Money – the Key to Freedom?


Money – the Key to Freedom?

 By Duncan Whitmore

In a previous essay concerning the freedom of speech, we noted that, although liberty as a whole is justified by reference to the non-aggression principle, specific freedoms can and should be promoted in their own right. Equally and oppositely, so too should individual examples of state intrusion into freedom be criticised and condemned on their own two feet. In other words, it is possible, and indeed vital, for us to explain the value of free speech, to oppose taxation, to defend against any possibility of forced vaccination and medication, to press for abolition of all forms of state funded medical care, to argue for the freedom of association, to advocate for the legalisation of vices, to promote free trade, and so on. Such arguments are likely to win us at least partial victories in the fight for freedom, victories which may not be achievable simply by repeating the non-aggression principle.

Many of these individual freedoms are enunciated also in bills of rights and charters of so-called human rights, notably the first ten amendments to the US Constitution. Here we find, amongst others, the protection of the right to religion, to speech, to bear arms, to the security of property against searches and seizures, to silence and due process when accused of a crime, and from “cruel and unusual” punishments. The defence of many of these freedoms has now become especially crucial as Western governments have continually sought to dilute them, sometimes in response to crises and calamities such as Islamic terrorism, and other times as a natural consequence of the growth of the state. It has been recognised that the freedom of speech, in particular, has been subject to a grave assault from identity politics and “cancel culture”.

However, a notable omission in many of these schedules of rights and freedoms is the freedom of money. Money is mentioned in the US Constitution, but it is buried in Section Ten of Article One, which limits the rights of the states. It has no prestigious place within the more memorable Bill of Rights, and fails to illicit the kind of passion that surrounds the First and Second Amendments. Freedom lovers today, similarly, will complain about the loss of our freedom of speech and the seemingly sudden transformation of the country into a police state as the result of the government’s reaction to COVID-19. But they will rarely turn their attention to the fact that the state has the power to print its currency, a power which has only existed in its entirety since 1971 when US President Richard Nixon severed the final tie of the US dollar to gold. Continue reading

“Money Heist”: State Counterfeiting on TV


Money Heist: State Counterfeiting on TV

By Duncan Whitmore

At first, Money Heist seems little different from any run-of-the-mill “cops vs. bad guys” series. A well-prepared group of eight, small time criminals, previously unknown to each other and using city names as pseudonyms, hijacks the Spanish Royal Mint in Madrid. Directed from the outside by their leader, the mysterious “Professor”, they capture tens of Mint staff and visitors to hold as hostages, including (deliberately) the teenage daughter of a prominent politician. Scores of armed police soon surround the building at the beginning of what turns into an epic, eleven-day siege.

One initial question concerns the objective of the hijackers. Is it robbery? Ransom? Terrorism? It soon becomes clear that the group, in spite of being armed to the hilt and having sequestered a major government institution, is imbued with an interesting set of morals. For they intend to neither a) kill anyone (although circumstance forces this scruple to be breached) nor b) steal as much as a penny from anyone’s bank account. They do, as it happens, intend to leave the Mint with more than one billion euros in cash. This, however, they plan to achieve by spending their eleven days holed up in the Mint printing the money they want (with the aid of the captured staff, whom they bribe with some of the loot) instead of raiding the vaults for cash that already exists. Their clever plan, therefore, is to escape with untold riches without having harmed a soul while, in the process, embarrassing the authorities and winning the sympathy of the public as “loveable rogues”. Continue reading

Economic Myths #5 – Banking is Capitalist


By both mainstream economists and the general public the cycle of “boom and bust” is believed to be a tendency inherent in any capitalist economy. The fact that the latest of such cycles, beginning in 2008 (and arguably not having ended), originated in the banking sector and that large banks and bankers ratcheted up huge earnings and bonuses only to cause disaster has implicated banking as representative of the very worst aspects of capitalism – the epitome of uncontrollable greed that ends in catastrophe.

Unfortunately this popular view of the mainstream could not be further from the truth. In fact, with its intimate ties to the state and its special, legal privileges it is hard to imagine a less capitalistic industry than banking. Part of the deception – wilfully inflamed by politicians and their lackeys – is one that engulfs other industries subject to state meddling such as utilities markets. This is the belief that, simply because the participants in the industry in question are private individuals or entities that are not officially part of the state, the enterprise must be classified as part of the free market and saddled with all of the supposed flaws of that system. Very often, however, private companies and brands are simply the public facade of what is essentially a state owned operation or state controlled cartel. Continue reading

How soon will the Euro implode?


UPDATE:- I said this the other day, too.

David Davis

About 12 years ago, or it may be 13, I bet a YEM* person £25 that the Euro, recently issued, would sink to UD$1.00 by that Christmas. It did fall, a bit: my prediction was only wrong in degree –  but I lost my bet and ponied up.

Now Peter Oborne thinks the project is at last about to come undone.

* “YEM” was the “Young European Movement”. God knows what’s happened to that.

It does not matter


whether Gordon Brown stays in after being defeated at the (when?) election or not.

David Davis

Britain’s AAA credit-rating has been lost already. The markets have discounted it by letting Mervyn King buy up all our Gilts for the last year.

The Agencies are merely waiting till after the poll to announce it, for fear of being thought “political”. You’d think that the bear-raid on Sterling that will inevitably follow will be worse if he’s there than if he’s been arrested and sectioned.