Archive for the ‘Federal Reserve’ Category


Transcript of Gary Johnson’s appearance on FOX Business Channel’s “Happy Hour”

In Deficit,Drug reform,Economy,Federal Reserve,Gary Johnson,Gary Johnson 2012,GOP,Government spending,Immigration,Inflation,Interviews on May 16, 2010 by Josiah Schmidt

On May 11th, Gary Johnson appeared on the FOX Business Channel’s “Happy Hour” program, where he touched on such subjects as drug law reform, the economy, government spending, the deficit, the Federal Reserve, inflation, immigration, and the 2012 presidential election.

Here’s the transcript.


Gary Johnson on FOX News’s Freedom Watch with Judge Andrew Napolitano

In 2010 elections,Economy,Federal Reserve,Gary Johnson,GOP,Government spending,Inflation,Interviews,Our America,Ron Paul on May 11, 2010 by Josiah Schmidt

Gary Johnson joins Judge Andrew Napolitano on FOX News’s Freedom Watch to discuss such issues as the economy, government spending, Ron Paul, the state of the GOP, the Federal Reserve, inflation, the 2010 elections, and his Our America Initiative.


Gary Johnson on The Fairness Doctrine Radio Show, WDIS AM 1170

In Abortion,Civil liberties,Deficit,Drug reform,Economy,Entitlements,Federal Reserve,Foreign policy,Gary Johnson,Gary Johnson 2012,GOP,Government spending,Immigration,Inflation,Interviews,Judiciary,Our America,Ron Paul,Taxes on April 27, 2010 by Josiah Schmidt

Gary Johnson joins The Fairness Doctrine, WDIS AM 1170 to speak about such issues as the economy, government spending, entitlements, the deficit, inflation, the Federal Reserve, taxes, drug law reform, civil liberties, abortion, judicial nominations, foriegn policy, immigration, Ron Paul, his Our America Initiative, and the 2012 presidential election.  (Warning: The audio quality on this radio recording is not terrific.)


Gary Johnson interviewed on KARN Radio

In Deficit,Drug reform,Economy,Entitlements,Federal Reserve,Gary Johnson,GOP,Government spending,Health care,Inflation,Interviews,Our America,Taxes on April 10, 2010 by Josiah Schmidt

Dave Elswick interviews Gary Johnson for KARN Radio, while at the Southern Republican Leadership Conference.  Gary talks about such issues as the economy, the deficit, government spending, entitlements, taxes, the Federal Reserve, inflation, health care, drug law reform, and his Our America Initiative. 

Part 1:

Part 2:


Gary Johnson interview at SRLC Media Filing Center

In Barack Obama,Economy,Education,Federal Reserve,Foreign policy,Free trade,Gary Johnson,Gary Johnson 2012,GOP,Government spending,Interviews,Our America,Ron Paul on April 9, 2010 by Josiah Schmidt

Gary Johnson gives another great interview at the Southern Republican Leadership Conference.  He talks about his Our America Initiative, his admiration for Ron Paul, the economy, free trade, the Federal Reserve, government spending, education, foreign policy, and the 2012 election.


KMJ Interview with Gary Johnson

In Deficit,Drug reform,Economy,Entitlements,Federal Reserve,Gary Johnson,Gary Johnson 2012,GOP,Government spending,Health care,Immigration,Inflation,Interviews,Our America,Taxes,Tea Party on April 8, 2010 by Josiah Schmidt

KMJ interviews former New Mexico Gov. Gary Johnson at a Tea Party in California.  Topics touched on include the economy, the deficit, entitlements, taxes, government spending, drug law reform, the Federal Reserve, inflation, health care, immigration, the Tea Party movement, and Gary’s Our America Initiative.


Important Voices: interviews Floy Lilley, libertarian audio book narrator

In Economy,Environment,Federal Reserve,Foreign policy,GOP,Important Voices,Interviews,Ron Paul,Tea Party on April 5, 2010 by Josiah Schmidt

This is interview #25 in’s “Important Voices” series, where we talk with key figures, such as elected officials, candidates, authors, commentators, and policy experts, about the issues of the day.  A new interview is released every Monday and every Thursday, so check back often!


Our guest for today’s Important Voices interview is Floy Lilley.  Floy is a libertarian writer, audio book narrator, entrepreneur, and a veteran of UN Climate Change conferences (more than twenty, in fact).  Floy lives in Auburn, Alabama (where she works with the Ludwig von Mises Institute) and often contributes to and

Josiah Schmidt: How did you come to hold such a liberty-oriented philosophy?

Floy Lilley: I had a strong work ethic at home with parents and family that read and gave me an environment of self-worth and responsibility, even though my Dad was a career Navy officer. He did, after retirement, feel that his state life had been one of deceit.  I held my first good private sector job at thirteen and have worked ever since. When I first read Atlas Shrugged at seventeen I owned it in every way. Thereafter I called my philosophical bent Objectivism, but was not a Randian. A small group of us studied every newsletter that Rand published and I read everything she wrote.

I met F.A. Hayek in 1973 and read his work. I devoured Reed’s FEE publications. I contributed heavily to the successful creation and growth of both new and established private businesses. I was part of the entrepreneurial force. I met Ron Paul, Lew Rockwell, Murray Rothbard, Walter Block, and Burt Blumert in the eighties and began reading their work. In law, my interest was on property rights. Bastiat’s book was a favorite. For a privately-funded university Chair of Free Enterprise, I delivered speeches nationally on the piecemeal plunder of private property rights that I witnessed. I worked to pass Private Property Acts in the separate states. I have been a watchdog to the actions of the United Nations that seek the establishment of global government and the destruction of private property, individual sovereignty, natural law, individual rights, sound money and all wealth-creating elements of free societies. Hans-Hermann Hoppe’s work in the nineties shifted me solidly into anarcho-capitalist ranks.

Today, the work I do is the work I have loved my whole life – spreading the remarkable ideas of liberty in all possible formats. Ideas do have consequences. Marx and Keynes have ruled way too many generations.
Josiah Schmidt: What are your top three favorite books?

Floy Lilley: Atlas Shrugged (1957) by Ayn Rand, The Law (1850) by Frederic Bastiat, and Democracy: The God That Failed (2001) by Hans-Hermann Hoppe.

Josiah Schmidt: Who do you think is the most underrated and underestimated libertarian writer of all time?

Floy Lilley: Algernon Sidney. He is so underrated and underestimated that he is virtually unknown. He wrote Discourses Concerning Government. The Crown killed him in 1683. Along with John Locke and Trenchard and Gordon of Cato’s Letters, Sidney was, according to Murray N. Rothbard, one of the three most cited and quoted theorists developing libertarian thought in America. Sidney stresses the right of revolution.

“To Sidney, revolution and freedom were closely linked. Whenever people’s liberties were threatened or invaded, they had the right, nay the duty, to rebel. Everyone might legitimately slay a tyrant, and there is much justification for defending the rights of individuals against tyranny.” p.188 Conceived in Liberty, Vol II.

Sidney’s analysis of individual reason influenced Anne Hutchinson’s lone pioneering in philosophical anarchism.

Josiah Schmidt: What do you think is the significance of the burgeoning “Tea Party” movement?

Floy Lilley: I share Laurence Vance’s assessment that Tea Party people are sincere and teachable, while still not being reliable and consistent advocates of liberty.

Were the movement to galvanize, it would probably supplant the Republican Party, as Gerald Celente has predicted it will in 2012. That would be good for liberty if it were to be a substantive change rather than simply a switch in the faces of the ruling class.

Josiah Schmidt: In your opinion, what is the biggest, looming, unseen threat to our freedom today?

Floy Lilley: The state itself is the grand seen threat to our freedom. Within that public monster grows the threat that works diligently to remain off radar – the monopoly cartel which is our monetary system.

Since there is no political freedom possible until there is first economic freedom, the monopoly cartel that seized our money, banking and credit system in 1913 remains the chief obstacle to individual liberty and to a free society in our country.

To expose this core threat is pure radicalism. Few groups outside the Austrian economists and Ron Paulians have gained the knowledge and have had the courage to consistently work at informing others about the enslaving role of the Federal Reserve as our central bank. It is past time to separate money and the state.

Josiah Schmidt: How did Ron Paul’s 2008 campaign change America?

Floy Lilley: For the first time in eighty-five years the existence and authority of the central bank is questioned. Paul’s campaign has contained substance that has always been considered the third rail of politics. His courageous convictions alone earn respect and allegiance. But, as vibrant as Paul’s message is, it is the technological medium’s response to that message that has changed American politics. Grassroots have become grass digits. Decentralized internet communication has dented the highly controlled mass media messages. Hierarchies quake.

Josiah Schmidt: In a few sentences, how might the free market handle anthropogenic global warming (assuming it’s true, just for the sake of argument) better than the State?

Floy Lilley: Nature’s Law is mutate, migrate, adapt, or die. Adaption, innovation and resilience are natural characteristics of free societies, not states. Whatever the crisis might be, the flexible and innovative responses of entrepreneurs will always beat the bureauclerosis of a state. The only free society on the planet today is the internet. Earthweb by Marc Stiegler (1999 – Baen) is the way the free market handles catastrophic events. I think it is our future networked intelligence. But then, I never do see people as bellies, but as minds.

Josiah Schmidt: Who do you think was the most competent (or should I say, the least incompetent) United States President in our nation’s history?

Floy Lilley: Harding. Jim Powell’s article on him makes a full case. Less government in business and a non-interventionist foreign policy endear his actions to me. Harding recognized the crucial importance of encouraging investment essential for growth and jobs. ‘We need vastly more freedom than we do regulation,’ he said.

Josiah Schmidt: What advice would you give to libertarians reading this interview?

Floy Lilley: Those of us who love and live liberty do not have plans for others lives. We want others to keep their hands out of our pockets and to mind their own business.

Political movements require leaders and youth. It is always a delicate act to lead without controlling. There was a stretch of time when President Paul seemed a possibility. Burt Blumert was the first to remind us that were Paul elected, we would have to get busy with impeachment proceedings, it being impossible for any human to resist such seduction of the power in being the Chief Executive.

Josiah Schmidt: Anything else you’d like to say to our readers?

Floy Lilley: Did you know that in England libertarians were first known as Levellers?  Or, that a general Hudson River uprising was the Levellers’ Uprising of 1766? Because I voice recorded all four volumes of it, I am here to tell you that Conceived In Liberty by Murray N. Rothbard is the most amazing libertarian historical effort in which a libertarian lens is held up to colonial America. Rothbard clearly saw the play between social forces and state forces during our Nation’s formation. You can download the PDFs freely, or the MP3 audios freely from our open site No permissions needed to reprint or copy. Now that’s the libertarian way.


Important Voices: interviews Eric Wargotz, candidate for US Senate, Maryland

In 2010 elections,Economy,Education,Federal Reserve,Foreign policy,Government spending,Health care,Important Voices,Interviews on April 1, 2010 by Josiah Schmidt

This is interview #24 in’s “Important Voices” series, where we talk with key figures, such as elected officials, candidates, authors, commentators, and policy experts, about the issues of the day.  A new interview is released every Monday and every Thursday, so check back often!


Eric Wargotz (left) with Gary Johnson (right)

Our guest for today’s Important Voices interview is Eric Wargotz.  Eric is a former Governor’s Appointee to the Board of Physician Quality Assurance, and is a physician-businessman managing several medical businesses. He served as a Laboratory Medical Director for 17 years responsible for administering and managing a busy hospital department including operating and capital budgets, management team and employees totaling over 100 at times, and scrutinizing department and hospital activities to ensure proper utilization of resources. He currently serves as an independent consultant and contractor in that field. He is former President of the Queen Anne’s County Medical Society (QACMS 2000 – 2004) and is Clinical Professor of Pathology at the George Washington University Medical Center.  Eric Wargotz received his M.D. from the Ohio State University College of Medicine and is a graduate of Rutgers University. He completed his post graduate medical training, including Chief Residency, at the Veterans Administration Medical Center of Washington D.C. and the George Washington University Medical Center where he received the Frank N. Miller, M.D. Award for Excellence in Medical Student Teaching. Following completion of a Fellowship in the Department of Gynecological and Breast Pathology at the Armed Forces Institute of Pathology (AFIP) he joined their staff. They awarded him the Director’s Letter of Commendation upon his departure from the AFIP. He has published over two dozen scholarly articles in the medical scientific literature and is a recognized authority on diseases of the breast and gynecological disorders. He was rated as one of “Americas Top Physicians, 2004-2005 and 2005-2006″ by the Consumer’s Research Council, Washington D.C.  Eric is now running for US Senate in Maryland.

Josiah Schmidt: What compelled you to enter elective politics?

Eric Wargotz: I was raised to believe that if you do not like what you see then work to change it.  As a physician and county commissioner, a citizen-legislator, I seek first to do no harm (taken from the Hippocratic Oath.)

Josiah Schmidt: What issues are most important to Marylanders?

Eric Wargotz: Concerns regarding the new health-care law, the economy (jobs, taxes, fiscal responsibility), national security, and the health of the Chesapeake Bay.

Josiah Schmidt: What do you offer that your opponents do not?

Eric Wargotz: I am the only elected official in the race other than the incumbent Senator in the majority party. As a physician and elected official on the local level I will bring different perspectives to Washington. We have a state-wide campaign in place and are ahead in fund-raising. We are best positioned to get the job done.

Josiah Schmidt: How did you come to hold such a liberty-oriented philosophy?

Eric Wargotz: As a firm believer in less government and more individual responsibility I believe as Ronald Reagan did that “Government is not the answer.” In my life and as an elected official on the local level, I practice what I preach.

Josiah Schmidt: What is the first thing you will do as a US Senator?

Eric Wargotz: Repeal, Revise, and Rejoice (the new 3 R’s) with a brand new health care solution which will be in contrast to the one which has passed into law recently.

Josiah Schmidt: How should health care be reformed?

Eric Wargotz: Interstate portability and sale of insurance across state lines, removal of antitrust protection for insurance companies, and tax-free Health (Medical) Savings Accounts (HSA/MSA) are measures which would reduce health care costs.  We need meaningful tort reform and related judicial reform, and adequate solutions to solving the health care provider manpower crisis. (also see: )

Josiah Schmidt: Which area of government spending would you most like to cut?

Eric Wargotz: The U.S. Department of Education has a budget of $68.6 billion (according to the Dept. of Education website).  Each state has their own mandate to provide for public education. There is little need if any for a “National” Department of Ed.

Josiah Schmidt: What can be done to increase transparency and accountability in government?

Eric Wargotz: The Amendment proposed by Senator Jim Bunning (R-KY) was reasonable and would have required that the legislative language and a final, complete cost analysis of the a bill be made publicly available on the Senate Finance Committee’s website at least 72 hours prior to any Committee vote. This proposal was defeated through maneuvering of my opponent (also see: )  Auditing the Federal Reserve is an additional measure which makes sense as a transparency measure — “Sound Banks, Sound Money” as Gov. Johnson says.

Josiah Schmidt: Anything else you’d like to say to our readers?

Eric Wargotz: We are at a historic crossroad in the future of our nation.  Fiscal responsibility must be restored, free-market forces must prevail. Big government is not the solution. I believe in a better America.  Together, let’s make America healthy and strong.

Josiah Schmidt: Where can people go to find out more about you and contribute to your campaign?

Eric Wargotz: Your support is greatly appreciated.  Remember, my US Senate race is not just about Maryland, but also about securing the future of our nation . Please visit, support, and contribute at


Important Voices: interviews David Nolan, inventor of the Nolan Chart

In Civil liberties,Economy,Federal Reserve,Foreign policy,GOP,Important Voices,Interviews,Tea Party on March 25, 2010 by Josiah Schmidt

This is interview #22 in’s “Important Voices” series, where we talk with key figures, such as elected officials, candidates, authors, commentators, and policy experts, about the issues of the day.  A new interview is released every Monday and every Thursday, so check back often!


Our guest for today’s Important Voices interview is David Nolan.  David was one of the people who played an integral role in founding the United States Libertarian Party.  He subsequently served the party in a number of roles including National Chair, editor of the party newsletter, chairman of the By-laws Committee, chairman of the Judicial Committee, and Chairman of the Platform Committee.  David originated the famous “Nolan chart,” which attempts to improve on the simple left versus right political taxonomy by separating the issues of economic freedom and social freedom and presenting them in the format of a plane.

Josiah Schmidt: How did you come to hold such a liberty-oriented philosophy?
David Nolan: Originally, from reading the works of liberty-oriented writers like Robert Heinlein, H.L. Mencken, and Ayn Rand. Then, by observing that the amount of freedom in a society correlates closely with its level of prosperity and happiness. See 

Josiah Schmidt: Could you tell us the story of how you helped start the US Libertarian Party?
David Nolan: I first became politically active in Barry Goldwater’s Presidential campaign (1963-64). After that, I stayed active in the Young Republicans until 1971, when Richard Nixon made it abundantly clear that the GOP was not the party of liberty. When Nixon went on TV in August, 1971 to announce wage and price controls, and to completely sever all connection between the dollar and a gold standard, a group of libertarian-minded people decided it was time to form a new party. 
Josiah Schmidt: Explain to our readers what the Nolan Chart is, and how you came up with the idea.
David Nolan: The Nolan Chart is a two-dimensional “map”  that shows the positions of various political/economic systems in terms of two variables: personal freedom and economic freedom. I came up with the idea in 1970 after realizing that a one-dimensional political spectrum (e.g. left vs. right) is woefully inadequate in its ability to show how different systems and ideologies compare to one another.  The “World’s Smallest Political Quiz” is based on the Nolan Chart, and has been taken by about 15 million people to date. See
Josiah Schmidt: Who do you think is the most underrated and underappreciated libertarian writer?
David Nolan: Interesting question. Probably someone we’ve never heard of, but among those we have heard of, I’d say Karl Hess, who wrote Barry Goldwater’s “extremism in the defense of liberty” speech and a ton of insightful essays on a multitude of topics.  I knew Karl slightly, and he was a wonderful human being as well as a great writer. Since his death in 1994, his writings have faded from view to a large extent and that’s a shame.
Josiah Schmidt: What are your top three favorite books?
David Nolan: Tough question for a bibliophile like me! If we are talking about personal favorites, as opposed to “books everyone should read to better understand how the world works, or ought to” my top three would be:  Alice in Wonderland / Through The Looking Glass (which I’ll count as one book), A Confederacy of Dunces, and Richard Matheson’s I Am Legend.  “Alice” is not only very witty, it has layer upon layer of meaning; it’s truly a literary masterpiece . “Confederacy” is one of the funniest books ever written; truly hilarious. And “I Am Legend” is a haunting, almost poetic evocation of alienation, of being “the last man on Earth.” It has been adapted into a movie three times, and none of the three movies is nearly as good as the book.

Josiah Schmidt: What is the significance of the burgeoning “Tea Party” movement, in your view?
David Nolan: It started out as a genuine, non-partisan grassroots movement of Americans fed up with overbearing, intrusive government. Now, however, it has been largely co-opted by Republican party hacks. Sarah Palin’s speech to the recent gathering in Nashville was stomach-turning.

Josiah Schmidt: What do you see as the future of libertarianism in America?
David Nolan: That’s very hard to prognosticate. Clearly, this country is in big trouble and “our” government is doing exactly the wrong things to create an economic recovery. And we are losing our civil liberties as fast, or faster, than we’re losing our economic freedoms. I’m afraid that pro-liberty ideas will be in a minority for a long time to come. Right now, I’d say the chances of the U.S. breaking up, with at least some areas becoming more libertarian (and some less so) is greater than the likelihood of the whole country “going libertarian.”

Josiah Schmidt: What countries do you think show the most promise for the liberty movement in the world today?
David Nolan: I’d say that the countries that are currently the most-free are the most likely to stay that way, or become even more free.  Generally, the English-speaking countries (Australia, New Zealand, Canada, Ireland) have the strongest tradition of personal liberty and economic freedom. Switzerland has long been a bastion of freedom. Countries like Denmark and The Netherlands have some promise also.

Josiah Schmidt: What advice would you give to libertarians reading this interview?
David Nolan: Think for yourself. Don’t accept any pronouncement from any political leader or authority figure without thoroughly investigating their claims.  Do they have the facts straight? Do their claims make sense? Whose interests are they serving? 

Josiah Schmidt: Anything else you’d like to say to our readers?

David Nolan: As I said earlier, I think the United States is in for a long stretch of fairly bad times. The consequences of bad policies (Federal Reserve funny-money, global interventionism, creeping police-state surveillance at home) are coming back to haunt us. Things are ugly, and likely to get uglier. So it’s important to develop an understanding of WHY we are in trouble, and how freedom is the solution to these problems. Stay principled, be outspoken, and support the people and organizations that are standing up for our liberties.

Josiah Schmidt: Thanks, David.


Important Voices: interviews Jesus Huerta de Soto, author of “Money, Bank Credit, and Economic Cycles”

In Economy,Federal Reserve,Important Voices,Inflation,Interviews on March 22, 2010 by Josiah Schmidt

This is interview #21 in’s “Important Voices” series, where we talk with key figures, such as elected officials, candidates, authors, commentators, and policy experts, about the issues of the day.  A new interview is released every Monday and every Thursday, so check back often!


Our guest for today’s Important Voices interview is Jesus Huerta de Soto.  Prof. de Soto is an Austrian School economist and Professor of Political Economy at Rey Juan Carlos University of Madrid, Spain. In 2005 Huerta de Soto received the CNE’s Adam Smith Award for lifetime achievement, and in 2009 he was awarded a honorary degree from Universidad Francisco Marroquin.

Josiah Schmidt: How did you come to hold such a liberty-oriented philosophy?

Jesus Huerta de Soto: By mere coincidence I found, bought and read Ludwig von Mises’s treatise Human Action when I was 16 years old. Since then I have been a libertarian.

Josiah Schmidt: In short, how did the US Federal Reserve cause the current economic crisis?

Jesus Huerta de Soto: It orchestrated a huge artificial credit expansion at very low interest rates causing entrepreneurs to systematically malinvest a large amount of scarce resources in nonviable lines of production (mainly related with real-estate business).

Josiah Schmidt: Does the Federal Reserve deserve thanks for anything it has done over the past few years?

Jesus Huerta de Soto: No. Central banks are the only institutions responsible for the financial crisis and the economic recession.

Josiah Schmidt: What would have happened if the Fed had let all the bankrupt financial institutions fail?

Jesus Huerta de Soto: A sound monetary system is essential for a market economy. Unfortunately, letting all financial institutions fail would provoke a void in the monetary system that would destroy our current economic system.

Josiah Schmidt: What should the Fed do, at this point, to help bring this recession to an end?

Jesus Huerta de Soto: Central banks should mimic as close as possible the working of a purely private monetary system based on a 100 per cent reserve pure gold standard: A stable monetary supply (growing no more than 2 per cent per year); non-involvement with interest rates and strong separation of short term commercial banking from investment banking (i.e. reintroduction of a kind of Glass-Steagall act).

Josiah Schmidt: Is abolishing the central bank a politically feasible option in this day and age?

Jesus Huerta de Soto: The only way to avoid any future financial crisis and economic recession is through a redesign of the current financial system following these three lines:

1st. Abolition of fractional reserve banking, i.e., the reintroduction of 100 per cent reserve banking for demand deposits and equivalents.

2nd. The abolition of the central bank (that would not be needed any more as lender of last resort if the 1st reform is enacted).

3rd. The privatization of the current pure fiduciary state monetary system and its substitution by a pure gold standard.

Josiah Schmidt: What would, realistically, happen if we woke up tomorrow morning and the Federal Reserve’s charter had been revoked and the doors of the central bank were closed up?

Jesus Huerta de Soto: The transition to a sound monetary system is explained in detail in Chapter 9 of my book on Money, Bank Credit and Economic Cycles.

Josiah Schmidt: If you had to recommend one beginner’s-level book to understand monetary policy and central banking, what would it be?

Jesus Huerta de Soto: My book “Money, Bank Credit and Economic Cycles” explains everything the readers need to know.

Josiah Schmidt: Great.  Thank you, Prof. de Soto.


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