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Mark Thornton, Senior Fellow at the Mises Institute, discusses Matt O’Brien’s hit piece on Rand Paul for being “clueless” in his criticism of the Federal Reserve and monetary policy.

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  • Clearly we have seen developing within our movement a divide if you will, between libertarians who are strong supporters of Rand Paul and those who since the 2012 election have moved away from asking for permission to be free and want nothing to do with a “democratic process” (especially after what happened to the Ron Paul delegates at the RNC). I happen to fall on the latter and my question to those who support Rand Paul is this: How much violence (force) will a Rand Paul administration use against me to bend me to the will of that government? ie. What happens if I don’t pay my taxes to a Rand Paul government? Does he stick to libertarian beliefs and let me go about my life freely or will i be subject to aggression?

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  • Hello, I’ve become quite keen on Jeffrey Rogers Hummel views on inflation. https://fee.org/articles/governments-diminishing-benefits-from-inflation/ That governments don’t get as much cash money as they used to from Seigniorage(money printing)…becuase of some details of the modern banking system. Hummels view is that the US Gov is more likely to actually default on it’s bonds than print it’s way out of it’s financial problems as so many of us libertairans often predict. Any way…. how are people actually calculating the revenue states are getting from seigniorage? There is constant mention to specific statistics in his works on what revenue governments make from printing money…but how are economists attempting to calculate this so exactly? “Almost none of the developed countries could boast seigniorage amounting to more than 1 percent of GDP, despite the fact that the study incorporated the inflationary years of the 1970s. Joseph H. Haslag’s smaller sample of 67 countries over a longer period, 1965 to 1994, finds that seigniorage averaged about 2 percent of total output for the entire sample, ranging from as low as 0.25 percent to as high as 9.98 percent (for Ghana).” However, I’m not smart enough to figure out how this is being calculated? When I Google — I see Seignoarge defined as the cost to money vs what the money is worth. (if it costs 1cent to print a dollar bill than Seigorage is 99cents). Pennies have negative seigniorage — cost the Gov more to mint than 1 cent.) But for the point Hummel is making it seems like a more sophisticated calculation? How did people figure out that for example in WW2 seignorage was 6%? Perhaps this is rather obvious? Thanks! –Luke

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  • What is your opinion on this? A friend asked me to send this to him and when it first happened Ive seen generally great responses and some small amounts of mixed reviews. http://www.snappytv.com/tc/1107706

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  • Fellow Liberty Lovers, Since 1913, we all know that the Federal Reserve and IRS have been working hand in hand to outright steal the money out of our pockets for their own interests in the form of “voluntary tax”. We also clearly know that should we choose not to pay the Federal Income Tax, along with any state income, or whatever they can come up with, would result in them potentially emptying our bank accounts, showing up to our door, intimidating and harassing all of us in a militarized fashion as they have with some individuals. However, some have managed to legally evade taxes altogether, gotten the IRS to leave them alone, and live somewhat of a free life not having to be extorted every April. For those on here that have gotten there, what have you done besides invoking the 4th, 5th, and 10th Amendment? What did you do or say to those who called your phone to harass you? What did you do if you knew some government bureaucrat hacked into your bank account and took a huge portion of your money? What did you do if some agent appeared out of nowhere to your door? And what did you do when they audited you? It’s ironic, that I as many would consider a member of the government mafia, would be asking my friends this question. But like you, I want to see everyone keeping all their money, not for bureaucrats to steal it when you worked in the hardest and smartest (ethical) way possible for it.

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  • Although the Federal Reserve didn’t exist until 1913, and fiat currency not until the 1970s, there have been government controlled national banks since 1791. I’m interested to know exactly how the First Bank and Second Bank of the United States differ from the Federal Reserve, as I often hear people say that the U.S didn’t have central banking until 1913 when the Federal Reserve was created. But isn’t a national bank controlled by the government essentially a central bank, with the only difference being that there wasn’t fiat currency?

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