the root of all evil

In concern to my last post, I meant to include a specific example indicating Murray Rothbard's even-handed approach to TPo1819, in that he would simply restate the arguments made by the differing parties without explicitly endorsing either.

For example, money-brokers were at one point considered the scourge of the early colonial American bank system. These gentle folk were guilty of the crime of purchasing discounted bank notes belonging to out of town banks, and then taking these same notes and redeeming them at their respective banks for their par value in specie. However the banks wouldn't stand these slimy two-timers who dared to impoverish their banks by withdrawing specie and so they sought to outlaw them.

It was here that I thought that Rothbard could interject that the banks had the duty to thank these money-brokers whose selfish, nefarious actions actually served to bolster the exchange value of the very same bank notes. To see why, simply imagine the lack of such money-brokers; after all if a vendor is presented with a bank note for a distant bank of which he knows almost nothing about, it would be more like that the note would have to be discounted even further before he would begin to consider it worth his trouble to accept it in lieu of specie, or in the notes of a closer banking institution.

The money-brokers in their actions thus filled a role in minimizing the discounting of bank notes of distant banks, and countervailed the tendency to further discount then what would have been otherwise.

ordo templi austrianis

About halfway through Jesus Huerta De Soto's Money, Bank Credit and Economic Cycles, in footnote 81 on page 372, the author questions whether Friedrich August von Hayek deliberately fails to credit Ludwig von Mises for his theoretical work on the business cycle in order to garner the respect of the scientific community for himself when he published his Monetary Theory and the Trade Cycle in 1929, of which some of the topics were already covered sixteen years earlier in Mises's The Theory of Money and Credit, and more thoroughly again in 1928's On the Manipulation of Money and Credit.

Oddly enough, Austria is the latinized name for Ö–sterreich, deriving from the Old German term meaning "eastern realm". Similarly, the term "Orient" refers to lands located eastwards towards the direction of the rising sun, while "Occident" refers to the western world, the direction in which the sun sets.

In this light one can view Aleister Crowley and the Ordo Templi Orientis as allies against the Bavarian conspiracy, to help counter the influence of the German Historical School, the legacy of which today lives on in the mainstream endorsement of empiricist foundations for economic studies, the emblem of which brazenly displayed on every federal [fractional] reserve note of one monetary unit, originally named for a Bohemian valley, once the standard for money of good reputation.