Steve Baker was a Conservative Member of Parliament between 2010 and 2024. Despite his early willingness to speak at Libertarian Alliance events, he eventually became a senior minister in the most authoritarian government in British history to date. He shares in the collective responsibility for two lockdowns, compulsory vaccination of NHS staff, and the Online Safety Act. He is an excellent illustration of Murray Rothbard’s riddle: “Why do our friends never get into power? Because, once they are in power, they stop being our friends.”
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There is nothing wrong with money lending for interest – Aristotle was mistaken.
However, one should only lend out what one actually has.
If one has, for example, a thousand Pounds and one “lends out” a hundred thousand Pounds or a million Pounds – one has, at least as the ordinary person would judge such things, committed a form of fraud.
But whatever the laws of fraud may say – one has certainly engaged in a terrible folly.
Expanding “broad money” (bank credit) beyond REAL SAVINGS (the actual sacrifice pf consumption – Keynes was just wrong when he claimed that credit expansion was “saving – as real as any other form”), creates a bubble economy – and this bubble must eventually burst.
Banks who engage in this “crediting to the account” (and other book keeping tricks) should be allowed to go bankrupt (they should not be bailed out).
As for money itself……
It should be a real commodity (such as physical gold and silver) that people choose to value before it becomes money and apart from its use as money, and the subjective nature of economic value does NOT change this.
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[…] appeared at events organised by the Libertarian Alliance. Recordings of both appearances remain publicly available. Both cultivated reputations as sceptics of state power. When it mattered, they went with the […]