More Money More Problems with Tom DiLorenzo

Today, The Two Mikes had the pleasure of talking with Tom DiLorenzo, who is now President
of the Mises Institute for Austrian Economics (https://mises.org/) in Auburn, Alabama. The
The institute is named after Ludwig van Mises, who was one of the most notable economists and
social philosophers of the 20th Century. Before becoming the president of the Institute, Dr. DiLorenzo was a longtime university professor in the field of economics. He has written several
books on economics and three outstanding, persuasive, and marvelously controversial,
Revisionist Histories of Abraham Lincoln: The Real Lincoln: A New Look at Abraham Lincoln, His
Agenda, and an Unnecessary War; Lincoln Unmasked: What You’re Not Supposed to Know
About Dishonest Abe; and The Problem with Lincoln.

Dr. DiLorenzo is a determined opponent of the over-sized and power-grabbing nature of the
federal government, and especially of its non-stop and detrimental interference of the U.S.
government in the American society. In essence, Dr. DiLorenzo explained the U.S. government,
in 1913, turned over sole control of the U.S. economy and currency to the “independent”
Federal Reserve System (The FED), and since then it – and neither the elected members of the
Congress or the U.S. Treasury – has exercised that control, much to the republic’s detriment.

The Fed is the nation’s fourth national bank. The first three – The Bank of North America, The
Bank of the United States, and The Second Bank of the United States – were short-lived
because they were determined to be the authors of boom-and-bust cycles, price inflation, and
depressions. The FED has the same track record, indeed, probably worse, and according to Dr.
DiLorenzo it needs to be closed – which can be done by a bill passed by Congress – and its
responsibilities handed back to the Congress and constitutionality. Dr. DiLorenzo said that the
two blocks to using this straight-forward action lies in the opposition sure to come from
bankers across the country – men and women who contribute to congressional campaigns –
and the community of academic economists most of whom specialize as cheerleaders for the
FED. After its disastrous performance since 1913, it is worth noting that the FED has never been
audited. What secrets might be being hidden by that deliberate omission?

To conclude, The Two Mikes have found the Mises Institute to be a remarkably capable and
helpful organization. We have used it in doing research for our podcast, and Dr. Mike
frequently uses its bountiful archives in preparing a new book. The Institute also has some of
the most talented economists, political and social thinkers, and historians working and writing
on innumerable issues pertinent to understanding and defending the republic. It also has just
released a documentary called “Playing with Fire: Money, Banking, and the Federal Reserve”.
The film was released on 12 October 2024 and can be viewed at https://mises.org/. Very
appropriately, Dr. Ron Paul (peace be upon him) is featured in this film.

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