Next up, a dear friend of mine, someone I've known for a long time, this is a man that he takes something and he always leaves it better.

He used to be the former chief of staff for Congressman Ron Paul at his office.

He's, many people know him as the former president of the Mises Institute,

which he was a superstar during his tenure there.

He made the place what it is today.

Today he works for, he's the general counsel

for monetary metals there, very lucky to have this man.

Jeff Dyced. Thanks, Chris.

Thanks, Chris.

So there is of course a war on for your words, but there's a war on everything, so why wouldn't there be a war on for your words?

In 1984, Friedrich Hayek gave a very interesting interview in which she told the interviewer

that basically David Hume and Carl Manger, the founder of the Austrian School of Economics, had identified that there are three

spontaneously occurring institutions in society.

Okay, sounds interesting.

Namely, law, money, and language. I thought this was a really

interesting observation by Hayek because we all think a lot about law and I would suspect that most of us in this room

would be proponents of a type of law that arises naturally right it evolves from the up. We call that common law and that the

role of lawmakers is to discover the law, the natural law, the truth, and to

develop this slowly and painstakingly over time,

so we achieve justice, right?

Common law has a local or a temporal element to it.

We don't need these positive law legislatures

...