Hostile Takeover: Resisting Centralized Government's Stranglehold on America (47 page)

51.
John McManus, “U2 criticism sits uncomfortably alongside low tax rate obsession,”
Irish Times,
June 27, 2011. http://www.irishtimes.com/newspaper/finance/2011/0627/1224299635130.html.

52.
Ralph Vartabedian, “Estimate of Heinz Fortune Doubled,”
Los Angeles Times,
June 27, 2004.

53.
Gayle Fee and Laura Raposa, “Sen. John Kerry skips town on sails tax,”
Boston Herald,
July 23, 2010.

54.
Donovan Slack, “Kerry will pay Mass. tax on R.I. yacht,”
Boston Globe,
July 28, 2010. http://www.boston.com/news/local/massachusetts/articles/2010/07/28/kerry_will_pay_mass_tax_on_ri_yacht/.

55.
Matt Negrin, “Bono advises Obama on poverty,”
Politico,
Apr. 30, 2010. http://www.politico.com/politico44/perm/0410/stuck_in_a_meeting_ba03afe5-8545-45e1-9423-7af263885048.html.

56.
Ibid.

57.
Daniel Anderson, “ObamaCare: Burned by the Tanning Tax,”
FreedomWorks blog
, Feb. 8, 2012. http://www.freedomworks.org/blog/daniel-anderson/obamacare-burned-by-the-%E2%80%9Ctanning-tax%E2%80%9D.

Chapter 9: A Standard of Value

  1.
Phil Mattingly and Robert Schmidt, “Monetary Policy: Fed Critic Ron Paul’s Power Play,”
Bloomberg Businessweek,
Dec. 2, 2010. http://www.businessweek.com/magazine/content/10_50/b4207035613107.htm.

  2.
Ibid.

  3.
Ludwig von Mises, The Theory of Money and Credit, Liberty Fund Inc., 1981.

  4.
Carl Menger,
Principles of Economics
, New York University Press, 1976: p. 257.

  5.
Ludwig von Mises, The Theory of Money and Credit,
op. cit
.

  6.
“Smoke ’Em if You Got ’Em: Cigarette Black Markets in U.S. Prisons and Jails.” http://tpj.sagepub.com/content/81/2/142.abstract, p. 623.

  7.
For more on the subject, see Matt Kibbe, “Mind, Historical Time and the Value of Money: A Tale of Two Methods,”
Market Process
6, no. 1 (Spring 1988).

  8.
Richard Ebeling, “Free Market Money—Instead of Political Manipulation,” The Future of Freedom Foundation. http://www.fff.org/freedom/0290b.asp.

  9.
Lawrence H. White, “Competing Money Supplies,” Library of Economics and Liberty. http://www.econlib.org/library/Enc/CompetingMoneySupplies.html.

10.
Ludwig von Mises, “Omnipotent Government: The Rise of the Total State and Total War.” (orig. 1944). Reprinted by Liberty Fund Press, 2011.

11.
Franklin D. Roosevelt: “Executive Order 6102—Requiring Gold Coin, Gold Bullion and Gold Certificates to Be Delivered to the Government,” Apr. 5, 1933. Online by Gerhard Peters and John T. Woolley,
The American Presidency Project
. http://www.presidency.ucsb.edu/ws/?pid=14611.

12.
Ralph Benko, “U.S. Elites Begin to Confront The Paper Dollar,”
Forbes
, Aug. 29, 2011. http://www.forbes.com/sites/ralphbenko/2011/08/29/u-s-elites-begin-to-confront-the-paper-dollar/.

13.
Detlev S. Schlichter, “Forty Years of Paper Money,”
Wall Street Journal,
Aug. 15, 2011. http://online.wsj.com/article/SB10001424053111903918104576500811399421094.html?mod=googlenews_wsj.

14.
Lewis E. Lehrman, “It’s Not the Debt Ceiling—It’s the Dollar,”
American Spectator
, June 9, 2011. http://spectator.org/archives/2011/06/09/its-not-the-debt-ceiling-its-t/print.

15.
Edmund Conway, “Abandoning the gold standard was a seminal moment, and one we’re now all paying for,”
Telegraph
, Aug. 13, 2011.

16.
Jon Stewart, “QE2: We’re Not Printing Money, We’re ‘Imagineering’ Money,”
Wall Street Journal
, Dec. 12, 2010.

17.
Overview of the Federal Reserve System. http://www.federalreserve.gov/pf/pdf/pf_1.pdf#page=4.

18.
John Maynard Keynes, The Economic Consequences of the Peace, Cosmo Classics, 1919.

19.
Jonathan Sibun, “Inflation: History shows we’ve got it easy,”
Telegraph
, Nov. 16, 2010. http://www.telegraph.co.uk/finance/economics/8135039/Inflation-History-shows-weve-got-it-easy.html

20.
“R.I.P. Zimbabwe Dollar,” Cato Institute. http://www.cato.org/zimbabwe.

21.
“Zimbabwe inflation ‘incalculable,’” BBC. http://news.bbc.co.uk/2/hi/africa/7115651.stm.

22.
“A crisis it can’t paper over,” Los Angeles Times, July 14, 2008.

23.
“Zimbabwe to print first $100 trillion note,” CNN. http://articles.cnn.com/2009-01-16/world/zimbawe.currency_1_zimbabwe-dollar-south-african-rand-dollar-note?_s=PM:WORLD.

24.
Sibun, “Inflation: History shows we’ve got it easy,”
op. cit.

25.
“Zimbabwe’s Novel Currency,”
Freakonomics
. http://www.freakonomics.com/2009/04/24/zimbabwes-novel-currency/.

26.
George J.W. Goodman, “The German Hyperinflation, 1923,”
Commanding Heights
. http://www.pbs.org/wgbh/commandingheights/shared/minitext/ess_germanhyperinflation.html.

27.
Ibid.

28.
“Terms of the Treaty of Versailles,” BBC. http://www.bbc.co.uk/schools/gcsebitesize/history/mwh/ir1/thetreatyrev1.shtml.

29.
“Germany Set to Make Final World War I Reparation Payment,” ABC News. http://abcnews.go.com/International/germany-makes-final-reparation-payments-world-war/story?id=11755920#.TvfZCTUeO8A.

30.
“Better as Wallpaper: Weimar Republic Papiermark (1922-1923),”
Life.
http://www.life.com/gallery/60591/image/2643031/failed-currencies#index/6.

31.
Ibid.

32.
“Washington’s Top 5 Missed Opportunities in 2011,”
Fox News
. http://www.foxnews.com/opinion/2011/12/20/washingtons-top-5-missed-opportunities-in-2011/.

33.
Interview,
Meet the Press
, Aug. 2011. http://www.youtube.com/watch?feature=player_embedded&v=-_N0Cwg5iN4.

34.
Overview of Federal Reserve System. http://www.federalreserve.gov/pf/pdf/pf_1.pdf#page=4.

35.
“Achieving a Stable Dollar,”
Free Banking
. http://www.freebanking.org/2011/10/06/achieving-a-stable-dollar/.

36.
Ludwig von Mises,
Human Action
, Chapter 20, Section 9, Contemporary Books, 3rd Revised Edition, 1966.

37.
Peter Schiff “Mortgage Bankers Speech,” Nov. 13, 2006. http://www.youtube.com/watch?v=jj8rMwdQf6k&feature=youtube.

38.
Federal Reserve Board, Selected Interest Rates, Historical Data. http://www.federalreserve.gov/releases/h15/data.htm.

39.
Bureau of Labor Statistics, “Employment, Hours, and Earnings from the Current Employment Statistics survey (National).” http://data.bls.gov/pdq/SurveyOutputServlet?request_action=wh&graph_name=CE_cesbref1.

40.
“Global Economy ‘as Strong as I’ve Seen,’ Paulson Says,”
Wall Street Journal
, Mar. 6, 2007. http://blogs.wsj.com/washwire/2007/03/06/global-economy-as-strong-as-ive-ever-seen-says-paulson/

41.
“Dow, S&P break records,”
CNN Money
. http://money.cnn.com/2007/10/09/markets/markets_0500/index.htm.

42.
Rick Ferri, “Thank Goodness for Index Funds,”
Forbes
, Dec. 19, 2011. http://www.forbes.com/sites/rickferri/2011/12/19/thank-goodness-for-index-funds/.

43.
“After the Crash,”
Economist
, Aug. 2011. http://www.economist.com/blogs/dailychart/2011/08/us-stockmarket-declines-and-gdp.

44.
Henry Hazlitt,
What You Should Know About Inflation
(Princeton, NJ: D. Van Nostrand, 1965).

45.
“Jobless Rate Falls to 9.7%, Giving Hope Worst Is Over,”
New York Times
, Feb. 2, 2006.

46.
Thomas Sowell, “Fed Up with the Fed.” http://www.creators.com/opinion/thomas-sowell/fed-up-with-the-fed.html.

47.
Cleveland Fed. http://www.clevelandfed.org/research/data/credit_easing/index.cfm.

48.
Simon Johnson and James Qwak,
13 Bankers,
Pantheon, 2010.

49.
Ibid.

50.
John Mason, “Monetaray [
sic
] Policy in 2011: Looking Back,”
Wall Street Pit
, Jan. 6, 2012. http://wallstreetpit.com/88418-monetaray-policy-in-2011-looking-back.

51.
Robert E. Lucas Jr., “The U.S. Recession of 2007-201?” Millman Lecture, May 19, 2011. http://www.econ.washington.edu/news/millimansl.pdf.

52.
Consumer Price Index—Jan. 2012, Bureau of Labor Statistics. http://www.bls.gov/news.release/cpi.nr0.htm.

53.
“Inflation Nation,”
New York Times
, May 3, 2009.

54.
Gerald O’Driscoll, “The Federal Reserve’s Covert Bailout of Europe,”
Wall Street Journal
, Dec. 28, 2011.

55.
“Fed’s $16 trillion Dollar Secret Slush Fund Props Up Our Way Of Life,”
Business Insider
. http://www.businessinsider.com/feds-16-trillion-dollar-secret-slush-fund-props-up-our-way-of-life-2011-7#ixzz1hgHQxuwi.

56.
Ron Paul, “The Fed Undermines Foreign Policy.” http://news.goldseek.com/RonPaul/1301932800.php.

57.
“The Countdown Begins: Just One Hour Until The Fed Releases Bailout Documents,”
Business Insider
. http://www.businessinsider.com/the-countdown-begins-just-one-hour-until-the-fed-releases-bailout-documents-2010-12

58.
“Foreign Banks Tapped Fed’s Secret Lifeline Most at Crisis Peak,”
Bloomberg News
. http://www.bloomberg.com/news/2011-04-01/foreign-banks-tapped-fed-s-lifeline-most-as-bernanke-kept-borrowers-secret.html.

59.
“Federal Reserve Document Dump Reveals Lending Secrets,” Campaign for Liberty. http://www.campaignforliberty.com/blog.php?view=41475

60.
“Secret Fed Loans Gave Banks $13 billion Undisclosed to Congress,”
Bloomberg News
. http://www.bloomberg.com/news/2011-11-28/secret-fed-loans-undisclosed-to-congress-gave-banks-13-billion-in-income.html.

61.
Ibid.

62.
Erik Holm, “Buffett Buys Goldman Stake in ‘Economic Pearl Harbor’ (Update2),”
Bloomberg,
Sept. 24, 2008. http://www.bloomberg.com/apps/news?pid=newsarchive&sid=axN8Gl5_fsxA.

63.
Charles Piller, “Buffett, champion of bailout, is also leading beneficiary,” McClatchy Washington Bureau, Apr. 5, 2009. http://www.mcclatchydc.com/2009/04/05/v-print/65496/buffett-champion-of-bailout-is.html.

64.
Julie Crawshaw, “WSJ: Buffett Foils IRS With Latest Tax Break,”
Money News, Newsmax,
Aug. 31, 2011. http://www.moneynews.com/StreetTalk/Buffett-berkshire-IRS-Tax/2011/08/31/id/409259.

65.
Shira Ovide, “Warren Buffett Made at Least $1.2 billion from GE,”
Wall Street Journal,
Sept. 13, 2011.

66.
Timothy P. Carney, “Is Barack buddy Buffett betting on bank bailout?,”
Examiner.
http://washingtonexaminer.com/politics/2011/08/barack-buddy-buffett-betting-bank-bailout.

67.
Lizzie O’Leary and Andrew Frye, “Geithner AIG Recusal Was ‘After the Fact,’ Issa Says (Update2),”
Bloomberg,
Jan. 27 2010. http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aDV3KdbP2Ap8&pos=6.

68.
Ibid.

69.
Silla Brush, “Paulson to testify that AIG bailout was correct,” the Hill, Jan. 26, 2010. http://thehill.com/homenews/house/78191-paulson-to-stand-by-aig-bailout.

70.
Lizzie O’Leary and Andrew Frye, “Geithner AIG Recusal Was ‘After the Fact,’ Issa Says (Update2),” op. cit.

71.
“Tough Questions for Geithner on AIG Bailout
,”
Associated Press Video. http://www.youtube.com/watch?v=VgtprlxOcks.

72.
Louise Story and Gretchen Morgenson, “In U.S. Bailout of A.I.G., Forgiveness for Big Banks,”
New York Times,
June 29, 2010.