November 11, 2012 § Leave a comment
Today, we introduce what may become a semi-regular feature here at the Daily Knell: the Daily Bell review, where we comment on the Austro-libertarian propaganda peddled by this well-known “alternative” website.
For our first “Daily Bell review”, we focus on a couple of articles posted in the last week on the Daily Bell, and especially on Detlev Schlichter’s interview and the ensuing comments and discussion that this interview generated.
‘In fact, what the modern system does is create huge flows of fiat money that end up building an entirely artificial system beholden to central bank facilities.’
Actually, 97% of our money supply is created as credit by commercial banks, but that won’t stop the Daily Bell and others from focusing exclusively on “central bank facilities”. In fact, the Daily Bell is rehashing the typical Austro-libertarian cliché: central banks are evil…
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