[VIDEO ADDED] Ron Paul on "The Libertarian Future" @ The Mises Circle 1/26/2013

Is the video on anyone else's stream jumpy? Both Salerno and Murphy looked like they have a bad case of Parkinson's.
 
Danan said:
I don't really see the point in Joe Salerno's talk. Of course if the job of the Fed were solely to finance excess government spending (that is what can not be paid with tax revenue), then the direct creation of money for the government would be less harmful then to create the money the way its done now and channel it back to the government.

But why is that important? Nobody argues for the Fed in order to have an institution to that finances the government. Advocates for the Fed argue for it because of "economic and price stability" and stuff like that. Of coure that's completely insane given the Federal Reserve's history and theoretical economic knowledge, but all of them would state that what Joe said is irrelvant to their arguments.
Click to expand...

In order to be sure, I'll have to watch it again when the 'tube comes out; but I think you missed the point of Salerno's talk. His purpose wasn't to attack the Fed or to criticize its policies - at least not directly. So whatever the defenders and advocates of the Fed would have to say about Salerno's talk is not relevant. He wasn't directing his remarks at them.

He was going after the trillion-dollar coin idea. He pointed out that it is an extremely dangerous and foolish idea - but one that just happens not to be as dangerous or foolish as the Federal Reserve itself. The only reason the Fed came into it was because he wanted to point out that the Federal Reserve system is even more dangerous and foolish. And since he was using the trillion-dollar coin as the basis for his talk, he cast matters in terms of financing government spending (since that is what the trillion-dollar coin is supposed to be for). Things like price stability or whatnot (the bases for traditional defenses of the Federal Reserve) were simply not relevant to his purpose.
 
mac_hine said:
Is the video on anyone else's stream jumpy? Both Salerno and Murphy looked like they have a bad case of Parkinson's.
Click to expand...

We may be stretching their capablility. Hope they fix it before Ron comes on, if so, or we'll swamp it.
 
Occam's Banana said:
He was going after the trillion-dollar coin idea. He pointed out that it is an extremely dangerous and foolish idea - but one that just happens not to be as dangerous or foolish as the Federal Reserve itself. The only reason the Fed came into it was because he wanted to point out that the Federal Reserve system is even more dangerous and foolish. And since he was using the trillion-dollar coin as the basis for his talk, he cast matters in terms of financing government spending (since that is what the trillion-dollar coin is supposed to be for). Things like price stability or whatnot (the bases for traditional defenses of the Federal Reserve) were simply not relevant to his purpose.
Click to expand...

Yeah but financing the government is not supposed to be a function of the Fed. I know that in reality it is the case, but that's not a case against the Fed itself, it's only an argument against a certain activity of the Fed that should, theoretically, not exist at all. And also, there are many economists who would even argue that the Fed is not actually financing the government (we all would disagree with this notion, but that's a different subject).

So my point is that his argument "deficit financing through a trillion dollar coin is even less harmful than deficit financing through the Federal Reserve System" would imho be shared almost unanimously by economists of all varieties and thus it's irrelevant. Pointing out that the Fed is indeed engaging in this activity and why that is indeed relevant, but it doesn't seem like this was the aim of his speech. I could be wrong though. But even then, the other activities of the Fed (like creating "stability" or "low unemployment") are way worse for the economy, and in contrast to government financing almost all non-Austrian economists ar in favor of them.

I don't know, I'll have to watch it again, too. I'm not saying that Joe is wrong, but rather that he is kind of attacking a strawman.
 
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Too funny, the computer at work won't bring up the stream, but my phone will.
 
sailingaway said:
We may be stretching their capablility. Hope they fix it before Ron comes on, if so, or we'll swamp it.
Click to expand...

I doubt it. Ustream can handle thousands of viewers. I haven't noticed the choppy video because I've only been listening.

I see it's on the Front page now at DP. Well done!
 
Heh. I was about to change the thread title, but it looks like a mod (sailing ?) beat me to it. :p
 
Lew on the big project: Ron is going to have a huge presence on television.
 
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