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Guns and Butter - April 4, 2012 at 1:00pm

Guns and Butter, for April 4, 2012 - 1:00pm

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Guns and Butter

"Formula For Fraud" with William K. Black from the first Italian economic Summit on Modern Money Theory in Rimini, Italy. How to become a billionaire - the four necessary ingredients in the recipe for fraud; the three sure consequences of banking control fraud; gutting of the underwriting process; Gresham's Law; The Business Roundtable; hyperinflation of a bubble.

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Dear Prof. William K.

Dear Prof. William K. Black,

with regard to your KPFA-interview with Faulkner, when you were attending the Italian Rimini Summit, not only would I like to express my thanks and admiration for yours and your colleagues' courage to promote such forceful opposition against neoliberal thought and politics!
Just as much I want to say that simplifying the work and development of Austrian School and its descendants, its mingling-up with for ex. keynesian theories, does not benefit anyone's efforts to oppose.

An example to show why Europe isn't such a backward place, where was to bring neoliberal thought by Americans:
"Austrians" derives from "Austria", and that country is placed in Europe, and its capital spells "Wien", for you "Vienna", where in the very early 20th century ideas like "Reinventing Government" already existed, actually since 1920/21 and 1927, (to be looked at, unfortunately for you only in German, see: "Die Linke und ihr Problem mit der Abwicklung des Sozialstaats" in "Linke Zeitung" 24.12.2006):

Since my own studies at Bremen University in the early 90s, where not only marxian, keynesian and neoliberal theory was taught (of course classic & neoclassic too), we all know very well about Austrian's early theoretical history, because we read it in original language of their writings.
Also since 2005 friends and I studied their opponents, whose theoretical work of the 1980s and '90s, as to my personal understanding, shows patterns of how to stop Austrians BEFORE and even WHILE they conquer the state's social functions. And this could be achieved by action of organized working personnel.

Just to summarize:
What were the real causes for the theoretical paradigmatic shift within the international scientific community during the 1970s and '80s in favor of Austrians? Naming few criminals who simply usurped the state's commanding heights will not be taken all-to seriously, and as a counter-force will not last long enough to resist economists' right-wing pressure!
So why to support development for new myths about the supposed-to-be sudden emergence of "Theoclassics"? What could this be good for?

kind regards,

From: black@ Concern: RE:

From: black@
Concern: RE: KPFA-interview with Faulkner when attending the Italian Rimini Summit
Date: March 23th 2012 14:03:58 hour CET
To: web@

Here is how I interpret your question and comment: You are concerned about the mixing of Austrian and Keynesian theories. To my knowledge, neither my work nor that of my colleagues who spoke in Rimini mixed Austrian and Keynesian theories. We did express our general disagreement with Austrian and neo-liberal economic theory.

I don’t think that “science” has embraced Austrian economic thought. Austrian economists generally reject key aspects of the conventional scientific method. Scientists that study economics are generally strongly opposed to the neo-liberal and Austrian models as primitive and anti-scientific. Neo-classical economists are often opponents of Austrian economics.

Bill Black

Concerning "..... neither ...... nor ........ mixed Austrian and Keynesian theories.": Otto Steiger was a self-confessing Neoliberal and in the 1990s teaching neoliberal theory at Bremen, Germany.

From: web@
Concern: Re: KPFA-interview with Faulkner when attending the Italian Rimini Summit
Date: March 24th 2012 00:04:47 hour CET
To: black@

(......) There were several economic teachers who knew the necessary "techniques" to transform students' minds from classical-socialist to neoclassic-neoliberal thought. The very first (as to my understanding) who could do this was Mises, one later follower was Otto Steiger (mentioned in: "Money and credit in capitalist economies : the endogenous money approach"; Wray, L. Randall; see: Acknowledgments). (......)

Best wishes,

Very thought-provoking!!!

Very thought-provoking!!! Very interesting!!! I'm dealing with Bank of America and I'm hoping to get an "in-house" modification. An attorney I've hired to help me recommended Mr. Black's speech, so I understand more about how to deal with banks..

For a transcript of this

For a transcript of this broadcast, please visit

I don't want to seem

I don't want to seem ungrateful but where the heck was this recorded, in a train station? The background noise makes this informative lecture punishing to listen through.

Amazing how when one is in

Amazing how when one is in the thick of a sick system, they can't see it. The fundamentalist Milton Friedman invention, Neoliberalism had blinded the whole apparatus to the amazing falsehoods of the corporate fascist global movement.
When people think fraud is A-OK, you know you're dealing with ideology and mis-education, dis-information and a form of double-think.
Now the NSA will be watching all you do, for the sake of copyright laws and you get to be groped by police in the most humiliating ways if you are unlucky enough to be arrested.
Better watch out that they don't grab you when you assemble peacefully!

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