Detlev Schlichter speaks on the Financial Sense Newshour programme.
Although as a hard-core Rothbardian myself*, on the issue of 100% reserves, I do have one or two quibbles on the edges, but in particular you will travel a long way to hear a better explanation of why the ‘amount’ of money needed by an economy should remain inelastic, because as a medium of exchange, it falls outside the class of other consumable goods, where more is always better (even if the consumable good is ‘thin-ness’, as provided by gyms).
Indeed, this conflation that money equals wealth, and that therefore more money generates more wealth, is the childish equivocation which lies at the heart of all of our Keynesian-induced economic problems.
Every minute of this 41-minute interview, is worth listening to, but especially the last five minutes, in which Schlichter explains where he believes all of this is going, and how he managed to become and remain an Austrian while working within the banking industry:
- Detlev S Schlichter, Paper Money Collapse, The Folly of Elastic Money and the Coming Monetary Breakdown, Financial Sense Newshour, January 25, 2012 (MP3)
*[Once again, if there is someone who believes they are a harder hard-core Rothbardian, in England, then the fight on Hampstead Heath, one misty morning, will be long and bloody as we scrap for the right to bear this title.]