Russ Osborn writes:
It sounds like the critic you were sparring with might come from the Lyndon LaRouche circle that favors a return to a Hamiltonian-style national bank. I have encountered a growing number of these people, especially in labor union circles. They seem to think that a national bank, controlled by “the people”, is the solution. To boot, they have taken to Alexander Hamilton idolatry. It is really quite an odd and disturbing phenomenon.
A few years ago, I tried arguing with one of these true believers at length, specifically trying to get them to elaborate what would be categorically different between the current Fed system and a national bank. Their answer seems to be that the Fed is a “private” institution, but it seems useless to try to argue with them.
Legal tender laws? Who controls the peoples’ bank? Inflation and business cycle theory? All of these questions fail to gather their curiosity or serious consideration. Something about the Hamilton angle just seems to inspire them. The first time I encountered people from this circle, I was stunned at the litany of Alexander Hamilton that accompanied their pronouncements.
Sometimes I feel like we are few lonely llamas in a caribou herd.
Anyway, keep up the great work!
For the truth about Hamilton, see Tom DiLorenzo’s Hamilton’s Curse.