. – One of the great benefits of the pricing system is that prices are not kept stable but respond to circumstances, to supply and demand. The most successful price stabilization system is that practised by speculators. – Not the price level should be kept as stable as possible but the value standards. - J.Z., 26.6.08. – And that, too, can only be achieved by free competition in this sphere as well, by a human right to free choice among value standards. – J.Z., 9.4.09. - PRICE LEVEL STABILIZATION, DIS.. PRICE CONTROL

STABLE VALUE RECKONING: Competitively issued, optional and market rated exchange media do not cause currency famines or inflations. They can provide any needed quantity of exchange and clearing media with sound value standards. They would provide free choice of value standards and thus sound value standards as a rule. Neither their exchange- nor their clearing media nor their value standards would be forced upon any but their issuers. Thereby they would remain mostly quite sound and at par with their nominal values. – J.Z., 29.6.06, 20.10.07, 7.3.11, 6.8.11. - READINESS TO ACCEPT FOUNDATION FOR EXCHANGE MEDIA ARE SUPERIOR FOR EXCHANGE MEDIA & EVEN TO SOUND VALUE STANDARDS THAN ARE EXCLUSIVE CURRENCIES WITH RARE METAL REDEMPTION BY THE ISSUERS. QUANTITY THEORY, OPTIONAL, & REFUSABLE AS WELL AS DISCOUNTABLE EXCHANGE MEDIA, MONETARY FREEDOM VS. MONETARY DESPOTISM.

STANDARD OF LIVING: Every dollar spent by the government lowers by at least one dollar the general standard of living of the people in the market where the government operates. That dollar is now unavailable to satisfy a true consumer demand.” – Harry Browne, You Can Profit from a Monetary Crisis, p.33. – That dollar may even be used for further actions against the rights and interests of all producers and consumers. Moreover, the very fact that it is part of a forced and exclusive currency does already enormous wrong and harm to the economy. The territorial government does not operate “in” the market but “against” the market, just like a thief, robber or embezzler, a monopolist or a forger. – J.Z., 27.6.08, 7.3.11. - TAXATION & GOVERNMENT SPENDING

STANDARD OF LIVING: Mr. Schiff accuses our Federal Government of saddling a lower standard of living on people by the destructive burdens it imposes; and of using the Federal Reserve to force what amounts to counterfeit money (*) on the banks.” – John Chamberlain in a review of Irwin A. Schiff, “The Biggest Con …”, in THE FREEMAN, 5/76, p.314. - - As an exclusive and forced currency it is part of the outlawry of all genuine, sound and competitive money issues. But one should not even accuse a central bank system of “forging” its own money. It is “merely” multiplying it beyond those limits at which is would be accepted a par with a nominal sound value standard - because of its tax foundation. Thus and because of its monopoly and legal tender status, it still gets accepted and also becomes depreciated. This depreciation imposes another wrongful and very harmful tax upon all transactions. – One should not malign even a “devil”. The central bank does not “forge” its own “money”. – And this kind of “money” and its paper value standard, almost constantly deteriorated, is not only forced on the “banks” but on the whole economy of the USA. – Likewise in all other countries with such a “national”, forced and exclusive currency. What do the involuntary acceptors of such “money” get in return? A lot of unwanted politics and bureaucracy! How much? That would only become clarified if all its victims were free to opt out from under such a territorialist regime and to run their own affairs under full exterritorial autonomy. - J.Z., 27.6.08. - (*) “Requisitioning certificates would be a better name for it. - - (Is Schiff still in prison on tax evasion charges? A successful tax strike would celebrate him as a hero. – J.Z., 13.4.09, 6.8.11.) - FORGERY, GOVERNMENTSPENDING, CENTRAL BANKING, MONETARY DESPOTISM, INFLATION, PANARCHISM

STANDARD OF LIVING: The highest living standards and greatest prosperity in history have been achieved by free-enterprise societies.” – George Hardy, The Doom of the Welfare Society, p.7. – Should any society be called a free enterprise society as long as no full monetary freedom and no full financial freedom prevails in it and as long as it is territorially ruled, i.e. it does not permit competing governments and societies to operate as free enterprises that offer their particular political, economic and social systems? – And as long as there is no full consumer sovereignty towards all kinds of political, economic and social systems that are competitively offered? - J.Z., 27.6.08, 9.4.09. – Have been achieved? We do not know as yet, from practical experience, how high our living standard could become – under a fully free system! – J.Z., 13.4.09. - FREE ENTERPRISE, MONETARY FREEDOM, PANARCHISM

STANDARDS OF VALUE: People have a moral right to make contracts in anything they choose; that is what personal liberty means.” – John Chamberlain, THE FREEMAN, 4/74. – LEGAL TENDER, FORCED CURRENCIES, MONETARY DESPOTISM, VS. MONETARY FREEDOM, INCLUDING FREE CHOICE OF VALUE STANDARDS

STANDARDS: Any standard will do, just so long as it provided a satisfactory common ground for the parties to that particular dispute.” – David B. Suits, JLS, Sum 77, p.201. – COMPETITIVE STANDARDS, PERSONAL LAW, FREE CHOICE OF VALUE STANDARDS, RIGHT TO A CHOICE OF LEGAL SYSTEMS, PANARCHISM

STANDARDS: Let us raise a standard to which the wise and honest can repair.” – George Washington’s plea - at the Constitutional Convention. – He might have added: “The by-product will be a higher level of living for all.” – NOTES FROM FEE. - Alas, he only raised a territorialist, not a panarchist standard. – J.Z., 26.6.08. - Even if merely a sound value standard were offered for all investors in a country, and also freedom from compulsory taxation, then this country could come to progress very rapidly with the aid of refuge capital from other countries in which the inflation tax and other taxes are perceived as unbearably high. - If freedom of note issue were added to these factors then we might see developments which would deserve the term "economic wonders" much more so than those which were previously termed "wonders". - J.Z., 7.3.11. - DEVELOPMENT, GROWTH, TAXATION, SOUND VALUE STANDARD, "ECONOMIC WONDERS"

STANDARDS: Whose foot is to be the measure to which ours are all to be cut or stretched?” – Jefferson, quoted in Sprading, Liberty and the Great Libertarians, p.82. – TOLERANCE, PANARCHISM, TO EACH HIS OWN, CENSORSHIP, FREE CHOICE OF VALUE STANDARDS - IMPOSED STANDARDS INSTEAD OF SELF-CHOSEN ONES

STARVATION: What freedom does a starving man have?" - The answer is that starvation is a tragic human condition- perhaps more tragic than loss of freedom. That does not prevent these from being two different things.” - Thomas Sowell. - In most cases starving people are either not free enough or do not know enough to help themselves, or have not sufficiently organized themselves via mutual aid, monetary, credit and insurance self-help organizations to overcome natural hazards as far as possible. - J.Z., 21.8.02. - The tragic consists largely that starvation and lack of freedom, especially of economic liberties and, foremost among these the absence of monetary rights and liberties, are not widely enough recognized as being major causes of involuntary povery, although the annual surveys of living standards and degrees of freedom in all the countries of the world have clearly and often enough shown much, although not all of this close relationship. Once, through monetary freedom, the sale of wanted produce, goods and services is assured and also stable value reckoning and financial freedom for internal and foreign investments, economic growth can be very rapid. – J.Z., 23.1.08. - Even a part-realization of economic liberties can already be very effective. In Germany it took 3 years after WW II before, finally, the Nazis's inflation, continued by the occupation forces, was temporarily ended by a currency reform, price controls, rationing and compulsory delivery quotas were abolished and as a result almost empty shop window displays spaces were suddenly filled with goods for sale. We were no longer dependent upon some black market transactions for our survival. The so-called German "economic wonder" resulted. Alas, monetary and financial despotism went on and assured mass unemployment and, in the long run, inflation as well. - J.Z., 8.2.11. - HUNGER, NEEDS, POVERTY & RIGHTS, OPPORTUNITIES, DIS., FREEDOM

STATE CURRENCIES: Ron Paul Argument for State Currencies [Archive] - Bodybuilding - ... - Misc. - Religion / Politics - Cached - 15 posts -9 authors - Last post: 19 Feb 2010. - The biggest reason people give to not have free market money is Gresham's Law...which is often misunderstood and misstated as "bad money ... - No money issue monopoly to any Federation or any State! - Except those with only voluntary members and confined to exterritorial autonomy. - J.Z., 23.7.11. - STATES ARE STILL GOVERNMENTAL & THUS NOT TO BE ENTRUSTED WITH MONEY ISSUES, EXCEPT WITH TAX FOUNDATION MONEY ISSUES, WHILE COMPULSORY TAXATION BY THEM IS STILL TOLERATED.

STATE SOCIALISM: All those who favor central banking are essentially State Socialists or State Capitalists. – J.Z., n.d., free after Ulrich von Beckerath’s remark on 14.7.53.

STATE: Commit all the “crimes” against the territorial State that you can away with – but none against humans! – J.Z., 2/75, 8.3.11. – If all of us became successful tax evaders then the State would starve to death. – But the State has certainly not made this easy, just like it has not made individual or group secessions from it or uprisings against its powers easy, or refusals to accept its depreciating paper money and its replacement by sound, and competitively supplied sufficient exchange media or clearing certificates or account. - J.Z., 1.7.08.

STATE: Could we not spare ourselves this State? This would mean capital formation in the hands of all workers.” – Winfried Thomsen, Radikalauer, Eichborn Verlag. – J.Z. tr. of: “Koennen wir uns diesen Staat nicht sparen? Das waere Vermoegensbildung in Arbeitnehmerhand.” - No more taxes, no more wars, no more inflations and no more government-caused economic crises with mass unemployment. - J.Z., 8.3.11.

STATE: Express all the capital assets of the State in capital certificates and give each of its subjects an equal share in the total, declare it to be dissolved and give notice to all its servants. Then each former subject could associate with like-minded people into communities of volunteers, whether statist or non-statist ones, using these capital assets for their statist or for private purposes, after they have been converted into share in particular former State capital assets, be it the post office, the road system, the railways or government buildings etc. For some details see PEACE PLANS 19c, which is also offered by me in digitized form: - By all means, make copies and sell them, if you can. In Australia this procedure could have turned everyone into a millionaire, in capital assets. – A libertarian party with such a platform could win – freedom for all its members and could let all the others go to hell in their own ways. - J.Z., 27.6.08. – PANARCHISM, LIQUIDATION OF THE TERRITORIAL STATE, PANARCHISM, COMPLETE REPRIVATIZATION

STATE: Next comes taxation. It has become a much sought-after means of livelihood. We know that the number of government jobs has been increasing steadily, and that the number of applicants is increasing still more rapidly than the number of jobs. Now, does any one of these applicants ever ask himself whether he will render to the public services equivalent to those which he expects to receive? Is this scourge about to come to an end? How can we believe it, when we see that public opinion itself wants to have everything done by that fictitious being, the state, which signifies a collection of salaried bureaucrats?” - Bastiat, in G. C. Roche III, Frederic BastiatA Man Alone, p.239. - One of the motivating factors for this is the frequent occurrence of mass unemployment, caused by the State’s monetary policies, which does no hit the public servants as hard, in most cases, as it does employees of private employers. – J.Z., 2.7.08. - PUBLIC SERVANTS, BUREAUCRACY, TAXATION, STATISM, UNEMPLOYMENT, MONETARY DESPOTISM, JOB SECURITY

STATE: Rampant StagflationThe result of all this extra state interference, financed by taking over 50 per cent of the gross national product in taxation, has been not the production of an economically viable society but what might be called rampant stagflation, that is to say stagnation in production and raging inflation which further destroys belief in the future. The moral fiber of our people has been weakened. A state which does for its citizens what they can do for themselves is an evil state; and a state which removes all choice and responsibility from its people and makes them like broiler hens will create the irresponsible society. I such an irresponsible society no-one cares, no-one saves, no-one bothers – why should they when the state spends all its energies taking money from the energetic, successful and thrifty to give to the idle, the failures and the feckless? – Dr. Rhodes Boyson, “Down With the Poor”, p. 5. – WELFARE STATE, TAXATION, INFLATION, BAILOUTS, SUBSIDIES, GUARANTIES

STATE: The State exists in a permanent crisis in which it loudly appeals to its subjects to save, while the most sensible measure to save would consist for them in saving themselves the government.” - Uwe Timm, Gesammelte Schriften, S.208. – Here U. T. should have pointed out that the State itself, via taxation and inflation has made much saving either impossible or unattractive. Without this prior and wrongful interventionism and expropriation, savings would tend to accumulate very fast in any free economy. – J.Z., 14.9.07. – And imagine how much people could save and invest profitably or spend as they like, if there were not taxes. – No territorial State offers the chances for genuine progress options to all its subjects, unrestrained by it but only by natural laws and genuine individual rights and liberties. - Any fundamental self-help measures against major crises caused by territorial States are also outlawed by these States, which have monopolized any major decision-making and measures for themselves, even while they continue to demonstrate, almost every day, that they cannot cope with the many problems they have caused. - J.Z., 11.10.07. 11.3.11. - APPEALS TO SAVE. SAVING WHILE THE STATE WASTES TAX FUNDS & LIVES & INFLATES ITS CURRENCY?

STATISM: I recall Lenin’s famous remark has he took over the government, little anticipating how hard it would be. He said, “A baker can run the state”, and proceeded with a lot of half-baked approaches. (*) In the end Stalin came along to crack heads and force-march Russia into the future.” (**) – Gregory Benford, Reactionary Utopias, FAR FRONTIERS, Winter 85, p.226. – States are not “run” but deteriorate, stagnate and finally collapse or self-destruct and do so faster under “big” leaders than under mediocre ones. - (*) His conquest and abuse of the central banking system was more than a half-baked approach. – It made him the only one in Russia able to pay, even if only with inflated paper money. All the others had not considered their monetary freedom options, either. – (**) A totalitarian one, if one can call it a future. The Red Terror regime began already under Lenin. - J.Z., 6.4.91, 10.7.08. - DIS., CENTRAL BANKING

STATISM: If government couldn’t easily issue and force acceptance of its monopoly money and could not amass quantities of it through taxation and make itself popular through handing out part of this money and this tax revenue, then how popular would it be? – J.Z., 15.3.88, 10.7.08, 11.3.11.

STATISM: Thus at a moment when the governments of the world have conspired to stop international exchange, when in most countries payments to other countries are prohibited, when tariff barriers are to high for all but a small proportion of merchandise to surmount them (*), the trouble ensuing is still attributed to Capitalism. When twenty or thirty Acts of Parliament have rendered the getting of coal an intricate legal problem, and when a powerful trade union has forced twice as many men as are wanted into the coal industry, it is still Capitalism that has failed. The public always tends to be obsessed with the stupid notion of the infallibility of public action. That which is done by Parliament, must be right.” - Ernest Benn, Honest Doubt, p.48/49. - (*) and when the money issues remains centralized, monopolized and mismanaged, causing inflations, deflations and stagflations! – J.Z., 4.6.08. - CAPITALISM, PUBLIC ACTION, PROTECTIONISM, INTERFERENCE, MEDDLING

STATISTICS: Statistics are like a bikini. What they reveal is suggestive, but what they conceal is vital.” – Aaron Levenstein.– When statistics are not governmentally manipulated then they tend to be kept secret, as far as a government can, whenever they are contrary to some governmental interest. – How often do governments publish their rising paper money circulation side by side with the rising price level? The possibility of truthful and truth-revealing statistics should not be denied. If rationally compiled and used, they could be one of the most powerful weapons against territorial statism. - J.Z., 28.5.08. – DIS., JOKES

STIMULUS “FINANCING” BY THE GOVERNMENT: When the sound economic stimulus that could be provided by free banking is outlawed then the governmental “economic stimulus” through central banking and its note printing press is a wrongful and harmful substitute, in the attempt to end a crisis which its monetary despotism has caused in the first place, in combination with financial despotism. - J.Z., 15. & 16.9.10. - ECONOMIC CRISES, CENTRAL BANKING, FREE BANKING, INFLATIONISM

STOCK MARKETS: Free Money in Stock Market: Conversion | Currency Trading Exchange ... - - Cached - ... Reddit - StumbleUpon - Google Bookmarks - Yahoo! Buzz - Twitter - Technorati - Live - LinkedIn - MySpace. Tagged Conversion, free, Market, Money, Stock ... - The only free money issues in this sphere, which I am aware of, are temporary scrip issues. I do not know past and present details of them. But they are certainly not street money or shop currency issues with shop foundation, readily accepted as "money" in the nearest stores. - J.Z., 27.7.11.

STOLLER, MATT: End the Fed - "The Fed is now less respected than the IRS. And so Sarah Palin has her opening, as do the conservative hard money creditor interests. Liberals should stop their love affair with conservative technocratic myths of monetary independence, and cease seeing this Federal Reserve as a legitimate actor. At the very least, we need to begin noticing that these people do in fact run the country, and should not." - Roy Halliday

STORE CURRENCIES: Sam Walton, founder of Wal-Mart, … a company whose annual revenues now exceed $ 130 billion.” – THE SYDNEY MORNING HERALD, 4.3.00. – Gross takings in sales or profits? – What percentage of these annual sales could be issued by it every month to 3 months in its own shop currency, to pay its expenses with or to grant short-term loans with it for wage and salary payments, readily accepted in such private exchange media? Is it not high time for such retail giants, their chain stores and also for individual small retailers and their associations, to explore their option to become issuers and acceptors of their own kinds of sound monies and thus assure their retail sales while promoting full employment, i.e. making their potential customers more able to pay their way than they were before? – J.Z., 6.10.08. – Especially in times of economic crises, sales difficulties, rising unemployment and when confronted by governments so ignorant that they know of nothing better to do than inflate their forced and exclusive currency further, while upholding also all their other anti-economic interventions. – J.Z., 13.4.09. – CRISES, INFLATION, MONETARY DESPOTISM, BAILOUT WITH NEWLY PRINTED MONOPOLY MONEY, SHOP CURRENCIES, GOODS- & SERVICE VOUCHERS IN MONEY DENOMINATIONS, COMPETITIVELY ISSUED, MONETARY FREEDOM REVOLUTION, RETAIL TRADERS AS NOTE-ISSUING BANKERS, SHOP FOUNDATION MONEY

STORMFRONT, Bankers and World War 2 - Stormfront - - Stormfront - General - Revisionism - Cached - 10 posts - 3 authors - Last post: 3 July - Yes, Hitler got rid of the central bank, but he replaced with a national bank, rather than free banking and free market money. ... Just like those before and after him, H. abused the legalized German central bank, the "Reichsbank". He did not get rid of it and did not even change its name. - J.Z., 23.7.11.

STOSSEL, JOHN, John Stossel's mighty megaphone - - Cached - 29 Oct 2008 – ... and would like to abolish the Federal Reserve and legal tender laws in favor of free market banking and free market money.

STRIKES: Don’t strike – Quit!” – Rich Maybury, REASON, 9.79. – Quit striking. Don’t strike. Quit instead. - J.Z., 12.6.82, 11.7.08. - And explore e.g. all your monetary and financial freedom options to supply yourself with productive jobs without depriving anyone else of them. - The useful jobs still to be done by mankind, now and in the future, are unlimited. - But they are not and cannot be financed and made monetarily possible by territorial politial and bureaucratic interventionist and despotic laws, regulations and institutions. - J.Z., 12.3.11.

STRIKES: Economically seen, all strikes, even when they are finally “successful”, do really amount to losses, rather than wins, for the total output is reduced by them. If the strikers rather “struck”, with a monetary freedom revolution against monetary despotism (which makes their labor and the products of their labor hard to sell), then not a single working day need be lost. Their wages and purchasing power would increase naturally and they could easily get better jobs somewhere else. The sales problems of their employers would also be solved. As it is, both, employees and employers remain victims of monetary despotism because they have not seriously considered the possibilities of sound alternative means of payment and sound alternative value standards for their labors and their products. – Naturally, liberation at the work place can take many other forms, too. But this is probably the most neglected one. – J.Z., 25.4.96, 28.5.08, 12.3.11.

STRIKES: I guess that many to most workers go on strike unthinkingly, just because their union bosses tell them so and they trust these bosses still all too much. Or they consider the strike just like an attractive sports competition or they welcome the strike as a break in their work routine, either as an unpaid holiday or even a paid one, paid out of strike funds of unions or supported out of taxes via the welfare authorities. Strikes also correspond to their rather thoughtless class warfare ideology or conspiracy theory. - I they owned the enterprises they work in, they would not even think of striking. Against who could they strike then? Against their suppliers or their customers? Some capitalist business sense would then finally enter their heads. Among their millions of strikes I know of none that was directed against the means of payment and the value standards they are paid in. That shows the level of their ignorance and lack of interest in their own affairs. They expect politicians and bureaucrats, who failed in every other respect, to supply themselves and their employers and all the customers of their enterprises with good and sound enough means of exchange and value standards – contrary to the numerous experiences of all too many centuries. – J.Z., 13.4.09. – UNIONS, MONETARY FREEDOM, WAGE PAYMENTS, COOPERATIVES, PURCHASE OF ENTERPRISES, MONETRY FREEDOM

STRIKES: If a strike succeeds, the question arises whether an advance of wages as great or greater would not have occurred within a limited period without a strike. … I cannot believe that a strike for wages ever is expedient.” – W. G. Sumner, What Social Classes Owe to Each Other, p.80. – Have trade unionists ever asked their employer: Could you pay us more if you were free to pay us in other kinds of money than the government’s monopoly money? Have employers ever seriously considered this alternative and the monetary freedom required to practise it? It would greatly facilitate their sales problems and reduce their sales costs. – J.Z., 11.7.08. – Not even retailers, supermarkets, chain stores and department stores and their associations seem to have thought sufficiently about that option to help themselves – with their own “shop foundation” money issues in form of goods- and service vouchers, in standardized money denominations but using a better value standard than the governmental one. – J.Z., 13.4.09. - MONETARY FREEDOM, WAGES, SALES, EMPLOYMENT, UNEMPLOYMENT, DEFLATION, INFLATION

STRIKES: Only workers with a slave, subject or serf mentality go on strike. Free men would give notice, take up better jobs or organize themselves, together with their workmates, to buy up the firm they work in, using conventional capital market options and also monetary freedom means and then utilize any of many kinds of self-management schemes that they do prefer. – They would not remain wedded to the employer-employee relationship and mentality. - J.Z., 11.4.86, 3.6.08.

STRIKES: Strike against taxes rather than against employers and consumers. – J.Z., 1.3.76. - Strike against central banking, which is threatening the availability of jobs and wages, by its deflationary, stagflationary and inflationary policies and practices - by engaging in a monetary and financial revolution against monetary and financial despotism, thereby securing jobs for you and payments in honest and competitively supplied currencies. - J.Z., 12.3.11. - UNIONS, MONETARY & FINANCIAL FREEDOM, TAX STRIKES

STRIKES: Strikers, by striking, do not supply productive work for market-determined wages but, often, and intentionally, do even cause losses to their employers. Thus, by rights, those who think that they have the right to strike, rather than to give notice, should have to be satisfied with lesser wages and salaries than those who committed themselves not to strike. – J.Z., 27.11.95, 28.5.08. - How many trade unionists have explored their monetary and financial freedom and their cooperative and other self-management options, realized in a business-like way? - J.Z., 12.3.11. - TRADE UNIONISM, SCABS, FREE LABOR, UNIONS, INDUSTRIAL ACTIONS, ANTI-INDUSTRIAL ACTIONS

STRIKES: Strikes of tax slaves, involuntary State subjects, education and military slaves are the only rightful strikes. All the other strikers could have given notice, alone or in groups and could have adopted or established other and better options for themselves. – J.Z., 5.8.92, 6.6.08. - Including their monetary and financial freedom options (so far wrongfully outlawed), in order to secure job choices and sound as well as market rated wage and salary payments for themselves, in competitively supplied and market rated sound currencies - and without compulsory tax deductions. - J.Z., 12.3.11. - INDIVIDUAL & GROUP SECESSIONISM & EXTERRITORIAL AUTONOMY, TAX STRIKES, MONETARY & FINANCIAL REVOLUTION, TAX STRIKES

STRIKES: Strikes reduce production and thus incomes and distribute earnings by force rather than by free contracts. Even when wages are nominally increased, they confront a production whose total has been reduced. The all-over purchasing power of all wages has thus been reduced, at least temporarily, since it confronts a lesser total of goods and services. – Trade unionists do also almost never consider that they could be paid higher wages in e.g. shop foundation currency than in governmental paper money. – Nor do they consider that if their wages are expressed in sound value standards then frequent wage adaptations to ongoing inflations of government paper monies would not be necessary. Simply more of the inflated money would have to be paid to make up the agreed upon wages expressed in sound value standards. (Or they could be paid in alternative sound currencies. - J.Z., 12.3.11.) – In order to avoid getting into higher tax brackets, workers should also insist that their taxes are expressed in sound value standards. – The kind of strike they should consider is one against the governments inflated, deflated or stag-flated paper currency. - J.Z., 4.6.82, 11.7.08.

STRIKES: The right to work is inherently more important than the supposed right to strike.” J.Z., 7/72, after reading: “What becomes of those inalienable rights of man – life, liberty and the pursuit of happiness – if you haven’t the right to work?” – Cecil B. de Mille, about 1952. - The right to work, as Ulrich von Beckerath, 1892-1969, formulated it, is the right to supply oneself with work by undertaking all the monetary, financial and organizational measures required to achieve that and this without depriving anyone else of his productive job. - Well, if politicians, bureaucrats, monopolists and union functionaries were thus deprived of their unproductive and counter-productive jobs and forced to finally engage in productive ones, it would serve them right but would still not undo the wrongs and damages they have done for all too many years. - J.Z., 12.3.11.

STRIKES: There is, morally, no right to strike but only a right to give notice. There is morally, a right to scab or to work under conditions agreeable to oneself, although they are not agreeable to the strikers. – Striking workers have, informally, resigned from their jobs and have morally no further claims to them. – I hold that, as a rule, they should never be re-employed again in their old jobs because they have proven to be unreliable workers. – Let them make a fresh start somewhere else and thus find out what their services are really worth. – Mass resignations and the threat of mass resignations are quite another matter. They are rightful and effective to achieve one’s market rate of wages. But under full employment and frequent job changes by individuals (The average time a worker in Sydney stays on a job is only, I heard, 18 months!), even this would very rarely be considered necessary. The wrongs and harm done by inflations deflations and stagflations cannot be undone by strikes. I know of no trade union that ever demanded full monetary and financial freedom to prevent economic crises. – J.Z., n.d. & 11.7.08.

STRIKES: With the wages lost in strikes workers could, probably often, have paid off the first installment or even several, of debt-payment instalments for the enterprises they strike against, if they had offered to purchase them on terms, at an agreed-upon market price, paying for it with industrial obligations. The rest of the installments, to redeem these obligations, over a period of years, they could probably pay off with only part of the extra returns from the additional productivity they could have attained - by finally and quite clearly working for themselves, as owners of the enterprises. In other words, by not striking and, making instead, in a quite businesslike, capitalistic and free market way, a proper take-over bid, they could immediately and in the future be much better off. – Their class warfare and industrial warfare notions, their whole trade union mythology, prevents them from doing this or even contemplating this peaceful and rightful as well as much more profitable alternative for them. – J.Z., 6.4.93, 4.6.08. – PURCHASE OF ENTERPRISES BY THEIR EMPLOYEES

STRUGGLE FOR EXISTENCE: Undoubtedly the man who possesses capital has a great advantage over the man who has no capital at all in the struggle for existence … (*) That does not mean that one man has an advantage against the other, but that, when they are rivals in their effort to get the means of subsistence from Nature, the one who has capital has immeasurable advantages over the other. If is were not so capital would not be formed. Capital is only formed by self-denial, and if the possession of it did not secure advantages and superiorities of a high order, men would never submit to what is necessary to get it.” - Willliam Graham Sumner, What Social Classes owe to Each Other, p.76. - (*) Under at least some economic freedom this “struggle of existence” is, usually, only a struggle, to keep up with the Jones, while both live already far above the subsistence level. – J.Z., 25.6.92, 13.3.11. - Self-ownership and work-income derived from it can even in our times, i.e. under xyz economic restrictions, come, over a working life, to 1 million to 2 million dollars. Properly anticipated and used for the purchase of existing enterprises, together with one’s work-mates, it can be so increased that the acquisition of the enterprise, would be achieved with part of the additional productivity thus achieved by such associations. – See: PURCHASE OF ENTERPRISES. – J.Z., 6.6.08. - - SOCIAL DARWINISM, DIS., CAPITAL, PRODUCTIVITY, OWNERSHIP, PROPERTY

STRUGGLE: Some conflicts do not yield to compromise and can be solved only through struggle.” - Gene Sharp, Power & Struggle, p.3. - Many violent struggles can be ended or avoided through the introduction of free, tolerant and peaceful competition, on the basis of full exterritorial autonomy, which would also include full monetary and financial freedom and xyz self-management forms. - Quite rightful defence, liberation and revolution programs could also reduce violence to the degrees of rightful and forceful policing actions. - J.Z., 12.3.11. - WAR, LIFE, SURVIVAL, CONFLICTS, FORCE, STRENGTH, COMPROMISE, PEACE, DIS.

STRUGGLES: Wages and sales of products and services are not or should not be a question of monopolies, force and struggles but of free exchanges for mutual benefit. Monopolies, force and fighting only prevent or reduce production and exchange and thus lead to losses for all sides. – J.Z., 29.11.92. - LABOR STRUGGLES, INDUSTRIAL WAR, ANTI-INDUSTRIAL WAR, UNIONS, CLASS WARFARE, EMPLOYER-EMPLOYEE RELATIONSHIP, STRIKES

STUDENT LOANS: We take over your education costs – if you make over to us 1 to 10 % of your future earnings.” - That could be the offer of competing credit private or cooperative institutions, perhaps in form of credit unions, with funds invested in them mainly by already employed academics. Then the more talented or industrious students could possibly get their education loans more easily and cheaply than now. The repayment percentage could be changed corresponding to the examination results and thus different evaluations of future earnings chances. – J.Z., 9.5.03, 12.3.11. - COMPETITIVELY PROVIDED. UNIVERSITY EDUCATION FINANCE

STUDENT LOANS: What has gone wrong with the method of financing the university is the excessive state aid, which has made both the staff and the students dependent on the state for 90 per cent of total costs. During the last decade there has been a mounting tide of opinion that the way to put this right is by the introduction of loans for students to replace the present system of grants.” – Prof. Richard Lynn, Loans for Students, in “Down With the Poor”, ed. by Dr. Rhodes Boyson. - But who should grant the loans and out of what incomes? The general taxpayers or those academics, who earn already much as a result of their university training? – Are students and academic professionals so dumb or lacking initiative so much that they cannot or will not form a credit union for this purpose? - J.Z., 12.7.08.

STUDENT LOANS: Why should the taxpayer be asked to support students with so little intelligence or initiative that they cannot find a backer in family, business or government service? – Ross Sutherland, in GOLD COAST BULLETIN, date? – The general taxpayers tend to earn less during their lifetime than the academically trained ones. Among the natural financiers for student loans should thus be those academically trained. They should form credit unions that would not only grant loans to themselves but also to promising students, selected by themselves. And the students, to be found more credit-worthy, could form guaranty-associations, that would guarantee the loans granted to their members. – J.Z., 12.7.08.

STUDENT REVOLT: It is the empty wait for real life which makes for student rebellions.” – PAIDEIA, Spring 72. – Under conditions of full employment the life of students would not be empty of real life: Most of them could and would then have to work, at least part-time, to finance their studies or to reduce the size of student loans they would have to take up. – But how many students and academic professionals cared to learn to know how to achieve full employment? – J.Z., 12.7.08. - MONETARY & FINANCIAL FREEDOM VS. MONETARY & FINANCIAL DESPOTISM

STUDENT RIOTS: The only answer for students trying to improve their college education is for those who donate to colleges (both states and individuals) to give grants to students instead. The students would then pick their college. Good schools would prosper and schools that ignored quality would decline unless they improved. Consumer dollar power is the only way students will ever have a say in improving higher education; certainly not through rioting.” – Rod Manis, in “Manifesto”, p.120. - Better than donations or grants would be interest-bearing loans to these future high earners. The students should form guaranty associations to make these loans more secure. The top students should be able to get the loans at lower interest rates than the lower rated students, because the risks in loans to them would tend to be lower. The high interest rate which low ranking students would have to pay would be a spur to them to study harder, to increase their ratings, and thus to reduce the interest they would have to pay on their loans, by being allowed to join loan guaranty groups that are rated higher. – If the financiers, e.g. for tax reasons, would prefer not to invest in students but to continue giving them grants, then the grants might be made conditional to the students repaying them to a certain foundation, which would grant further student loans or grants under the same condition. - J.Z., 12.7.08. - STUDENT LOANS OR GRANTS

SUBSIDIES: All subsidies should be private and voluntary, just like e.g. the private maintenance of pets, of hobbies and crafts. - J.Z., 6.8.11.

SUBSIDIES: Do not seek the favor of those who enslaved you, do not beg for alms from those who have robbed you, be it subsidies, loans or jobs, do not join their team to recoup what they’ve taken by helping them rob your neighbours. One cannot hope to maintain one’s life by accepting bribes to condone one’s destruction.” – Ayn Rand, Atlas Shrugged, p.991. – All that would be much easier to do under individual secessionism, voluntary membership in exterritorially autonomous communities and the resulting full monetary and financial freedom, spreading fast from the first such communities successfully experimenting with such options. Alas, Ayn Rand did not favor these alternatives but insisted on a territorial monopoly for a supposedly ideal “limited government” and on an exclusive currency in form of gold coins and gold certificates, unaware, of how fast such a territorial regime can turn into an unlimited government and how much unemployment, poverty and underdevelopment is caused by any exclusive currency. – Well, at least she favored voluntary taxation and wanted to reduce the role of the State. - J.Z., 12.7.08. – SECESSIONISM, PANARCHISM, EXPERIMENTAL FREEDOM

SUBSIDIES: Don’t accept subsidies!” – R. S. Jaggard, JAG, Sept. 30, 1973. – An advice hard to follow for those burdened much by taxes. – A voluntary taxation system would work better. Individuals would then pay for what they want or donate for causes they individually favor. – And if other volunteers pay them subsidies, then those payments do not do anybody any wrong. - J.Z., 12.7.08.

SUBSIDIES: Freedom need not be subsidized and coercion and monopolies should not be. – J.Z., 4.9.89.

SUBSIDIES: Government does not solve problems; it subsidizes them.” – Ronald Reagan. - And thereby, very efficiently, it multiplies them. - J.Z., 22. 11. 06. - "You can get any degree of poverty that you are willing to pay for!"- Source? - BAILOUTS, GOVERNMENTS & PROBLEMS

SUBSIDIES: Government generally operates with a perverse incentive system. Instead of rewarding success, it bolsters failure.” – Peter Samuel, quoted in READER’S DIGEST, 2/78. - INCENTIVES. FAILURES ARE REWARDED WHILE SUCCESSES ARE PENALIZED

SUBSIDIES: government subsidies disguise the true cost of a product, which invariably lead to wasteful and inefficient use of scarce resources.” – Arch Booth, THE FREEMAN, 3/75.

SUBSIDIES: Government takeover usually manifests itself by making subsidies to the industry. That industry becomes dependent on the subsidy. The amount of the subsidy is then withdrawn, either in actual fact, or by failure to update in the face of inflation. The industry becomes insolvent, and is then taken over by the government as an act of national interest.” – Graeme McKinnon, FREE ENTERPRISE, July-Aug. 76. - NATIONALIZATION

SUBSIDIES: Government’s view of the economy could be summed up in a few short phrases: If it moves, tax it. If it keeps moving, regulate it. And if it stops moving, subsidize it.” – Ronald Reagan (1986) - & GOVERNMENT POLICIES & MEASURES, GOVERNMENTAL ECONOMICS OR ANTI-ECONOMICS, REGULATIONS, TAXATION, GOVERNMENT PROGRAMS

SUBSIDIES: Governments should not subsidize anything. – J.Z., 23.8.73. – And should not themselves be subsidized – except by their volunteers only. – J.Z., 12.7.08. – VOLUNTARY TAXATION, PANARCHISM

SUBSIDIES: I fear for our nation. Nearly half of our people receive some kind of government subsidy. We have grown weak from too much affluence and too little adversity. I fear that soon we will not be able to defend our country from our sure and certain enemies. We have debased our currency to the point that even the most loyal citizen no longer trusts it.” – A Roman Senator in A.D. 63. = HANDOUTS, WELFARE STATE, TAXATION

SUBSIDIES: I hate to think of all those to me wrongful and hateful or indifferent things that the government forces me to subsidize with my taxes. And, naturally, I never get an accounting for the use of my money from the government or a direct say on its spending. – Nor am I allowed to opt out of its taxation and spending program. – J.Z., 20.5.93, 4.6.08, 29.7.11.

SUBSIDIES: If a particular industry is becoming unprofitable, it is basically because the public does not want to buy that particular good. With taxes, the government props up inefficient industries at the expense of us all.” – Giles Edwards in a Free Enterprise pamphlet.

SUBSIDIES: If you want to assure the worst possible service – subsidize it as a public service! Then, after a time of continuously increasing subsidies, you will obtain your aim: Instances: the post office, railways, defence, main roads and any other bureaucracy or legalized monopoly. – J.Z., 11/73, 6.6.08.

SUBSIDIES: In a Free Market economy we vote with our dollars and it’s a very powerful vote. Government Subsidies stuff the ballot box and are a Fraud on the system.” – Stormy Mon, A Liberty Book, p.61.

SUBSIDIES: In general, moreover, there should be an end to the complete network of open and hidden subsidies going to both public and private industries. Each sector of the economy should fulfill its proper function. Industry’s function is to generate the maximum amount of wealth, not to re-distribute wealth… It is certainly not the proper function of government departments to re-distribute (and diminish) wealth by financing otherwise bankrupt firms to pay wages to workers who could be better employed elsewhere. (*) Propping up uncompetitive industries in order to preserve jobs diverts cash from areas where it could create an expanding employment market.” - Dr. Rhodes Boyson, ed., Goodbye to Nationalization, p.31. - (*) Alas, governments do not know how to achieve full employment. And they are unwilling or unable to learn about this. They only know how to achieve high rates of unemployment and even here they are unaware of the causal connection. Thus, to save in welfare payments, they subsidize inefficient industries. – J.Z., 12.7.08.

SUBSIDIES: In spite of the fact that proponents of the Australian welfare state believe that the taxation system taxes the rich far more than the poor and redistributes income from higher to lower income groups, the reverse is often the case. Sales tax is an obvious example, where the proportion of income paid in tax on, say, a washing machine is much greater for a person earning $ 100 a week than for a person earning $ 500 a week. - - Less obvious, however, is that much of the low income earner’s personal taxation subsidises the activities of the better-off. Subsidies to primary producers, low interest loans to manufacturing industries, government-operated transport and communication services, tertiary education, the ABC, money for the Arts and the salaries of bureaucrats are but a few examples of government’s deliberate exactions on the poor. By ceasing to tax the poorer in order to subsidise the richer, the government would aid the poor by removing its burdens from their productive activity.” – Mike Stanton, FREE ENTERPRISE, 6/76.

SUBSIDIES: Industry needs no state help: it needs only that the state shall withhold its interfering hand from our monetary supply.” – Henry Meulen, THE INDIVIDUALIST, Aug. 76, p. 44. – MONETARY FREEDOM VS. MONETARY DESPOTISM

SUBSIDIES: Is governmental charity in any way superior to private charity or to private credit and insurance arrangements? Or is it automatically inferior already by being financed through compulsory taxation and administered through bureaucrats? – J.Z., 12.7.08.

SUBSIDIES: It is hardly lack of due process for the government to regulate that which it subsidizes.” Justice Robert H. Jackson, – United States Supreme Court, Wickard vs. Filburn, 317 U.S. 131 (1943), quoted in The Free Man’s Almanac”. – Neither subsidies nor regulations - for and by those who do not want them for themselves and at their expense and for their benefit - J.Z., 13.10.02. - Compare e.g. the mess this created in “education”. – J.Z., 12.7.08. REGULATIONS, REFORM

SUBSIDIES: It is not in the power of governments to increase the supply of one commodity without a corresponding restriction in the supply of other commodities more urgently demanded by consumers. (*) The authority may reduce the price of one commodity only by raising the price of others.” – Ludwig von Mises, Omnipotent Government, p.247. - (*) If only the consumers urgently demanded or organized the sufficient competitive and sufficient supply of sound currencies than governments are unable or unwilling to supply! – The central banks of governments are clear indications how unable or unwilling governments usually are to supply sound currencies and their nuclear strength policy is a clear indication that they are no longer our protectors but the greatest threat to our survival. – In these and many other respects we should not longer use the term “omnipotent government”, because it supports all the errors of territorial statism. - J.Z., 12.7.08.

SUBSIDIES: Let us resolve that never again will we yield to the seduction of the government panderer who comes to us offering gifts paid for with our own money, in return for a surrender of our natural rights.” – Admiral Ben Moreell, Log II, p.197. – He might have added: Rights that we are so little interested in that we have not yet bothered to compile and publish a complete and ideal declaration of them! – J.Z., 12.4.08.

SUBSIDIES: Let us stop this uneasy drift toward collectivism by ending all further private raids on the public treasury (*) – whether conducted by unions, businessmen, farmers or any other group. In one respect, this is the easiest step of all – we (**) need only refrain from passing more socialistic laws. But we have become so addicted to socialism (***), that it will be just as hard for us to break the habit as for an alcoholic to stop his compulsive drinking.” (****) – Admiral Ben Moreell, Log II, p.197. - - (*) This could best by done by ending all territorial, collectivistic, monopolistic and coercive public treasuries – and confining all other treasurities it to the contributions from their voluntary members only. – (**) Alas, it is not “we” who are allowed to pass or to repeal laws, but only our supposed “representatives”. – (***) Let those, who are no such addicts, opt out. At least some of them will set shiny examples to the remaining statists. – (****) Only the remaining voluntary statists, after all the others opted out, should have to put up with their statist addiction and its consequences. – We should not remain addicted to territorialism! - J.Z., 12.7.08, 6.8.11.

SUBSIDIES: Many of us are not willing to rely on our own worth and efforts but prefer government subsidies which are taken from our helpless neighbors by means of compulsory taxation.” - Admiral Ben Moreell, Log I, p.73.

SUBSIDIES: Most people who receive a subsidy do favor its continuance and rationalize it. Not only power corrupts. Hand-outs do so, too. – J.Z., 17.3.88, 29.5.08, 6.8.11. - POWER, CORRUPTION

SUBSIDIES: No one's hobby or faith or ideology should be subsidized at the expense of those who do not share it, be it sports, arts, opera, films, any kind of statism or utopia or anything else. - J.Z., 4.10.00, 2.2.02. - TAXATION, TRIBUTES, INTOLERANCE, MONOPOLIES, PRIVILEGES, PANARCHISM

SUBSIDIES: Not even an emperor can give away what belongs to us.” – J.Z. tr. of: “Kein Kaiser kann, was unser ist, verschenken.” – Schiller, Wilhelm Tell, II, (Stauffacher). - Not rightfully so, but in reality, they can and they do. - And we have not even developed as yet a good tax strike and voluntary taxation or contribution program, far less applied them. - J.Z., 12.3.11. - GOVERNMENT SPENDING, GOVERNMENT BUDGETS, SUBSIDIES

SUBSIDIES: Not only is it axiomatic that what government wishes to nationalize, it first subsidizes. It is also standard procedure with government Medicare schemes throughout the world to get doctors to take the bait, a rather large bait, which when swallowed, will strangle the taker.” – S. Birenbaum & B. Evoy, in OPTION, 2/77. - NATIONALIZATION, STATE CONTROLS, REGULATIONS

SUBSIDIES: One group – the taxpayers – provide the means; another group – the subsidized – consume the booty. Hence a privileged class and a peasant class emerge; …” - Thomas W. Hazlett, THE FREEMAN, Nov. 77, p.675. – GANG WARFARE, THE NEW ROBBER BARONS, WELFARE EVEN FOR THE RICH UT ALSO TRIBUTES FOR ALL, AT LEAST INDIRECT ONES, PRIVILEGES, CLASSES, TERRITORIALISM

SUBSIDIES: One of the greatest wrongs and absurdities of government spending is the assumption that the hobbies of millions, like sports and arts need and should be subsidized by governments out of compulsory taxes.” - J.Z., 3.9.00. - GOVERNMENT SPENDING, BUDGETS, SPORTS, ARTS, TOURISM, FILMS, THEATRES, OPERAS

SUBSIDIES: Only inferior goods, services, labour and institutions, e.g. all territorial governments, do need subsidies. Free enterprises and businesses as well as ideas and innovations nnovations don’t need subsidies but sales, investments and optimal management - all operating on a quite free market. – J.Z., 30.6.77, 6.8.aa..

SUBSIDIES: our crazy-quilt political structure, build on unstable and immoral bases – plunder by taxation and corruption by subsidy.” - Admiral Ben Moreell, Log I, in the introduction.

SUBSIDIES: Paradoxically as it may seem to some, it is just as necessary to the health of a dynamic economy that dying industries be allowed to die as that growing industries be allowed to grow.” – Quoted in “The Free Man’s Almanac”. – FAILURES & SUCCESSES

SUBSIDIES: Power over a man’s subsistence is power over his will.” - Alexander Hamilton – Quoted in “The Free Man’s Almanac” - POWER, WILL, DEPENDENCY, INDEPENDENCE, FREEDOM, WELFARE STATE

SUBSIDIES: Power over a man’s subsistence is power over his will.” - Alexander Hamilton – Quoted in “The Free Man’s Almanac” - POWER, WILL, DEPENDENCY, INDEPENDENCE, FREEDOM, WELFARE STATE

SUBSIDIES: President Carter has announced a massive 20 percent funding boost for HUD’s subsidized housing program, up to $ 32 billion in taxpayers’ blood for fiscal 1981. Just beyond the hoorahs of housing developers across the nation could be heard the more subtle sound of pocket calculators. The megabucks are, you see, to fund 250000 housing units – not to actually build them, but to help build them, thence the word subsidy. But 32 billions divided by a quarter-million comes out in the decimal number system, to $ 128.000 per poor family’s housing subsidy. Give me the money, Jimmy. I’ll set up your 250.000 government shacks with plenty of change.” – Thomas Winslow Hazlett. – REASON, 3/80. – Obviously, the mass media did not do their job of opposing such “financing”. Or do they lack pocket calculators? – Nor did the people’s “representatives” or the government judges or the official fraud squad notice and reveal this scam. - J.Z., 12.7.08. – PUBLIC HOUSING

SUBSIDIES: President Carter has announced a massive 20 percent funding boost for HUD’s subsidized housing program, up to $ 32 billion in taxpayers’ blood for fiscal 1981. Just beyond the hoorahs of housing developers across the nation could be heard the more subtle sound of pocket calculators. The megabucks are, you see, to fund 250000 housing units – not to actually build them, but to help build them, thence the word subsidy. But 32 billions divided by a quarter-million comes out in the decimal number system, to $ 128.000 per poor family’s housing subsidy. Give me the money, Jimmy. I’ll set up your 250.000 government shacks with plenty of change.” – Thomas Winslow Hazlett. – REASON, 3/80. – Obviously, the mass media did not do their job of opposing such “financing”. Or do they lack pocket calculators? – Nor did the people’s “representatives” or the government judges or the official fraud squad notice and reveal this scam. - J.Z.,12.7.08. – PUBLIC HOUSING

SUBSIDIES: Private enterprise would not go for favors – if governments had none to dispense.” – Ken Baxter, Nov. 82.

SUBSIDIES: REASON: Why do your think that the amount of government spending should not be decided by elected representatives? NISKANEN: Well, there’s a fundamental asymmetry in the political process that leads to an overspending bias. It is primarily a consequence of the fact that political activity itself is costly. Any proposal, for example, which has concentrated benefits but very diffuse costs will be such that the people who bear the cost do not have sufficient incentives to register their concerns through the political authorities or change their votes among candidates on that basis. Any number of subsidy programs or concentrated special-interest programs would be of that character. That’s one important, and probably most important, general bias in this process – the proliferation of special-interest programs with concentrated benefits and diffuse costs. Ten cents per American family per year finances a $ 7 million subsidy, and if that subsidy only goes to a few people they have an enormous incentive to use the political process to achieve that subsidy, and no one has much concern about opposing it. That’s true of all levels of government, almost regardless of how the service is supplied. It’s true to the extent that the Constitution, either in fact or implicitly, authorizes those types of special-interest payments.” - William Niskanen in REASON interview, Nov.78. – How can one reduce such long statements to a short and hart-hitting slogan? Pay your way! - Pay your own bills yourself instead of forcing others to pay them? - How different would be the result if everyone were free to secede from all big spending States? The subsidy seekers might remain for a while – but would all the taxpayers? – All government services to be competitively supplied and priced. - J.Z., 12.7.08. – TAXATION, PANARCHISM, OPTING OUT, SECESSIONISM, VOLUNTARISM

SUBSIDIES: roads, libraries, beaches, council houses are paid for by some taxpayers who do not use them and are less well-off than those who do. The same applies to the Covent Gardens: taxpayers who may be too poor to go to the pictures are nevertheless compelled to subscribe in taxes to subsidies which enable a typically more prosperous minority to enjoy their opera or ballet or theatre more cheaply.” – Ralph Harris in the Anthology: Down With the Poor, edited by Dr. Rhodes Boyson, p.18. – TAXES, ARTS SUBSIDIES

SUBSIDIES: Sen. William Proxmire “has aptly described the plethora of federal subsidies as follows: “These programs are like Christmas, with everyone giving subsidies to everyone else and Congress serving as Santa Claus.” – REASON, Nov. 72.

SUBSIDIES: Since the number of tax dollars in any one year is not only limited but is coming out of your pockets, you know that our government cannot subsidize everything.” – Angus Black, A New Radical’s Guide to Economic Reality, p.109. – Instead, it should subsidize nothing! – J.Z., 0.11.76. And nobody but volunteers or voluntary victims should subsidize any government. – J.Z., 12.7.08.

SUBSIDIES: Socialism grows in a country by catering to a group or to various groups by subsidies. These subsidies penalize the tax-payers for the benefit of favored groups who are termed “needy” but are now in actuality an undeservedly privileged group.” – Rushdoony, The Myth of Over-Population.

SUBSIDIES: State control necessarily follows from state subsidies.” – Richard Lynn, in Dr. Rhodes Boyson, ed., Down With The Poor, p.108.

SUBSIDIES: Subsidies amount to and should be renamed into tax penalties for all not intended to be favored by the subsidies. – J.Z., 31.5.78, 12.7.08.

SUBSIDIES: Subsidies and tariffs are the demands by some sections of the community that they be supported by the remainder. – Mark Tier, Murphy’s Rights versus Human Rights.

SUBSIDIES: Subsidies are destructive rather than constructive, in most cases. – J.Z., 27.7.04, 29.10.07.

SUBSIDIES: Subsidies are the form that modern circuses tend to take, and, as ever, the people are unaware that it is they who pay for their circuses.” – William F. Buckley, Up From Liberalism, p.200. – WELFARE STATE, TAXATION, PANEM ET CIRCENSES, RULERS, PEOPLE

SUBSIDIES: Subsidies are what everybody seems to decry in others and yet to ask for himself, pleading special circumstances. Pigs around a common trough have a least the excuse of a really free (for them) hand-out – until slaughter day. – J.Z., 12.12.82.

SUBSIDIES: Subsidies create more of whatever is being subsidized.” – Lew Rockwell

SUBSIDIES: Subsidies for big business, encourage inefficiency and monopoly power.” – Roy Childs, Liberty Against Power, p.3. - While subsidies to the poor tend to multiply the poor which are "entitled" to them. - J.Z., 12.3.11.

SUBSIDIES: Subsidies present us with a neat little stepping stone into the area of taxing the rich to help the poor.” - Terry Arthur, 95 % Is Crap, p.43. – This ignores that, via the great State machine, to a large extent, the rich and well-off people are also subsidized by the relatively poor. - J.Z. - DIS.

SUBSIDIES: Subsidize failure and you get more failure. Tax wealth production and you get less wealth.” – Bradley Miller, Nick and Jim Dandy to the Rescue, in: Llewellyn H. Rockwell, The Environmentalist Threat, in Llewellyn H. Rockwell, ed., The Economics of Liberty, Mises Institute, 1990, p.87. - TAXATION & WEALTH

SUBSIDIES: Subsidize only the export of the own territorial governments themselves -of all these officials. One would have to subsidize the export of these experts. Because nobody would buy them, otherwise. But even a huge subsidy would be a huge bargain in this case.” T., D. & J.Z., 23.2.79, 13.3.11. - Just think how much we would save in taxes from then on, all taxes thus being done away with. – However, volunteers should be permitted to go on subsidizing their favorite representatives, even while these live well off in some foreign country due to the subsidy and to whatever they have illegally put aside for themselves. – J.Z., 12.7.08.

SUBSIDIES: Subsidized services attract more “customers” than taxpayers want to serve.” – Gary North, THE FREEMAN, 3/7.

SUBSIDIES: subsidizing inefficient businessmen results in less production than would be the case without a subsidy. The standard of living is lowered. If at the turn of the century we had subsidized the horse-and-buggy trade, we would have slowed the growth of the automobile industry and all the jobs dependent on it.” – Brian Summers, THE FREEMAN, 7/75.

SUBSIDIES: Subsidy: Money taken from people who earn it and given to people who don't.” - Dagny.

SUBSIDIES: The boon that could be given can be withdrawn.” - Seneca, Letters, VIII, p.46, quoting his correspondent Lucilius. - That may be the best part of all subsidies. However, those forced to put these bills, are not free to refuse paying them or to withdraw from States which impose such unjustified burdens and do their own things, freely, with their property, earnings and lives, wherever they live. - J.Z.,

SUBSIDIES: The common trough turns people into pigs. – J.Z., 30.10.76. - HANDOUTS, CHARITY, WELFARE

SUBSIDIES: the fact is that subsidizing a weakness aggravates and accentuates it.” – Paul Poirot, THE FREEMAN, 3/73.

SUBSIDIES: The introduction of subsidies, whereby part of the cost is born by others, namely the taxpayers, weakens business discipline and narrows the ability of the customer to be the kingpin in determining what should be produced and in what quantities and style. The subsidy concept condones economic waste.” – M. S. Rukeyser, THE FREEMAN, Jan. 76.

SUBSIDIES: The other side of subsidies is robberies.” – Source not noted by me. – J.Z.

SUBSIDIES: The practice of groups obtaining that which they can not produce - by the simple expedient of having the government take it away from the producers, must be ended.” – John A. Goodson, New Jersey Libertarian Party. – TAXATION, TRANSFER SOCIETY

SUBSIDIES: the state must cease to bale out unprofitable firms and the discipline of bankruptcies must return to large-scale businesses and their employees.” – Dr. Rhodes Boyson, in his introduction to “1985”, p.VII. – BAILOUTS, BANKRUPTCIES

SUBSIDIES: The states are asking for federal aid, the federal government is asking for taxpayer aid and the taxpayers are applying for welfare. This is known as the economic cycle.” – M. H. Beuchat (C.D.) SOUTHERN LIBERTARIAN MESSENGER, 7/77. - TAXATION, ECONOMICS, JOKES

SUBSIDIES: The subsidized group is paid for not producing at all, or for producing less than it would if it knew its income depended entirely on its own efforts.” – Admiral Ben Moreell, Log I, p.153.

SUBSIDIES: The very fact that State sponsored activities need coerced support speaks out against their very existence. The fact that government assistance is needed to carry them on or sustain them is absolute proof of their inherent weakness. “If the work is desirable”, it will be done; if not, then it should not be done.” - Letter IV of Charles Lane, in – Carl Watner, A Voluntary Political Government, p.37. – In letters to me, many years ago, Carl Watner had held that a “competing” or “voluntary” government” would be a contradiction in terms, for all governments would be territorial. – While that is true, for the existing territorial governments, it need not be true for some of the future governments, nor is it true for some of the historical ones, operating under personal laws. – J.Z., 6.6.08. – TERRITORIALISM, PERSONAL LAWS

SUBSIDIES: The worst service will grow and finally predominate when it is subsidized. Then it has no effective incentive to provide good service apart from the conscience or good nature of a few public servants not yet corrupted by the system. – J.Z., 8/73, 6.6.08. - PUBLIC SERVICES

SUBSIDIES: The worst, most wrong and harmful subsidy consists out of all the taxes extorted from subjects to continue the existence and activities of territorial States. – J.Z., 10.4.09.

SUBSIDIES: There are many farm handouts; but let’s call them what they really are: a form of legalized theft. Essentially, a congressman tells his farm constituency, "Vote for me. I’ll use my office to take another American’s money and give it to you." – Walter Williams, economist and syndicated columnist – AGRICULTURAL SUBSIDIES, FARM PROGRAM, EGG BOARD, WHEAT BOARD, CITRUS BOARD ETC.

SUBSIDIES: there is no reason for the taxpayer to bear the cost of providing the individual with something not worth enough for him to purchase for himself.” – David Friedman, Laissez Faire in Population, p.28/29.

SUBSIDIES: to subsidize an uncompetitive industry makes it harder for the employers and especially the outdated trade unions to come to terms with reality, and so wastes scarce capital for which profitable uses could be found.” – Dr. Rhodes Boyson, ed., Goodbye to Nationalization, p.22.

SUBSIDIES: Twelve years after Fulton’s Clermont steamed on the Hudson, steamboats were scaring the Indians in distant Nebraska, and the first steamship crossed the Atlantic – from the New World to Europe. - - Three thousand years before, men had known the principle of the steam engine. One hundred and fifteen years before, a steamboat had run successfully on European waters. For fifty years, British Government had been encouraging, protecting, subsidizing and “controlling” the making of steam engines. - - In twelve years, Americans – not encouraged, not protected, not helped and not “controlled” – covered the Eastern Waters with steamboats, and launched the first steamer that ever crossed an ocean; the first challenge from the dynamic New World to the static Old World. – Speed was created again. Free men were attacking time and space again, as only the Saracens had ever done before.” – Rose Wilder Lane, The Discovery of Freedom, p.234. – IDEAS ARCHIVE

SUBSIDIES: US $ 360 billion were promised in subsidies to US farmers for the next few years. -- In Australia housing subsidies were paid to several people who bought homes worth over A $ 3 million each!” - From today's news, 14.5.02. - And such subsidies are largely paid by people for whom many foods are priced out of their reach, who thus go for the cheapest and less fresh foods and who have difficulties in financing or repairing their cheap homes. In other words, to a large extent, the poor are forced to subsidize the rich. That is even worse than forcing the rich to subsidize the poor. - J.Z., 20.8.02.

SUBSIDIES: We can no longer attack subsidies for the poor while supporting ever greater subsidies for the rich.” – Karl Hess, Dear America, p.104.

SUBSIDIES: We can rightfully support each other only through trade, contracts, gifts, credits, insurance, friendship, love and family relationships. – J.Z., 3.11.76, 6.6.08, 29.7.11.

SUBSIDIES: We decide to help agriculture and trade, and we instruct government departments to give effect to our wishes. After thirty years we find that the expenses of the Board of Trade and the Ministry of Agriculture are exactly fifty times as large as they were, while our trade is halved and our agriculture is in ruins. So the tale might proceed, it is always the same.” – Sir Ernest Benn, Honest Doubt, p.206. - PROTECTIONISM VS. FREE TRADE, FARM PROGRAMS, AGRICULTURAL POLICIES, FOREIGN TRADE

SUBSIDIES: We don’t need bloody government money. Any industry that requires government assistance is inefficient.” – Royce Smeal, quoted in FREE ENTERPRISE, Nov. 73, p.18.

SUBSIDIES: we have millions of people asking for subsidies and special benefits, which translates into plain English as, ‘Make somebody else pay my bills for me’.” – JAG, 30.4.76.

SUBSIDIES: We have now reached the stage where it is impossible to tell which industries we are good at and which we are bad at.” – Harry G. Johnson, Rebuilding the Liberal Order, 1969, quoted in Ralph Harris and Arthur Seldon, Not From Benevolence, p.143. – PROTECTIONISM, HAND-OUTS, WELFARE FOR THE RICH

SUBSIDIES: We spend inordinate amounts of public money propping up out-of-date and over-manned nationalized and private industries. Our politicians and bureaucrats waste millions of pounds on prestige projects like the Concorde aeroplane which nobody wants to buy – except, of course, British Airways and Air France.” – Stephen Haseler, QUADRANT, 7/77. – Every territorial government is a huge criminal or “merely” inefficient protection racket, all too efficiently financed by taxes, inflation and public debts, anticipating future tax incomes. – J.Z., 12.7.08.

SUBSIDIES: What we need is a complete survey of all subsidy costs per head. The total might then have sufficient motivating force. – J.Z., 21.3.78. – Especially if the decision would be left largely up to the individual, by providing each citizen with an itemized list of all the tax-funded subsidies, put into the hands of all voters, in a referendum. It should then be up to them to cross out all items which they would not want to be subsidized. All items not approved by 51 % of the voters should be dropped in the next government budget. Another way would be for each citizen to indicate to which items all his direct and indirect tax contributions should go. Items not favored by at least, say 5 to 10 % of the voters should be cut out. Thirdly: If all taxes were reduced to a poll tax, then each citizen should be free to pay his poll tax amount only to those budget items that he favors, in the split up desired by him. Budget items not popular enough would thus simply be starved, hopefully out of existence. But my favorite proposal is simply: Let all taxpayers opt out of the State if they want to. From then on they should be charged only for services competitively supplied and ordered and used by them. – J.Z., 12.7.08, 29.7.11. – VOLUNTARY TAXATION, SECESSIONISM, PANARCHISM

SUBSIDIES: When we tax profitable companies and subsidize unprofitable ones, we are paying for square wheels with money that could be buying not only round wheels, but as yet undeveloped methods of travel.” – Joan Wilke, THE FREEMAN, 3/75.

SUBSIDIES: When you subsidize poverty and failure, you get more of both.” – James Dale Davidson, National Taxpayers Union - POVERTY & FAILURES, HANDOUTS, WELFARE STATE

SUBSIDIES: While reading a monthly catalogue of Australian Government Publications placed on sale, I made the following note on subsidies: Minimum requirement to accompany each subsidy legislation should be: 1.) How many will benefit from this handout? 2.) Average hand-out per beneficiary. 3.) Range of “benefit” from the lowest to the highest. 4.) How many are above a certain level? 5.) What percentage of the total costs goes to its administration? – These and other details should be published in the daily papers. – For who has time and energy enough to read the full law texts? – J.Z., 20.10.81, 12.7.08. – This would help to increase public awareness of this huge and largely counter-productive burden. But it should not be necessary to sufficiently enlighten the majority on this, to achieve their repeal. By individual and group secessionism all dissenters could free themselves of this burden. – J.Z., 10.4.09. – SECESSIONISM, PANARCHISM

SUBSIDIES: Who gets subsidized? The cats with the most political power. Let’s look at the classic example. – The farm block in Congress has passed some of the most messed-up legislation ever, as I’ve mentioned before. The ultimate in helping out the poor farmers happened when a North Dakotan was subsidized to reclaim a few thousand acres of unproductive land. He did his work well and finished in a year. Then he decided to take advantage of another program: he put his beautiful, fertile, reclaimed land into the government’s soil bank! Tax dollars are now being paid to him for not growing anything on land that tax dollars paid to have reclaimed, – And one California grower selling over $ 12 million worth of fruit a year receives in excess of $ 280,000, in addition to his usual profits, for not growing certain crops.” – Angus Black, A New Radical’s Guide to Economic Reality, p.109. – JOKES, AGRICULTURAL POLICIES, WELFARE FOR THE RICH

SUBSIDIES: Would Jesus, Mohammed, Buddha or Confucius apply for government grants?” - Stormy Mon, A Liberty Book, p.33. - … have applied? – J.Z.

SUCCESS: Full success requires not only knowledge and ability and resources but also free exchange! – Moreover, it needs freedom and sufficient publicity. For new ideas, inventions and talents this requires at least an Ideas Archive and Talent Centre, as specialized world-wide free markets. – Without e.g. full monetary and financial freedom success is often much harder to attain and often not gained at all. – J.Z., 1.7.82, 6.8.11. – MONETARY & FINANCIAL FREEDOM, IDEAS ARCHIVE, TALENT CENTRE.

SUMNER, WILLIAM GRAHAM, Prosperity Strangled by Gold? - "In this essay from 1896, Sumner addresses the arguments of supporters of bimetallism, and instead supports a gold standard." - Roy Halliday, in section on gold.

SUPERANNUATION FUNDS: The government is always prepared to rob private old age and other private welfare arrangements and to greatly disadvantage and even appropriate such funds while pretending to wish to help people and to protect them. It compels participation in its own social expensive and irrational welfare schemes, which only tend to produce and spread poverty, largely by wasting capital, which should rather have been productively invested, so that, out of its profits, e.g. large old age insurance payments could be made, which would not be a burden on anybody but just a share in the additional productivity so achieved. E.g., it applies the levy principle to old age insurance, where it is quite inappropriate. Often after having confiscated and wasted old age insurance funds. Related to this wrongful aspect is the enforced investment in governmental “insecurities” via “Trustee Acts”. The insured pay twice for these investments. Once as insurance contributions and later as taxpayers to repay such investments in tax slaves – largely themselves – or their children and grandchildren. Not to speak of government caused inflations, deflations and stagflations, via its laws enforcing monetary despotism and thus impoverishing the people. - TAXATION, LEVY PRINCIPLE, SOCIAL SECURITY, OLD AGE PENSIONS, WELFARE STATE, GOVERNMENT SECURITIES, MONETARY & FINANCIAL DESPOTISM

SUPERANNUATION: Adding special taxes to superannuation lump sums – based on incomes already greatly taxed before and reduced via the inflation tax, interest and investment regulations, is adding insult to injury and robbing the same victims over and over again, at various stages of their lives. – A well organized tax strike and monetary and financial freedom revolution is long overdue. - J.Z. 18.10.87, 31.5.08.

SUPERANNUATION: Firstly, superannuation arrangements are reduced by the excessive taxation of incomes and of investments of savings and of firms in which the savings are invested. Then there is the direct and indirect taxation upon the superannuation finally achieved. Further there is the indirect taxation of one’s income via inflation and the reduction of the total of insurance contributions through government-caused mass unemployment, mainly through centralized note-issue banking with an exclusive and forced currency, too often deflated and usually much inflated. And all the wrongful and harmful actions of governments in this sphere are undertaken under the pretence of looking out after our welfare and old age. – J.Z., 18.2.88, 31.5.08. – WELFARE STATE

SUPPLY SIDERS: The “supply” should include the free supply of sound monetary demand, expressed in optional and competing exchange media and clearing certificates that utilize, like all goods and services prices, a freely chosen sound value standard. Such media, if no longer outlawed, would soon drive the inferior governmental currencies largely out of general circulation, and confine them to their tax foundation. They would end inflations, deflations and stagflations and mass unemployment, given their chance. – J.Z., 5.9.86, 3.6.08.

SWAPRENT TRANSACTIONS: It is not Keynesian. It is not Monetarist. Perhaps we could call ... - - Cached - The more free market money pumped into a local community through SwapRent transactions, the more there will indeed be property appreciation and the more ... ALSO: It is not Keynesian. It is not Monetarist. Perhaps we could call ... - ... - Cached - 20 Feb 2011 – Another oddball "money reform" proposal? To me only rent-money issues or credit accounts or clearing certificates, issued by associations of local landlords, would be rightful and make some sense. I can't make sense of the term "SwapRent" and haven't got the time and energy to look it up online. - J.Z., 24.7.11. - Possibly thousands are needed to approach completion of this A to Z compilation, for the time being. - J.Z., 9.8.11.

SYLLA, RICHARD, The Forgotten Private Banker - April 1995. - "What is a private banker? Or rather, since the species has more or less disappeared, what was a private banker? Private bankers, to American banking historians, were individuals and organizations that engaged in the business of banking without first obtaining a permit to do so from governmental authorities." - Roy Halliday, in section on Free Market Banking.

SYNDICALISM: A territorial State not only influenced by the currently predominant monopolistic and coercive trade unions but, instead, by some of the radicals among them, could easily become even worse than the present political and economic system. – However, according to Ulrich von Beckerath, the chief of the French CGT, around 1908, set Ulrich von Beckerath on his long and successful exploration of the monetary freedom options. The question he raised was: How, in the day after the revolution, is the worker to pay for his bread? – I do not know how many, if any, and what kind of answers he received then or later from his French unionists and whether such answers were published. – In texts on syndicalism that I browsed through I have found nothing on this. - J.Z., 6.12.92, 5.6.08, 11.4.09.

SYSTEMS: Economists may say: Your system of typified clearing cheques will result in chaos and we do not have to put up with this. – Answer: No, indeed, you do not have to put up with it. You have the right to be fools at your own expense and to consider the solution as chaotic. This is your right and it shall not be infringed. But it would go too far to legally stop us from applying among ourselves a system we found suitable. Be tolerant or the devil may take you by milligrams. Starve with your system, if you like. We will not hinder you. It will be a task of the future political science to describe the sphere in which one cannot be tolerant.” – Ulrich von Beckerath, 1882-1969, to Dr. Mann, 1.1.578. – TOLERANCE, MONETARY FREEDOM, CLEARING FREEDOM, FREE CHOICE OF VALUE STANDARDS, PRIVATE PAYMENT COMMUNITIES, PANARCHISM, FOOL’S LIBERTY, CHAOS, DIS.



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