Gary North defends his father in law and slaps David Bahnsen

Here is a freebie from Gary North via Lew Rockwell.

A Lesson in Austrian School Economics for a Morgan Stanley V.P.
by Gary North

....There is no Friedmanian 3% per annum constant growth in the money supply. There was a 100% increase in the monetary base in the last three months of 2008 -- the highest and fastest in history.

Second, the performance of the American stock market since October 2007 offers evidence that the Austrian School economists, myself included, who predicted this recession in 2006, had the story right. No other school of economics did.

I advised my GaryNorth.com subscribers to sell all stocks and short the S&P 500 on November 5, 2007. It closed at 1502. Those who took my advice have done quite well. You and your firm did not offer similar advice to your clients.

I suggest that the problem you had in understanding what was about to overwhelm your clients was your hostility to Austrian School economics, which blames booms and busts on central bank policy...

I sense that you had a particular target in mind: someone who promotes Austrian School economics and Christian Reconstructionism. But since you mentioned no names, I will do the same....

....By most economic standards, the sky is now falling, all over the world.

You were writing an anti-gold polemic in the magazine started in 1965 by R. J. Rushdoony, my father-in-law. He had died the year before. He was a gold standard advocate, and from 1965 on encouraged his followers to buy legal gold coins. He wrote a booklet on this, Preparation for the Future. Yet you were saying, loud and clear, that such advice was ill-founded.....