Ep. 873 Why the Greenbackers Are All Wrong About the Fed
The Tom Woods Show
Tom Woods
4.8 • 3.3K Ratings
🗓️ 22 March 2017
⏱️ 37 minutes
🧾️ Download transcript
Summary
Some people -- known popularly these days as Greenbackers -- oppose the Federal Reserve for all the wrong reasons: it doesn't inflate enough (!), the bankers will wind up with all the money thanks to compound interest, there isn't enough money created to pay all the principal and interest of all the loans in the economy, etc. They want the Fed to be abolished so the U.S. government can issue the money directly. Not exactly a fundamental disagreement with the Fed! I take them on in this episode.
Transcript
Click on a timestamp to play from that location
| 0:00.0 | The Tom Woods Show, episode 873. |
| 0:03.4 | Prepare to set fire to the index card of allowable opinion. |
| 0:08.0 | Your daily dose of liberty education starts here, the Tom Woods Show. |
| 0:14.2 | If you have problems in your life that can't be solved by free libertarian e-books, |
| 0:19.2 | then I don't know what to tell you, but I've got a bunch of them |
| 0:21.3 | on topics like, how would we have education without the state, or all the ways Bernie Sanders is |
| 0:27.3 | wrong, or really hard questions for libertarians and really good answers. Check them all out at |
| 0:33.4 | tom's freebooks.com. Hey everybody, Tom Woods here. Today I'm covering a topic that is not really in the news, |
| 0:40.8 | except to the extent that the Federal Reserve is always in the news one way or another. |
| 0:44.6 | And I do have some other episodes coming up that'll be a little bit more topical. |
| 0:49.1 | Yesterday's, of course, on Trump care, Obamacare, and Rand Paul was quite topical. But once in a while, or maybe even |
| 0:57.2 | relatively often, I do green episodes that are relevant all the time or not relevant all the time, |
| 1:04.5 | but they're not time sensitive. And today's is one of them. What I want to do is share with you, |
| 1:09.0 | actually, a paper I delivered at a conference four |
| 1:11.8 | years ago. Almost nobody knows about this paper. I never published it in a journal. I put it up on my |
| 1:17.9 | website, but on an obscure page that most people haven't seen. So almost nobody knows of the existence |
| 1:24.2 | of this paper. So I don't feel so bad sharing it with you. And I can tell you that |
| 1:29.1 | Bob Murphy read it through for me. I wanted to make sure it wasn't totally stupid. And Bob assured me |
| 1:34.2 | it was not stupid, and he said he was very glad I wrote it because it does actually answer some |
| 1:39.7 | objections. And what I'm doing in this paper is talking. Oh, actually, you know what? Before I talk about this paper, one quick thing, remember I'm going to be speaking at Yale University, the Yale Political Union, April 4th, 2017. And the details about that event are up at tomwoods.com slash events. And you can come see me there. I'm going to be debating the topic of |
| 2:03.9 | secession. So if you live anywhere near Yale University, I would really love to have you in the audience. |
| 2:09.7 | It doesn't cost you anything. It's open to the public. Just wanted to remind you that. All my events are |
... |
Please login to see the full transcript.
Disclaimer: The podcast and artwork embedded on this page are from Tom Woods, and are the property of its owner and not affiliated with or endorsed by Tapesearch.
Generated transcripts are the property of Tom Woods and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.
Copyright © Tapesearch 2025.