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We're building a bridge from Austrian theory to its application in business. This can help us gain a greater understanding of the merits of Austrian economics. Presented at the historic Jekyll Island Club Resort on Jekyll Island, Georgia, on 9 October 2020. For more information on the Economics for Business program, visit Econ4Business.com.

The new government powers sold as "temporary" and "emergency measures" are likely to endure long after the end of the current crisis. Politicians and pundits will insist "we" need these powers to be permanent so that governments can address future crises by centrally planning the production and the use of resources. From the 2020 Supporters Summit, presented at the historic Jekyll Island Club Resort on Jekyll Island, Georgia, on 9 October 2020. See also Peter Klein's March 2020 Power & Market post, "Coronacrisis and Leviathan".

What we are now witnessing in the larger society is the result of decades of work within academia and government to destroy the private-property system of the West and replace it with a new socialist order. From the 2020 Supporters Summit, presented at the historic Jekyll Island Club Resort on Jekyll Island, Georgia, on 9 October 2020.

The Jacksonians saw central banking for what it was: a way of making the rich even richer, while ripping off ordinary people. We remember the Jacksonians not just because they were right about the central bank, but because they were also very successful in their fight against the Bank and its allies. From the 2020 Supporters Summit, presented at the historic Jekyll Island Club Resort on Jekyll Island, Georgia, on 9 October 2020.

There are two distinct classes in America, and we have to break up. And we have to break up sooner rather than later. If we are to avoid a disastrous conflict, each side has to let the other go. From the 2020 Supporters Summit, presented at the historic Jekyll Island Club Resort on Jekyll Island, Georgia, on October 9, 2020.

[From the 2020 Supporters Summit, presented at the historic Jekyll Island Club Resort on Jekyll Island, Georgia, on October 9, 2020.] At breakfast, I ran into Ed Griffin who wrote that wonderful book The Creature from Jekyll Island, the greatest book written about the monstrosity that was created 110 years ago and he said, “I heard you’re talking this afternoon. What are you going to talk about?” I said, well the title of my talk is the Constitution and Central Banking. He said, “Oh, you’re going to go for about thirty seconds,” because there’s nothing in the Constitution about central banking whatsoever. But there is, of course, a history that brought us to where we are now and my job, with deference to the great speakers who have appeared before me, is to try and tie a lot of this together by telling you about the history and telling you about how the Constitution has been tortured and twisted even as we speak in an effort to allow big government to control our lives. And then I have a little surprise for you at the end of my talk. Don’t let me forget the surprise. I’ve revealed it to one person, Professor Newman, I know he’s going to remind me to reveal the surprise. So, when we were colonists and the king was looking for ingenious ways to raise money, one of those ingenious ways was the Stamp Act. This required that every adult in the colonies—not in Great Britain; it would have fomented a revolution there—but every adult in the colonies have in their possession, on every piece of paper in their home, every book, every pamphlet, every financial document, every letter, a stamp issued by the British government. So, you went to a British government—you think the post office is bad today—you went to a British government post office here in the colonies and purchased these stamps to put them on the papers in your home. Question: How did the King and the Parliament three thousand miles away know if you had the stamps on the papers in your house here? The answer, the Writs of Assistance Act. The Writs of Assistance Act permitted British agents—see if this sounds familiar—to go to a secret court in London and ask the secret court for a search warrant to search wherever they wished and seize whatever they found which was evidence of any lawbreaking by not having the stamps on your papers. So, it would not be uncommon for you to hear a knock on the door, and it was a British soldier very politely showing you the writ of assistance and telling you, We have the right to come in your household—ostensibly to look for the stamps. Of course, he might be looking for alcohol that you couldn’t prove you had paid tax on; he might be looking for furniture that you had imported from the island that you couldn’t prove you paid tax on. He might even be looking to expel you from the house so that he could take it over for himself and his buddies, which is why we have the Third Amendment written ten years later. This all happened in 1765. T...

[From the 2020 Supporters Summit, presented at the historic Jekyll Island Club Resort on Jekyll Island, Georgia, on October 9, 2020.] Today I’m going to talk to you about what’s been going on in our country for over half a year now, not just in the United States, but around the world. Some of this we all know, but we’ve been getting, let’s say, not the entire story for much of the time and we’ve had to wait to hear additional experts chime in to say, Wait a minute, maybe the first experts were all wrong. It’s been hard to know exactly what to think and what numbers we ought to be looking at when it comes to this covid-19. Should we be looking at cases, should we be looking at percent positive rates, hospitalizations, deaths? All kinds of numbers have been thrown at us, some with context, some without. So, I’m going to spend a little time reviewing this and making a bit of a clarion call to enjoy human life the way it’s meant to be enjoyed. Now since March, we’ve experienced lockdowns and restrictions of various kinds, supposedly all in the name of science, you understand. If you don’t support these things, you must hate science. That’s the intellectual level of the conversation. We were told, We need fifteen days to flatten the curve—fifteen days. I believe we’re on day number 209 of fifteen days to flatten the curve. Remember the old days when the concern was, We don’t want to overwhelm the hospitals? We can’t cure this thing, but at least we could get the hospitals in the condition they need to be in and allow them to be able to cope with reasonable numbers of people, and we would flatten out the number of hospitalizations and deaths over time, so as to allow the hospitals to be able to cope with them rather than have everybody arriving at the hospital all at once. OK. Then, you start to see on social media all your friends saying the hospitals are overwhelmed. It was like a memo had gone out that the word we were all going to use was “overwhelmed.” Like your friends couldn’t even be creative enough to come up with a different word; they all had the same word: the hospitals are overwhelmed. Because their other friend said the hospitals are overwhelmed, because the other friend said that. What actually happened was that in April alone, 1.4 million jobs in healthcare were lost, because far from being overwhelmed, the hospitals were mostly empty. As a matter of fact, in May, NPR ran a story with this headline about all those field hospitals that they built because of all the overflow that was supposedly going to happen. Headline: “US Field Hospitals Stand Down, Most without Treating Any COVID-19 Patients.” Hmm, what was going on here? The hospitals were never overwhelmed at any time, with the possible brief exception of New York City. In California, we began to see how the goalposts began to be changed. What they were worried about at the time they were telling us about flattening the curve was thirty thousan...