Analyzing Austrian economics memes: Who benefits from the anarcho-capitalist utopia?
Let us identify some of the typical memes disseminated by Austrian outlets, through an analysis of Daily Bell’s founder Anthony Wile’s sales pitch for The Foundation for the Advancement of Free Market Thinking (FAFMT). Keeping in mind that Wile and several of his collaborators have worked and still work as consultants for large international banks and other financial concerns, we will apply the well-known cui bono principle to our analysis: who would really benefit from all the reforms and proposals advocated by Wile’s Foundation?
– ‘Politicians all over the world spend with abandon, burdening their citizens with confiscatory taxes, insurmountable debts and economic ruin’
True, excessive governmental spending and heavy taxation are unjustified. However, when Wile talks about “insurmountable debts”, he fails to mention that governments would not need to pay interest if they did not borrow interest-bearing fiat currencies created from nothing. And interest charges are a major part of the burden mentioned by Wile: in the United States alone, interest charges correspond to nearly half of the $11 trillion increase in public debt projected over the next decade.
It stands to reason that, in the absence of interest charges, State deficits would be significantly reduced. Moreover, a larger share of the governmental spending could be directed towards useful programs, instead of paying banksters for the privilege of conjuring money out of thin air. In spite of the Daily Bell’s constant clamoring, there is nothing remotely statist or coercive about noticing this fact: pointing out the ludicrousness of the current monetary system does not mean that one endorses oppressive governments. On the other hand, a failure to notice the longstanding usurious usurpation is almost certainly indicative of a hidden agenda.
– ‘Central bankers shamelessly manipulate and inflate their currencies creating financial bubbles that ultimately burst, leaving shattered lives and businesses in their wake…’