Lew Rockwell

Banking, Bailouts and War in US History


Lew Rockwell, president of the Ludwig von Mises Institute, discusses Thomas Jefferson’s theory of inflationary money and the business cycle, the history of fiat money in America and around the world from Marco Polo’s adventures through Massachusetts Bay Colony, the Revolutionary War, 1812-14, Andrew Jackson’s battle with Biddle, Lincoln’s greenbacks, the Gilded Age, progressive era tyranny of Woodrow Wilson, passage of the Federal Reserve Act, the World Wars, Great Depression, Cold War, Terror War, the multi-trillion dollar bailout, end of the empire, and the heroic Ron Paul.

MP3 here. (57:33)

Lew Rockwell is the founder and President of the Ludwig von Mises Institute in Auburn, Alabama, Vice President of the Center for Libertarian Studies in Burlingame, California, and publisher of the political Web site LewRockwell.com. He served as Ron Paul’s congressional chief of staff between 1978 and 1982. Check out his new podcast show here.

9 thoughts on “Lew Rockwell”

  1. Scott, off topic but what has happened to G. Edward Griffin? Does he not do interviews anymore. Creature from Jekyll Island is amazing – is it too conservative for Antiwar.com?

  2. By the way, former fed chairman Greenspan has said the country cannot afford McCain´s tax cuts for the super-wealthy.
    Sarah Palin will make abortion illegal even in case of rape or incest.
    She believes in the “end times” and has said that she´s expecting Jesus to return in her lifetime. Science tells us that The Earth could be twice as old, i.e. about 9 billion years.
    And McCain wants to destroy Social Security and make more wars. Palin said, “We may need to go to war with Russia”. That´s NOT an obtion !
    PS: Governor Sarah Palin cut funding for special needs children by 60 %.

  3. I’m wondering if Lew – or anyone else – could explain where I could find out exactly when the fed prints new money artificially, and how much. I want to see the hard data

  4. It is the US Treasury that prints the $$$.

    Quite a convoluted process if you bother to trace it through.

    The USG issues bonds “Treasuries” if you will… http://en.wikipedia.org/wiki/Treasury_security

    A mystery agency of the USG that you never hear about: http://en.wikipedia.org/wiki/Bureau_of_the_Public_Debt

    “The process actually begins with the Treasury Department printing a piece of paper called a bond, which is done electronically. Treasury bonds are debt obligations (liability) of the government to repay a loan – with interest.

    The Treasury sells bonds to the public. The bonds the public does not buy, the Treasury deposits with the Federal Reserve. When the Fed accepts the bond from the Treasury, it lists the bond on its books as an asset.

    The Fed assumes the government will make good on its promise to pay back the loan. This is based on the belief that the government’s power to tax the people is sufficient collateral.

    Because the Fed now has an asset that it didn’t have before receiving the Treasury bond, the Fed can now create a liability that is offset by its new asset.

    The liability that the Fed creates is a Federal Reserve check. It gives the Treasury the check in payment for the Treasury bond.”


    complete article at: http://www.financialsense.com/fsu/editorials/gnazzo/2005/1129.html

    For a good cross section of articles on this subject see:




  5. When doing a magic show for the mentally challenged…..Very little slight of hand is required…..

    For more sophisticated audiences……. more sleight of hand is necessary….. Once the dweebs wise

    Wise-op to the game….. The cons change the game……..Not the rules………..

  6. Well, which is it?

    Several times during the interview Scott references Griffin’s ‘Creature of Jekyll Island’ which says the Fed is privately owned, but Lew Rockwell says in the same interview this ain’t so. Ron Paul also recommends this ‘Fed is private’ book.

    What’s going on? Who hould I belive? Tell me. I can’t think for myself.

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