Episode 84: Andy Duncan talks to “Austrian” economist, Professor Thorsten Polleit, about a recent speech he gave entitled “What Do Bankers Know About Money and Banking?” Dr Polleit is Chief Economist for Degussa Goldhandel in Germany, and for 12 years until April of 2012 was the Chief German Economist for Barclays Capital. He lectures in Economics at the Frankfurt School of Finance and Management, and the universities of Bayreuth and Duisburg-Essen.
Andy and Thorsten discuss the latter’s monetary theory of how fiat currency tends to result in “collective corruption” in societies, and how this then leads to hyperinflation, despite the dangers to society that hyperinflation always brings. They also debate the development of global fiat currency over the last 40 years, and how increasing levels of debt may mark its terminal decline. Governments may plan for this decline by re-introducing gold-backing to Western currencies.
You can watch Dr Polleit’s speech “What Do Bankers Know About Money and Banking?” at this link. For more information about Dr Polleit and his work visithttp://www.thorsten-polleit.com.
The following interview with Hans-Hermann Hoppe first appeared in the German weekly Junge Freiheit on November 2, 2012, and was conducted by Moritz Schwarz. It has been translated here into English by Robert Groezinger.
Are taxes nothing but protection money? The state a kind of mafia? Democracy a fraud? Philosopher Hans-Hermann Hoppe is not only considered one of the most prominent pioneering intellectuals of the libertarian movement, but also perhaps the sharpest critic of the Western political system.
Professor Hoppe: In your essay collection ‘Der Wettbewerb der Gauner’ (‘The Competition of Crooks’) you write that ‘99 percent of citizens, asked if the state was necessary, would answer yes.’ Me too! Why am I wrong?
Hoppe: All of us, from childhood, have been moulded by state or state licensed institutions – preschools, schools, universities. So the result you quoted is not surprising. However, if I asked you whether you said yes to an institution having the last word in each conflict, even in those it is itself involved in, you would certainly say no – unless you hoped to be in charge of this institution yourself.
Er … correct.
Hoppe: Of course, because you know that such an institution cannot only mediate in conflicts but also cause them, you can recognize that it can then resolve them to its own advantage. In the face of this I, for one, would live in fear of my life and property. However, it is precisely this, the ultimate power of judicial decision-making, that is the specific characteristic of the institution known as the state.
The Q&A session for Day 2 of the 2012 Annual Meeting is now available (see below), with panelists Guido Huelsmann, Douglas French, Thorsten Polleit, Joseph Salerno, and Hans-Hermann Hoppe. For others, see the links in the Program, or the PFS Vimeo channel. Other speeches will be uploaded presently.
Joe Salerno’s speech for the 2012 Annual Meeting is now available (see below). For others, see the links in the Program, or the PFS Vimeo channel. Other speeches will be uploaded presently.
Jeff Tucker’s speech for the 2012 Annual Meeting is now available (see below). For others, see the links in the Program, or the PFS Vimeo channel. Other speeches will be uploaded presently.
Thorsten Polleit’s speech for the 2012 Annual Meeting is now available (see below). For others, see the links in the Program, or the PFS Vimeo channel. Other speeches will be uploaded presently.
From Joakim Fagerström on Mises Sweden, an interview he conducted at the 7th Annual Meeting of the PFS:
Doug French is Senior Editor at Laissez Faire Club and served as the president at the Mises Institute for many years. Doug received his master degree under the direction of Murray N. Rothbard at the University of Nevada, Las Vegas after many years in the business of banking.
Doug is one of the reasons why the Mises Institute has expanded so much over the years. He has not only achieved a lot in his life but he is also a true inspiration for other people. Doug knows how to build great teams to achieve results. He is always humble and ready to share his knowledge. As an example he spent an evening sharing his knowledge on PFS with younger think thanks. It is truly a privilege to be able to ask and get advice from someone like Doug. The good thing with Doug is that he has experience from “real” think thanks not the kind of public policy think thanks that wants to stay close to the political power in Washington and get corrupted step by step.
Doug was also kind enough to give this interview. In this interview you will hear him talk about PFS and the plans for Laissez Fair Books which I am sure will see a fantastic growth the coming years together with Doug and Jeffrey.
You can read his latest articles at Laissez Faire Books here.
A few months ago we were invited to speak at the European Students For Liberty regional conference in Stockholm. Our institute has previously written articles for ESFL and we have also delivered a webinar for them, on May 1st on the topic The Myth of the Socialist Paradise Sweden. It was a great event with about 200 attendees and it was, to our knowledge, greatly appreciated. Thus, we were truly looking forward to speaking at a one of their conferences that was going to be held in our hometown.
The topic of the speech was “How to achieve freedom”. In the speech we were going to bring up Mises and use him as a role model in the struggle for freedom, and how you had to be uncompromising in your struggle and never water down your message in order to better suit the masses. What mattered was devotion to truth and to your principles. After all, Mises in his memoirs concludes that if there was one thing that he regretted it was that he compromised too much (Memoirs, p. 60).
As a part of our attendance at the event we were planning on selling books from many of the great authors and legends like Ludwig von Mises, Murray Rothbard, Hans-Hermann Hoppe, Henry Hazlitt, Stephan Kinsella, Linda and Morris Tannehill and many more. Since these books are hard to get and a bit more expensive in Sweden we always try to sell them at good prices. We were granted the permission to have a table to sell the books from during the day. At this point everything was ok.
However, a few days before the event we announced at the ESFL event page that we were going to sell these books during the day and about ten minutes later we got a message from the organizers asking us to immediately remove the “Hoppe comment”. [continue reading…]
O fortunate age! O happy times! in which shall be made public my incomparable atchievements, worthy to be ingraved in brass, on marble sculptured, and in painting shewn, as great examples to futurity! and O! thou sage inchanter, whosoever thou may’st be, doom’d to record the wondrous story! forget not, I beseech thee, the trusty Property and Freedom Society, the firm companion of my various fate! ~ Don Quixote de la Mancha1
Complying with Rothbard’s strict unanimity criterion, Turkey is the only modern day libertarian country. It is difficult for those who don’t speak a word of Turkish to comprehend the marvel, but I was able to get a good taste after interviewing scores of English-speakers in Turkey, all of whom were anarchocapitalist. This must be due to the diplomatic manoeuvrings and popular scheming of Turkey’s Property and Freedom Society (PFS), especially its annual meetings, with The Honourable Hans-Hermann Hoppe as host alongside his wife Gülçin as “the indispensable framework”. I was very fortunate that the 7th annual PFS meeting coincided with my recent visit to the southwest Turkish city of Bodrum.
Bodrum has so rich a history that it is even where “the father of history” Herodotus resided, and so, although I do not claim to be a professional historian, its history of historical awareness plausibly explains how it became the most libertarian country in the world today. The conference venue was the Hotel Karia Princess, which sounds like a cruise ship, and in the beginning of its history the evidence would indicate that it was a cruise ship that decided to stay put at the best location rather than travel to pick up passengers, or, more likely, to return them. The rooms were large enough for a modest harem. The food! The food was fit for a: libertarian. And the drinks! At 16 months since the last Property and Freedom Society meeting, it was a long time between drinks. And for Duncan of the U.K., Doolittle of the U.S. and De Roeck of Belgium, it looked like it was also a long time between meals. Evidently drinking like a fish has a different meaning to eating like a fish. It is very libertarian to think of progress as weight loss.
What I found most representative of PFS was a conversation I had involving the youthful Kinsella jnr. He is understandably so familiar with censoring his opinions that his father had to remind him that it is okay to speak his mind at PFS, which Hoppe proclaims a “political correctness free zone”. I think everyone struggled a little with this; jetlag was a non-issue compared with turning down our self-censorship settings. Many of us had forgotten where our self-censorship setting was, as we find it easier to just change the channel. I wonder if the popularity of sport can be explained as simply people finding somewhere where they are allowed to speak their mind and genuinely speak out in plain language against the opposition.
What I found fiercest was the very gentlemanly Karl-Peter Schwarz chastising Václav Klaus and Tyler Cowen for their opposition to returning land confiscated by governments to their rightful owners.
What I found funniest was Hoppe reading out the many functions of government that Hayek supported. Next time Hoppe delivers that speech there needs to be an intermission. But even without an intermission, or any time constraints of any sort since Hoppe wrote the schedule, even then! there was still only time for the speech to be just basically a list of where Hayek supported government.
Somewhere in between the two lie neo-reactionaries. I can’t quite get a handle on this term, but I have been seeing it with rising frequency this past few months. Is it really possible to have a category that includes both Jonah Goldbergand the weird but brilliant Mencius Moldbug? (I am a regular reader of MM, insofar as one can be a regular reader of a blogger who sometimes goes two months between posts.)
One percipient observer sees the beginnings of an entirely new kind of conservatism, distinct from all the foregoing: a “Dark Enlightenment,” of which I am (he says) one of the fuglemen, along with the aforementioned Mencius Moldbug.
As noted here, the 2025 Annual Meeting of the Property and Freedom Society was held from Thursday, September 18, 2025 to Tuesday, September 23, 2025, in Bodrum, Turkey, at the Hotel Karia Princess.
Those interested in attending future meetings should contact Mr. Thomas Jacob (jacob@pfs-zurich.ch) (Administrative Secretary/Membership), regarding conditions, availability, and requirements.
Speakers and topics for previous Annual Meetings may be found here.
To donate with BITCOIN please use the address below. If you would like us to credit your payment (for dues, conference fees, etc.) please email Stephan Kinsella (nskinsella@gmail.com) when you make the bitcoin payment.
17M9V6m5X5Da4vNM5wWLjzcHz9qF36FPk6
“Property does not exist because there are laws, but laws exist because there is property.” — FrédéricBastiat
“Because the concept of property, for instance, is so basic that everyone seems to have some immediate understanding of it, most people never think about it carefully and can, as a consequence, produce at best a very vague definition. But starting from imprecisely stated or assumed definitions and building a complex network of thought upon them can lead only to intellectual disaster. For the original imprecisions and loopholes will then pervade and distort everything derived from them. To avoid this, the concept of property must first be clarified.” —Hans-Hermann Hoppe, TSC, ch. 2
The Property and Freedom Society (PFS; Facebook) stands for an uncompromising intellectual radicalism: for justly acquired private property, freedom of contract, freedom of association—which logically implies the right to not associate with, or to discriminate against—anyone in one's personal and business relations—and unconditional free trade. It condemns imperialism and militarism and their fomenters, and champions peace. It rejects positivism, relativism, and egalitarianism in any form, whether of "outcome" or "opportunity," and it has an outspoken distaste for politics and politicians. As such it seeks to avoid any association with the policies and proponents of interventionism, which Ludwig von Mises identified in 1946 as the fatal flaw in the plan of the many earlier and contemporary attempts by intellectuals alarmed by the rising tide of socialism and totalitarianism to found an anti-socialist ideological movement. Mises wrote: "What these frightened intellectuals did not comprehend was that all those measures of government interference with business which they advocated are abortive. ... There is no middle way. Either the consumers are supreme or the government."
(A more complete statement of our Principles can be found here.)
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