More South of Mason-Dixon Line news: North Carolina lawmaker argues for state currency backed by gold, silver and the good ol’ theories of Prof. Hayek von Mises…

What You Should Know / March 21, 2011

www.newsobserver.com -- "I don't necessarily believe [the Federal Reserve] is about to collapse right now," said Bradley, 37. "There are still a few things they can do with qualitative easing to sort of extend their survival. It's just a question of how long. Right know we have a lot of sovereign debt going to China and Japan. When that debt stops being purchased by foreign countries, that currency is going to flood back onto American shores, potentially creating hyperinflation and bursting the currency bubble we have coming in Federal Reserve notes today."The Austrian SchoolBradley, a self-employed computer technician and former Marine, attended Southeastern Baptist Theological Seminary in Wake Forest until he could no longer afford tuition, he said. While he has not taken any in-depth classes in economics, Bradley described himself as a devotee of the Austrian School, a branch of economic thought that originated in Vienna and was influential before World War I.Back then the value of most of the world's currencies were tied to the amount of the gold amassed in their national treasuries. The United States abandoned the gold standard in 1933, after it was blamed for worsening the Great Depression.

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1. Doug | March 21st, 2011 at 6:03 pm
I’m Charles G. Koch and I approve this Jewish conspiracy message:
What does Von Mises have to do with the South. Mises was a totally non-Jewish Austrian aristocrat who I don’t believe ever even stepped foot in the Southern United States, but then I don’t know a fucking thing because Mises lived in America for stretches a ta time. Murray Rothbard, who was Von Mises intellectual heir, was from Jewish chemist parents in the Bronx and I got that from Wikipedia, which my fellow employees edited for clarity. http://exiledonline.com/how-long-has-new-media-strategies-been-trolling-wikipedia-on-the-kochs-behalf/
As for the history of the fiat money movement in America, I believe the South has always been more anti-gold/pro-fiat. The Free Silver movement was popular among farmers in the South and resisted by industrialists in the Northeast. William Jennings Bryant (the quintessential anti-gold candidate) won his most solid electoral gains in the South, while pro-gold McKinley solidly carried Northern factory workers, especially Germans (who’s descendants still today populate the Northeast).
Same goes with FDR, who of course de-pegged the dollar from gold for good. He was most popular in the South and the core of his opposition was Northeastern industrialists. Even if you look at the more recent mainstream hard-money economists most tend to be disproportionately Northern. Paul Volcker was the tightest money Fed chairmen, and is Jewish and from New Jersey. At one point raising interest rates to 16% in the middle of a recession, he switched the Fed to money supply targeting and implemented the Friedman rule (as in Milton Friedman).
Yes Yasha I understand it’s easy to keep a very simple monolithic united view of the right-wing in your mind. The South is conservative, and monetarists/Austrians are conservative, therefore Austrian economics came from the South (“Of course, weren’t Bastiat and Jefferson Davis hunting buddies!”). But I think your showing a lack of research.
This would be like me saying that Stalin would have joined the Animal Liberation Front, because they’re both on the far left. In fact, Stalin founded the Animal Liberation Front. Check it out.