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Monthly Newsletter - September 2015

Banknotes

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Nelson Nash, Founder [email protected]

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My Mother and Franklin D. Roosevelt byR.NelsonNash

To put this story into context we will need to gobackintimetotheSpringof1957.ThatwaswhenIwasintroducedtotheAustrianSchoolofeconomicthought through The Foundation for EconomicEducation (FEE). The book Economics In One LessonbyHenryHazlittiswheremyjourneybegan.Aradiologistinmytownhadloanedmehiscopy.

I had never been exposed to such clarity ofthought before. Please understand– Imade aD+inEconomics 101 in college primarily because allthoseKeynesianideasbeingtaughtmadeabsolutelynosensetome.NoneofitcorroboratedtheteachingofmyChristianupbringing.Iknewsomethingwasinherentlywrongintheirideas.

Whata“breathoffreshair”itwastofindasourceofknowledgewhereIcouldbeginmystudyofcleareconomic thought! I subscribed to the monthlyjournal, The Freeman, published by FEE. Andthere were all those books and authors that wererecommendedfromwhichtolearn,too!Itbecameapassion–andcontinuestodosotothisday.HowfortunateIhavebeen!

AfterseveralyearsofthispilgrimageIbegantothinkabouttheoriginofthefalseideasandteachingsthataboundinourworld. Theyare insuchcontrast totheAustrianSchoolofthought.Whostartedthem?Whydidtheydoso?Whyaretheysoappealingtopeople?

Because of my primary study in life -- The Bible

and the Christian Faith -- I reasoned that it wasthecontrastof“group thinking”versus“individualthinking.”OnedoesnotbecomeaChristianbecauseofjoiningacertainchurch.OnebecomesaChristianthrough a personal relationship with Jesus Christ.Thatisanindividualdecisionandcommitment.Nootherpersonorgroupofpersonscandoitforyou!

But,hereiswherethe“rub”(adifficulty,especiallyone of central importance in a situation) appears.I have never known a stronger Christian believerthanmymother--butshethoughtthatFranklinD.Rooseveltwas“thesonofGod!”Whatadichotomyofbeliefs!Howcouldthisbe?

Tounderstand thispartof the storywehave togobackfurtherintime.Itwas1936andthevenuewasAthens,GA, a small college town at that time. Ifyouhaveeverbeentherethenyouknowthatitisaveryhillytown.Automobilesdidnothaveautomatictransmissionsinthosedays.Iwasfiveyearsoldatthat time. Myyoungerbrotherwas two. FranklinD. Roosevelt was coming to Sanford Stadium atthe University of Georgia to speak. My motherhadneverdrivenacarinherlifebeforethisevent.Infact, thiswastheonlytimeIeversawherdriveone!Somehoworanothershegotusinthatcarandmanaged to take us to hear FDR speak at SanfordStadium!Toher,atthattime,itwasaveryimportantthingtodo.Yousee,itwasinthemidstofthegreatdepression–andFDRwastheretosaveusall!!Thatwasthemindsetofsomanypeopleatthattime.

WhenIhavetoldthisstorytofolkstheyask,“Howdoyourememberallthesedetailsofsomethingthathappened seventy-nine years ago when you wereonlyfiveyearsold?”Myresponse,“Ifyouhadbeeninthatcarunder thecircumstancesI justdescribed

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BankNotes -NelsonNash’sMonthlyNewsletter-September2015

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(hilly terrain, stick shift transmission and awomandriver thatwas at thewheel for thefirst time) thenyouwould remember it vividly!” Itwas amiraclethatwemadethetripthereandbacksafelyandwithnodamagetothecar.

After many years of study of Austrian economicthoughtIwonderedhowallthoseotherSocialistideasthatdominateourworldbegan. I concluded that itprobably began duringmy parent’s generation. Itseemed to me that these folks swallowed the FDRnonsense “hook, line and sinker.” So, that was agenerationthatIwouldnothavelikedtobelongto.SinceIclassifymyselfasaslowlearner,Ilivedwiththatmisunderstandingfor,maybe,fiveyears.ThenIdawnedonmethatmyparentswereonlyintheirmid-thirtiesatthattimeandpeopleofthatagereallydon’thaveallthatmuchinfluenceonwhatishappeningintheworld.

This ledme to conclude that itmusthaveoccurredearlier – perhaps my grand-father’s generation. Ilivedwith that understanding for a couple ofmoreyears.Furtherstudyabouthumanbehaviorledmetounderstand that ideasaren’taccepted immediately–theyrequireagestationperiodofaboutonegeneration.Therefore, the changemust havebegun somewherein timearoundmygreat-grandfather’sgeneration --maybethe1890’s.IrecalledthatthiswastheerathatBismarck inGermany introduced the idea toSocialSecurity to theworld. All the pieces of the puzzlewere beginning to fit in my mind concerning themarchofSocialismthatIwaswitnessing.

AndthenIreadThe Fateful TurnbyDr.ClarenceB.Carson.Whatadelighttoreadhisexplanationofthepatternofeventsthatmetmyownobservationsalmostexactly! Therewasasignificantchange in thewaymenthoughtthatoccurredaboutthattimeinhistory.

But, was this really the starting point of all thechicanerythatpredominatestoday?Hardly!It’slikepeelingbackthelayersofanonion–thereisonemorelayer–andonemorelayer,etc.Tokeeppeelingbackthe layers to find the source of fallacious thinkingrequiresreadingalotofbooks.Thisiswhythestudyofhistoryissuchanimportantendeavor.

Bytheway,Iamnotendorsingthehistoryonelearnsinacademia.TounderstandmymeaninghereIreferto Napoleon’s observation, “History is lies agreedupon.”Somuchofthehistoryweareexposedtoinacademiawaswrittenshortlyafteraneventandthustendstocontainacertainbias.Hence,theneedforrevisionisthistorythattendstogiveusadeeperinsightas towhatreallyhappened.–andwhyithappened.Astheradiopersonalityofrecentyearsusedtosignofffromhistopicoftheday,“And,nowyouknowtherestofthestory.”

One of the most revealing books that address mysubjectinthisarticleisDr.Clarenceb.Carson’sThe World In The Grip Of An Idea, written in the mid1970’s.

Itisallabouthowyouthink!

The Euro: The Folly of Political Currency ByRobertP.Murphy

January04,2012(Note the publishing date)

Thefinancialmarketscontinuetosurgeandcollapsebased on the latest news from Europe. As of thiswriting,thebigeventsareSlovakia’sunwillingnesstocontributetoabailoutfundandthefailureofDexia,a French-Belgian bank with assets of almost $700billion.Asthesovereigndebtcrisishasintensifiedinthelastfewmonths,itisbecomingarealpossibilitythattheeuroitselfwillsooncollapse.

Evenifitmanagedtosqueakthroughandsurvive—aidedbymassivetaxpayerinfusionsalongtheway—the euro’s vulnerability underscores the folly of apolitical currency.More so thananyother currencyinhistory,theeurohasbeenacreationoftechnocratsworkingformodernnation-states.Thattheeuromaywellbeonitsdeathbedhardlyadecadeafteritsbirthdemonstratesthefutilityofcentralplanning.Adurablemonetarysystem,freefromrecurringcrises,canonlyemerge spontaneously from voluntary exchanges inthemarketplace.

TheEuropeanUnionandeurowereofficiallycreated


BankNotes -NelsonNash’sMonthlyNewsletter-September2015by theMaastrichtTreaty in1993. Inaddition to thepoliticalandculturalobjectives,theEUandthesinglecurrency,whichwent intocirculation in2002,weresignificant steps in the effort to turn Europe into aunified economic zone patterned after the UnitedStates.

Beforetheintroductionoftheeuro,alargebusinessbasedinFrancethat,say,hadafactorypayingworkersinItalyandwhichboughtmachinepartsfromGermanywould be vulnerable to shifts in the exchange ratebetweenthefranc, lira,andmark.Butwithasinglecurrency the firm could focus on its customers andproductlines,ratherthanworryingabouttheforeign-exchangemarket.Thisstabilityacross thecontinentwould (supposedly) give European businesses thesame advantages that U.S.-based firms enjoy, sinceAmericansinall50statesusethedollar.

Becauseacurrency’sabilitytofacilitatetransactionsonlyincreasesasmorepeopleuseit,atfirstwemightexpectthatthenationsadoptingtheeurowouldwantasmanyoftheirneighborsaspossibletojoin.Yetinrealitytherewereformalrules(calledtheMaastrichtcriteria, also the “convergence criteria”) that newapplicantsneededtosatisfybeforeadoptingtheeuro.Therulessetstandardsforcountries’ inflationrates,budgetdeficits,governmentdebt,exchangerates,andlong-terminterestrates.

At first glance it seems odd that the developers ofanewcurrencywouldwant to restrict itsusage.Torepeat, the whole point of a currency union is toreducetransactioncostsamongtheindividualsusingit.Thusitwouldseemthatthesebenefitswouldonlyincreaseasthegroupgrew.

Yetthereareotherfactorsatwork,whichthedesignersof the euro understood (if only imperfectly). Inparticular the euro is a fiat currency, meaning thattheprintingpresscouldbeused toachievepoliticalends.Thisexplainswhygovernmentsalreadyusingtheeuroare reluctant toadmit relativelyspendthriftgovernmentsintotheirclub:Thereisadangerthatthemoreprofligatememberswillhijackmonetarypolicydirectly,orthattheywillrequireamonetarybailout(asweareseeinginpractice).

Benefits of a Commodity Standard

Notice that these potential problems would benonexistentunderafullybackedcommoditystandard.For example, suppose that the creators of the euro,ratherthanreadingtheworkofmainstreammonetarytheoristssuchasRobertMundell,insteadhadstudiedthe proposals of Ludwig vonMises in The Theory of Money and Credit. In this alternate universe theauthoritiesinBrusselswouldstandpreparedtoissuenew paper euros to any individual or institution(including governments and central banks) thathandedthemafixedweightofgold.

UnderthisMisesianschemethemonetaryauthoritieswould maintain 100 percent gold backing of thecurrency;therewouldbetherequiredweightofactualgoldsittinginthevaultsinBrusselsbackingupeverypapereuroinexistence.InthisscenariotheauthoritiesinBrusselswouldn’tcareaboutthecreditworthinessorthespendinghabitsoftheinstitutionsapplyingforneweuros.Solongastheapplicantshandedoverthecorrectamountofphysicalgold,theauthoritieswouldbehappytoprintuptheappropriatenumberofeuros.

The reason for this nonchalance is that the varioususersof theeuro—ifitwerebacked100percentbygold—couldn’t affect the euro’s purchasing powerbecausetheycouldn’taffectfuture“monetarypolicy”regardingthecurrency.IfthepeopleinRegionAusedtheeuro,theywouldn’tbeaffectedby(say)adefaulton bond payments by some government in RegionBthatalsousedtheeuro.Theeurosinexistence,aswellastheonestobeissuedinthefuture,wouldhaveaconstantredemptionrateingold,regardlessofthefiscalsolvencyofaparticularuseroftheeuro.

IncasetheMisesianthoughtexperimentistoofanciful,we have a much more pedestrian (if imperfect)example:U.S.stategovernmentsandtheiruseofthedollar.IftheCaliforniaorIllinoisstategovernmentsdefaultonthebillionsofdollarsinoutstandingbondsthat they have issued, no one is worried that thiswillleadtoacollapseofthedollaritself,orthattherelatively frugal states (such as Idaho)will elect toleavethe“dollarzone”andadopttheirowncurrency.

Thinkingthroughthelogicofthesituation,itbecomes



clear that the reason for the difference is that theFederalReserve(atleastinthepast)wouldn’tbailoutinsolventstategovernments.Tobeclear, thepeopleinIdahomightbeaffectedbyadefaultonCaliforniastatebonds,butnotbecausebothareasuseddollarsastheircurrency.

However, if the Fed did start bailing out insolventstate governments, then the various states in the“dollarzone” might sit up and take notice. Peoplein Idaho would realize they were paying higherpricesbecause theFedwascreatingbillionsofnewdollarsoutofthinairtopropupthemarketforstatebonds.Inthisenvironmentacoalitionoffrugalstategovernmentsmightdemandthattheirprofligatepeersadopt austerity measures or else the frugal stateswouldindeedabandonuseofthedollar.

Asthisthoughtexperimentillustrates,wecanimagineasituationanalogoustothecrisisinEuroperightherein theUnited States.All itwould take is a FederalReservewillingtoissueextradollarsbecausemembergovernmentsranirresponsiblefiscaldeficits.Wedon’t currentlylinkstategovernmentfinancesandthefateofthedollarbecausetheFedthusfarhasn’taltereditspoliciesbasedonstatespending.Underafullybackedcommoditystandard,thisindependenceofmonetaryandfiscalpolicieswouldbemoreabsoluteandwouldhavepreventedacrisisliketheonenowunfoldinginEurope.

Thosewhohavefollowedthemainstreameconomists’handlingoftheseissuesknowthatgoldconvertibilityis hardly touted as a solution to the euro crisis. InfactPaulKrugmanrecentlyblamedthecrisisontheattempts to foist a “nouveau gold-standard regime”onEuropeancountries.

This is quite an extraordinary spin. How in theworldcouldKrugmantakeafiatcurrency,explicitlydesigned from day one by technocrats and withoutevenahistoricalconnectiontoacommoditymoney,anddenounceitasamodern-daygoldstandard?

The answer is that Krugman is relying on themainstream theory of optimal currency area. Thistheory tries to outline the optimal jurisdictions fordifferentfiatcurrencies.Inthisapproachthedownside

ofhavingtoolargearegionusingthesamecurrencyisthatthe“optimal”amountofinflationmightdifferwithin the region, leading to unnecessary economicpainandhencepoliticalconflict.

In the present crisis Krugman and many othersthinkthe“obvious”solutionwouldbeforGreecetodevalue its currency. This would make it easier torepayitsdebtsandwouldmakeGreekexportsmorecompetitive,thusboostingeconomicgrowth.

Alastheproblem(accordingtopeoplelikeKrugman)isthatGreeceisnotthemasterofitsowneconomicdestiny.Sinceitadoptedtheeuroitisnowpowerlessto inflate its way out of trouble. Thus the Greeksare condemned to suffer fromfiscal austerity and apainfuldeflationofwagesandprices(alsoknownbythemisleadingterm“internaldevaluation”).

Nowwe can understand the (tepid) connection thatKrugmanandothersaredrawingbetweenthecurrentsituation in Europe and the classical gold standard.Under the latter, if one country printed too muchmoneyitsdomesticpriceswouldrisefasterthanthoseof its peers. The country would experience a tradedeficitasitsownexportsbecamerelativelyexpensive.The outflow of gold from the country would forceofficials to tightenmonetarypolicyuntilwagesandprices had fallen (if not in absolute terms, at leastrelativetothelevelsofothernations)andinternationalcompetitivenesshadbeenrestored.Undertheclassicalgoldstandardeachnation’scurrencywaspeggedatafixedexchangeratetogold,sothatnocountrycouldgainanadvantagebydevaluingitsowncurrency.Alladjustmentstoensuresustainabletradingpatternshadtooccurthroughchangesinrelativepricesandwages,notthroughfluctuationsinexchangerates.

Further Integration

Themainstreamtheoryofoptimalcurrencyareashedslight on another (alleged) lesson being drawn fromthe present crisis: the need for fiscal union amongthe eurozone states. For example, Mario Draghi,the incoming head of the European Central Bank,recentlysaidEuropeneedsto“makeaquantumstepupineconomicandpoliticalintegration.”Mainstreamtheory shows that it is suboptimal to have a single


BankNotes -NelsonNash’sMonthlyNewsletter-September2015currency covering areaswith governments enactingdifferent fiscal policies, and hence the “obvious”conclusionisthattheEuropeangovernmentsmustbebroughtunderthecontrolofasingleagency.

As usual one intervention leads to another. Afterhistorically co-opting and then suppressing themarket-chosenmonies(goldandsilver),theEuropeangovernmentsinrecentyearsuppedtheantebycreatinga new fiat currency. Even though the ostensiblesafeguards failed miserably—Greece and severalotherparticipatinggovernmentshavecomenowherenear obeying the Maastricht criteria—the allegedsolution is the creation of even more centralizedpower,withevenlesscontrolbythepeoplebeingsoruled.

ThepeopleofEuropearebeingconned.Theydonotneedtosacrificeevenmorepoliticalsovereigntytoagroupofinternationalbureaucratsandbankers.Thedream of the euro—an integrated economic zonewithastablecurrency—canbeachievedthroughtheclassical-liberaltenetsoffreetradeandsoundmoney.Continuedexperimentswithfiatmoneyregimeswillleadusthroughaperpetualseriesofcrises,untilweareleftwithasingleglobalfiatcurrency,theissuerofwhichhaszeroaccountabilitytothehaplesscitizensforcedtouseit.Accordingtomanycynicalobservers,thisafterallmaybetheultimateplan.

Robert P. Murphy is senior economist with theInstitute for Energy Research. He is author ofChoice: Cooperation, Enterprise, and Human Action (IndependentInstitute,2015).

Comment by R. Nelson Nash – Robert P. Murphy is also one of the four directors of the NELSON NASH INSTITUTE. We are indebted to him for bringing his insight to our economic world.

The Broken Window Fallacy and "Blessings" of Destruction in the Real WorldJuly15,2015MattPalumbo

In the early nineteenth century, Bastiat posed thestoryofayoungmanwhothrowsabrickthroughthe

windowofabaker’sshop.We’re told that thismayhave a bright side— that the bakermust now paya glazier to fix thewindow,whowill then use thatincome to spend elsewhere, creating a ripple effectthatbenefitsmany.

Such thinking is reminiscent of what would laterbe used to justify the logic behind the Keynesianmultiplier.Keyneswould laterwrite in theGeneral Theory, “Pyramid building, earthquakes, evenwarsmayservetoincreasewealth.”

The Opportunity Cost of Fixing Things

As many readers already know, such logic fails totakeintoaccounttheopportunitycostofthebrokenwindow. Had the window not been broken, thebakerwouldn’thavepaid theglazier,butmaybehewould’vespentthemoneyonapairofshoesinstead.The shoemaker would then have income to spendelsewhere,andthesamemultiplierwouldtakeplace— but society would be better off by exactly onewindow.

Before diving into themodern real-world evidencethat substantiates Bastiat’s brilliant essays, it’simportanttodistinguishbetweenincomeandwealth.Destruction may boost income in the short run,but reduce a society’s net amount of wealth (thepurposeofproductioninthefirstplace).ToplayoffaninterestingpiecebyRyanYoungintheAmericanSpectator,Supposewehaveasmall island,whereasallwealthisinthevalueofhomes,personalproperty,businessproperties, and infrastructure,with avalueof$10million.Nowlet’ssaythateconomicgrowthisslow,manyareunemployed,andaggregatewealthisprojectedtoincreaseto$11millionnextyear.

Next,aviolentnaturaldisasteroccurs,destroyingthenation’sentirestockofwealth.Sinceeconomicgrowthwasslowandmanywereunemployed,everyoneonthe island directs their attention to rebuilding fromthe disaster, and within a year, everything is backto normal. In the statistics,GDP is boosted by $10million—tentimeshigherthanitwould’veotherwiserisen,yetthewealthofsocietyremainsunchanged.

Such a scenario is reflective of what occurs in the



shortrun.InMayof2012,PaulKrugmanhighlightedJapan’s superior first quarter economic growthrelative to other nations, attributing it to increasedgovernmentspendingfollowingthetsunamiin2011.ButasYoungnoted,thisdoesn’ttakeintoeffectthatnaturaldisastershaveonanation’sstockofwealth.

The “Benefits” of Deadly Cyclones

Now,ontothereal-worldevidence.PublishedintheNationalBureauofEconomicResearch,economistsSolomonM.HsiangandAmirS.Jinalookedatthelong-run economic effects of environmental catastrophe,focusingondestruction fromcyclones inparticular.Nearly seven thousand cyclones that occurred from1950–2008werestudied.Theconclusionswerethattheworsethedisaster,theworselong-runeconomicgrowth suffered. According to their data, “fifteenyears after a strike, GDP is 0.38 percentage pointslowerforevery1m/sofwindspeed.”

While I constructed an example earlier wheredestructionwouldhavepositiveeffectsonincomeinthe short run, sucheffectsdisappearwhen theshortrunbecomesthelongrun.Theirresearchalsofoundthatadisasterinthe90thpercentilereducedincomesby7.4percenttwodecadesafter.Thisledtheauthorsto reject the “creative destruction” hypothesis inregardstonaturaldisasters.

Defenders of the supposed blessings of destructionalsohave to take into account another variable: thevalueofhumanlife.FollowinganearthquakeinMayof2008 thatkilled80,000 in theSichuanProvince,the Chinese government’s State InformationCenterfound a silver lining: economic growth would beboosted by an additional 0.3 percent that year duetomoneyspentonrebuildingthedevastatedregion.Even assuming that this growth wasn’t offset byslowergrowth in the long run, it’s stillnotaviableplan.EconomicgrowthinChinawas18.1percentin2009,growingbynearlyfive trillionyuan from theyear prior. Assuming that the Chinese governmentiscorrectand0.3percentofthatwasattributabletorebuildingfromthedisaster,thismeansthatGDPwasboosted by roughly 5,300,000 yuan for each death,or roughly$860,000.Toput that inperspective, the

EnvironmentalProtectionagency in theUSsets thevalueofahumanlifeat$9.1million,whiletheFoodand Drug Administration pegs that figure at $7.9million.

ThepurposeofBastiat’sessayonthebrokenwindowwastoillustratetheconceptofopportunitycostataminorlevel,focusingonaminoractofvandalism.Aswe’veseenfromreal-worldevidence,theopportunitycostofdestructionisseldomsocietybeingworseoffbyonlyasinglewindow,butmuchworsewhenwetakeintoaccountthelong-runeffectsithasonincomeandwealth,andhumanlife.

Comment by R. Nelson Nash – Matt Palumbo exposes the fallacious thinking of Paul Krugman very well in this article. And to think, Krugman was awarded a Nobel Prize for his work! Somehow or another it reminds me of the Nobel Peace prize awarded to Barack Obama! To me it doesn’t speak well for the value of a Nobel Prize.

Nowadays, Health Insurance Isn’t Really InsuranceJuly30,2015—JimFedako

Due to Obamacare, my health plan has becomesomethingotherthaninsurance.Itisnow,forthemostpart,nothingother thanawealth transferschemetobenefitthepoliticallyconnectedoverothers.

In order to identify the difference between healthinsurance and government-mandated health carecoverage, we can look toHuman Action, in whichLudwig von Mises splits probability into classprobabilityandcaseprobability:

Class probability means: We know or assumeto know, with regard to the problem concerned,everything about the behavior of a whole class ofevents or phenomena; but about the actual singulareventsorphenomenaweknownothingbutthattheyareelementsofthisclass.

Caseprobabilitymeans:Weknow,with regard toaparticularevent,someofthefactorswhichdetermineitsoutcome;but thereareotherdetermining factors


BankNotes -NelsonNash’sMonthlyNewsletter-September2015aboutwhichweknownothing.

DavidHowdenexplainsthateventssuchasfootballmatches and wars are events that fall under caseprobability.Butthoseeventsdonotlendthemselvestoinsurance.

Indeed,Mises claims that only risk associatedwithclassprobabilitycanberemediatedbyinsurance.Thisis true because the number of payoffs is relativelypredictablewithinaclass,allowingpremiums tobesetthatbenefitboththeinsurerandtheinsured.

This is the way in which life insurance works, forexample,asHowdenexplains:

Life insurance works because insurance companiescan play the averages. Some people who own alife insurance policy will die before the insurancecompany earns enoughmoney on the premiums topaythedeathbenefit.Inthiscasethecompanylosesmoney.Itoffsetstheselosseswiththegainsitmakesonthosewhodielongpastthepointwheretheyhavebrokenevenonthepremiumstheyhavepaidrelativetothedeathbenefittheywillreceive.

Discrimination in the life insurance market is notonlyafactoflife;itisfair.Everypolicyholderpaysaccording to his odds of death. People are free toundertakeriskyactivities,buttheymustpaytheprice.Peoplewhochoosetolivelessriskylives—thatisto say, avoiding those activities that increase one’sprobabilityofdeathsuchasskydivingorsmoking—loseoutontheenjoymenttheseactivitiesmayprovide,buttheygainbypayinglessforlifeinsurance.

Brokenarmsandcertaindiseaseswouldalsofallunderclass probability, and would also lend themselvestoward being profitably insured in a functioningmarket.

But, due to changes resulting from Obamacare (aswellasdecadesofgovernmentmeddling),distortionsin the market have thrown the health insurancemarket out of whack, andmy health plan, and theplans of many others, now have high deductiblesfor “class probability” events such as broken arms,whileproviding“free”accesstogoodiesthatareonlyunpredictable in so faras Imayormaynotchoose

touse them, suchasa “free”annualphysical,birthcontrol,andmore.

AsMisesknew,“insurance”thatcoversandaneventsuchasavoluntarycheckup,bearslittleresemblanceto what we would consider to be insurance inthe proper sense. Nevertheless, the freebies (i.e.,“insured” events) are numerous, not becauseinsurancecompaniescancalculateawaytoprofitablyinsurethem,butbecausetheyaremandated,thankstointerestgroupswithaccesstolegislators.

The Politics Behind Mandates

Nevertheless,becausethedistributedcostsareminimalandunseen,while thebenefitsareconcentratedandsubstantial,littleoppositionarisesfromvoterstofightsuchtransfersofwealth.

As an example, I pay an extra, say, $1 inmonthlypremiums so that someone else can reap $50 inbenefits per month. Stack up those $1 premiumincreasesamongallpayersandwebegintalkingrealmoney.However,Ihaveneitherthetimenorenergytoopposeeach$1increase.

Thisprocessbecomesobviouswhen,becauseofmyhigh deductible, the infrequent and unpredictableaccidentthatfallsunderclassprobability—mysonbreaksanarm—costsmethousandsoutofpocket,without anymonetary benefit frommy plan, whileothers celebrate access to goodies they should bepurchasingontheirownasuninsurableevents.

It isas if,becauseofgovernment interventions,mycar insurance pays for upgrades to Sirius SatelliteRadio (which I do not have), but, because of highdeductibles,onlypaysafewthousanddollarsshouldIhaveanaccidentthattotalsmycar.

Insurancedoesstillexistwithregardtolife,home,andauto.Butitdoesnotexistwithregardtohealthinourpresent regulated economy.Healthplans arewealthtransfers thatbestowknownandpredicablebenefitsonthefewwhileleavingallatriskofthevagariesoflife.So,let’snotclaimthatoursystemofgovernment-regulatedhealthcaresystemisinsurance.

Comment by R. Nelson Nash – All these so-called “health insurance plans” (mostly) are nothing more



than a time payment plan for routine medical care. These plans came into being because people don’t have any money. They have been trained to rely on what is really a “banking function.” Note the results of this kind of thinking and its results – skyrocketing costs!

Keeping the Bubble-Boom GoingAugust19,2015—ThorstenPolleit

TheUSFederalReserve isplayingwith the ideaofraisinginterestrates,possiblyasearlyasSeptemberthis year. After a six-year period of virtually zerointerest rates, a rampingupofborrowingcostswillcertainly have tremendous consequences. It will belike taking away the punch bowl on which all thepartyfunrests.

Low Central Bank Rates have been Fueling Asset Price Inflation

The current situation has, of course, a history to it.Around the middle of the 1990s, the Fed’s easymonetarypolicy—thatofChairmanAlanGreenspan—usheredinthe“NewEconomy”boom.Generouscredit andmoney expansion resulted in a pumpingupofassetprices,inparticularstockpricesandtheirvaluations.

A Brief History of Low Interest Rates

Whenthisboom-bubbleburst, theFedslashedratesfrom 6.5 percent in January 2001 to 1 percent inJune2003.ItheldborrowingcostsatthisleveluntilJune2004.ThiseasyFedpolicynotonlyhaltedtheslowdown in bank credit and money expansion, itsowed the seeds for an unprecedented credit boomwhichtookoffasearlyasthemiddleof2002.

WhentheFedhadputonthebrakesbyhavingpushedratesbackupto5.25percentinJune2006,thecreditboom was pretty much doomed. The ensuing bustgrew into the most severe financial and economicmeltdownseensincethelate1920sandearly1930s.ItaffectednotonlyintheUS,buttheworldeconomyonagrandscale.

ThankstoAustrian-schoolinsights,wecanknowtherealsourceofallthistrouble.Therootcauseiscentralbanks’ producing fake money out of thin air. Thisinduces, and necessarily so, a recurrence of boomandbust,bringinggreatmiseryformanypeopleandbusinessesandeventually ruining themonetaryandeconomicsystem.

Central banks — in cooperation with commercialbanks — create additional money through creditexpansion, thereby artificially lowering the marketinterestratestobelowthelevelthatwouldprevailif

therewasnocreditandmoneyexpansion“outofthinair.”

Such a boom will end in abust if and when credit andmoneyexpansiondriesupandinterest rates go up. InFor A New Liberty (1973), MurrayN. Rothbard put this insightsuccinctly:

Like the repeated doping ofa horse, the boom is kepton its way and ahead of itsinevitable comeuppance byrepeated and acceleratingdosesofthestimulantofbankcredit. It is only when bank


BankNotes -NelsonNash’sMonthlyNewsletter-September2015credit expansion must finally stop or sharply slowdown,eitherbecausethebanksaregettingshakyorbecausethepublicisgettingrestiveatthecontinuinginflation, that retributionfinallycatchesupwith theboom.As soon as credit expansion stops, the pipermustbepaid,andtheinevitablereadjustmentsmustliquidatetheunsoundover-investmentsoftheboomand redirect the economy more toward consumergoods production. And, of course, the longer theboomiskeptgoing,thegreaterthemal-investmentsthatmustbeliquidated,andthemoreharrowingthereadjustmentsthatmustbemade.

Tokeepthecreditinducedboomgoing,morecreditandmoremoney,providedateverlowerinterestrates,are required. Somehow central bankers around theworld seem toknow this economic insight, as theirpolicies have been desperately trying to encourageadditionalbanklendingandmoneycreation.

Why Raise Rates Now?

WhythendothedecisionmakersattheFedwanttoincrease rates? Perhaps some think that a policy ofdefactozeroratesisnolongerwarranted,astheUSeconomyisshowingsignsofreturningtopositiveandsustainablegrowth,whichtheofficialstatisticsseemtosuggest.

Others might fear that credit market investors willjump ship once they convince themselves that USinterest rateswill stayat rockbottom forever.Suchanexpectationcoulddealaheavy,ifnotdeadly,blowtocreditmarkets,makingtheun-backedpapermoneysystemcomecrashingdown.

In any case, if Fedmembers followup theirwordswithdeeds,theymightsoonlearnthattheghoststheyhavebeencallingwillindeedappear—andpossiblywon’tgoaway.Forinstance,higherUSrateswillsuckincapitalfromaroundtheword,pullingtherugoutfromundermanyemerginganddevelopedmarkets.

Whatismore,creditandliquidityconditionsaroundtheworldwilltighten,givingcredit-hungrygovernments,corporatebanks,andconsumersapainfulawakeningafterhavingbeensurfingthewaveofeasycreditforquitesometime.

China, which devalued the renminbi exchange rateagainst the US dollar by a total of 3.5 percent onAugust 11 and 12, seems to have sent themessagethatitdoesn’twanttofollowtheFed’spolicy—andhas by its devaluation made the Fed’s hiking planappearasanextravagantundertaking.

A normalization of interest rates, after years ofexcessivelylowinterestrates,isnotpossiblewithouta likelycrash inproductionandemployment. If theFed goes ahead with its plan to raise rates, timeswillgettoughintheworld’seconomicandfinancialsystem.

Tobeonthesafeside:Itwouldbetherightthingtodo.Thesooner theartificialboomcomestoanend,thesoonertherecession-depressionsetsin,whichistheinevitableprocessofadjustingtheeconomyandallowinganeconomicallysoundrecoverytobegin.

Comment by R. Nelson Nash – Hence, the importance of controlling the banking function at the personal level through embracing the Infinite Banking Concept as taught by the NELSON NASH INSTITUTE.

Greece’s Biggest Problem Is Its Anti-Capitalist CultureJuly8,2015—RussellLamberti

It’sconsideredpoliticallyincorrecttocriticizeculturethesedays,butwhetherusingeurosordrachmas,inoroutof theEuropeanUnion,Greecereallyhas to,somehow, sort out its cultural dysfunction. I’m nottalking about its customs, traditions, architecture ormusic,andI’mdefinitelynot talkingabout itsfood.I’m talking about its cultural anti-capitalism. Thenegotiations,deals,counter-deals,referenda,protestsand everything in between all mean very little ifGreeks,byandlarge,don’tditchtheirstatistzeitgeistandrediscoverGreekcapitalisticexceptionalism.

AperfectexampleisArgentina.Adefaultandsovereigncrisisissupposedtochastenanationintoasensible,market-orienteddirectionasthefollyofdebt-addictedbigstatecronysocialismgetsutterlydiscredited.It’sanice theory.ButArgentina, thirteenyears after its2002 default, and after years of soaring inflation,



at subsidized interest rates — and after actuallyachieving economic growth in 2014 by cuttingtaxes and slashing the size of its sclerotic, bloatedgovernment—thistoxicGreekcultureprevailedoncemoreandelectedateamofsocialistdie-hardstodragit back into themire.Ofcourse it doesn’thelp thaton theother sideof thenegotiating table is anotherbunchofcentralplannersintheEU,IMF,andECB.Nevertheless,Greecesitsstuckbetween twocentralplanningnegotiationpartiesbecauseitspeoplehavebeentoobusydemandinggoodiesinsteadoffreedom.

Most Countries Get Into Trouble — But Some Bounce Back Better Than Others

Any sovereign nation can overspend and get intofinancial trouble,andmosthave.Itwasn’t that longagothatBritainwasforcedtogocapinhandtotheIMF in 1976 and cede its fiscal sovereignty to thatinstitution.Bythelatterhalfofthe70s,Britainwasa downright mess. America stealth-defaulted onits international obligations in 1971 and suffered arollinginflationaryeconomiccrisisfortherestofthe1970s. Both these countries bounced back. As didChile,Uruguay,andthePhilippinesaftertheirfiscalandfinancialturmoilofthe70sand80s.

But some don’t bounce back, and I believe thishappenswhenthenationalcultureis,orhasbecome,fundamentally anti-capitalist and resigned itselfpathetically to cradle-to-grave state-dependency.Inaddition toArgentinaandVenezuela,we’veseenprolongedeconomicandfinancialmalaisefollowingpainful crises in the likes of Zimbabwe, Ghana,Bolivia,Nigeria,Russia,Turkey, and now southernEurope. These countries don’t seem to learn fromtheirmistakesbecausetheydon’tseemtowanttoorcan’t locate the lessonamid the intellectualhazeoftheirculturalzeitgeist.

But really the lesson is clear. An economic crisiscan jolt a fundamentally pro-capitalist (or mostlypro-capitalist)nationthathadlostitswaybackontothe straight and narrow. But there is no guaranteeof recovery when the culture has descended intoinfantile anti-capitalism, dysfunctional statism, andan antagonism toward entrepreneurial dynamism

dollarshortages,andeconomicmalaise,clingstoitscompletely clueless, hyper-interventionist, socialistoverlordswhocontinuetoruntheeconomyintotheground.Thereasonisthecorecultureneverchanged.Whenyourcultureistoxic,upisdown,blackiswhite,socialistfailureiscapitalistfailure.

InTheAnti-CapitalisticMentalityLudwigvonMisesdescribedthisculturalanti-capitalism:

AsJohnDoeseesit,allthosenewindustriesthataresupplyinghimwithamenitiesunknowntohisfathercame into being by some mythical agency calledprogress.Capitalaccumulation,entrepreneurshipandtechnologicalingenuitydidnotcontributeanythingtothespontaneousgenerationofprosperity.Ifanymanhas tobecreditedwithwhatJohnDoeconsidersastheriseintheproductivityoflabor,thenitisthemanontheassemblyline....

Theauthorsofthisdescriptionofcapitalisticindustryarepraisedatuniversitiesasthegreatestphilosophersand benefactors ofmankind and their teachings areacceptedwithreverentialawebythemillionswhosehomes,besidesothergadgets,areequippedwithradioandtelevisionsets.

The biggest risk to Greece is not austerity orfauxsterityordefaultortheeuroorthedrachma.Andit’s certainly not the bogeymanof being frozen outofsovereigncreditmarkets—it’sthatGreekcultureremainsantagonistictofree,unfetteredmarketsandischronicallystate-dependent.

Take another Latin American country: Venezuela.After suffering crippling inflation rates throughoutthe1980sand90s,theelectoratewentonin1998tovoteinanothercentralplanninginflationistinHugoChavez. They re-elected him in 2000, 2006 and2012, and his successor Nicolás Maduro in 2013,even while the country was in a hyperinflationarydeath spiral and heading toward outright economiccollapse.Venezuela’sproblemultimatelyisnotfiscalmismanagement—it’sananti-capitalistculture.

And so it is with Greece. After already securingdebt relief and effectively being allowed to defaultby restructuring its debts over the next fifty years


BankNotes -NelsonNash’sMonthlyNewsletter-September2015and self-reliance. For these a crisismay not heraldrecoverybutinsteadalonger,deepernationaldecline.OnlyacultureshiftresultingfromthespreadofsoundideascanmakeGreece(andothercountries)afertileground to accept real solutions.Theneed to spreadthegoodnewsoflibertyandfreemarketsisclearlyasurgentasever.

Comment by R. Nelson Nash – Thanks to Russell Lambert for getting to the real root of the problem in this article. For a complete insight into this subject you should read THE GREAT UTOPIAN DELUSION by Carson, Cleveland and Barney. The back cover reads, “To our detriment, a single idea has changed our perception of individual freedom and liberty. You can buy it on our website.

VISION ChapterThreeLOOT byLeonardE.Read

Note - Frequent readers of BANKNOTES are aware of my relationship with Leonard E. Read and my admiration for his works during his life-time. In the following issues I will be sharing his book, VISION, one chapter per month. It was written in 1978. What a privilege it was for me to know this great man! -- R. Nelson Nash

He sins as much who holds the sack aw he who fills it - Gabriel Meurier

RichardWeaver wrote a book entitled, Ideas HaveConsequences. Ideas do indeed shape our way oflifeandmoldourverybeing.However,wethinkinwords;andwhatwemeanbythewordsweuse,andwhatothersthinkwemeanbythem,mayrangefromthebrightlightsofcreativitytothedarkshadowsofdestruction.ThescholarlyauthorsofTheMeaningofMeaning(CharlesOgdenandIvorRichards)referredto“thetyrannyofwords,”meaning,ofcourse,theirmisuse and the consequent misunderstanding andconfusion.Assomeonephrasedityearsago:

I knowyoubelieveyouunderstandwhat you thinkIsaid. ButIamnotsureyourealizethatwhatyouheardisnotwhatImeant.

Notonlydoweneedtoknowtheideasandpracticethe

ways,wealsoneedthewordstoexplainhowfreedomworksitswonders.Andwhatwordswillbestdescribeandexplainfreedom’sopposite?Howdoesonemakeitclearthatacceptingcoercivelyconfiscated“benefits”is just as sinful as the confiscation itself? Itwouldseemself-evidentthatifnoonewouldacceptsocialsecurity payments therewould be no governmentalplunderingtofinancetheprogram.Andthesameistrueofthousandsofotherignobleschemes.

“Hesinsasmuchwhoholdsthesackashewhofillsit.” The acceptance of plunder is as sinful as theplunderingitself.Butwherearethewordstoportraythesinfulnatureofplunder?

Many of us, over the years, have used the words“specialprivilege” todescribe freedom’sopposite–theplunderingwayoflife.Butthesewordsnolongerservetodescribetheundesirable;theyhavelosttheirderogatoryimpact.

So widespread is the practice of plunder that whatwereatonetimedevisedasspecialgrantsofpoliticalpower–andweremoreorlessclearlyrecognizedassuch– arenowclaimedas the inalienable rightsofthespecialclassspawnedbysuchprivileges.Amongpigsatthetrough,thereisnostigmaattachedtothespecialist; hemay indeed be consideredmore saintthansinner.

So,whynot use anotherword that has a chanceofclarifyingourmeaning?Let’stryanacronym–thefirst lettersof several trulydefinitivewords:LivingOffOthersThoughtlessly–LOOT!

Looting is an accurate synonym for plundering andstill carries a sharp verbal sting which most of uswouldratheravoid. Nevertheless,manyamongustodayarethoughtlesslylivingoffthelaborofothers

Throughouthistorytherehavebeenlootersofthisorthatvariety.Butweseemnowtobeconfrontedwitha progression of such harmful behavior. As moreandmore people have abandonedmoral scruples –featheringtheirnestsattheexpenseofothers–lootingin itscountlessformshasmoreandmorebecomeawayoflife.

Emerson wrote, “Thought is the seed of action.”



Honest,moralandsoundeconomicthoughtresultsincommendableandcreativeaction;eachpersonserveshimself through serving others. But if dishonest,immoral and uneconomic thinking prevails, theresultsmustbeharmful,notonlytoothersbuttoselfas well. Such thoughtlessness, then—rather thancarefulthought–istheseedofactionwhichpresentlybedevilus. Andtheseeds,moreoftenthannot,arewords with garbled meanings, such as the twistedmeaningof“specialprivilege”–warpedfrombadtogood.TheTyrannyofwords!

Itisincreasinglyevidentthatcountlessmillionsinallwalksoflifethoughtlessly“live”offothers;theylootandtheydon’tknowit.Theyareunwittingvictimsoftheirownnaivete,stumblingalongthedevolutionaryroad.

Doesaprofessionalthiefthinkofhimselfasalooter?No,heprobablythinksofhimselfasaprofessional.Hehasonlyaprimitiveorstuntedmentality,likethetribesmenofyorewhoraideddistanttribesandmadeoffwithwhat they thoughtlessly regarded as theirs.Economicallyilliterate--butinnocent!

So,wehaveintheprofessionalcrookanunconsciouslooter sufferingnomental pains but glorying in his“gains.”Exceptional?No,tensofmillionsfallintothisidenticalcategory,andwithprideinsteadofguilt.

FredericBastiathelpsustoseethroughthisshamefulpractice:

Seeifthelaw(government)takesfromsomepersonswhatbelongstothem,andgivesittootherspersonstowhomitdoesnotbelong.Seeifthelawbenefitsonecitizenattheexpenseofanotherbydoingwhatthe citizen himself cannot dowithout committing acrime.

It is obvious that governmentwould not take fromsomeandgivetoothersweretheotherstorejecttheloot.Itfollowsthen,thattherecipientsofill-gottengains are as sinful as the governmentwhich effectsthetransferbyforce.

Onlythehardenedprofessionalcriminals–afractionof the population—would personally so indulgethemselves. The vast majority would refrain from

immoral action were it a you-and-me relationship.Honestywouldprevail.

However,whengovernmentdoesthecoercivetakingand handing out, most citizens –those who do nothinkingforthemselves–arerelievedofanysenseofindulgingincrimes.Insteadtheyexperienceafalsesense of absolution. Their lack of vision obscuresreality!

Incompilingalistoflooters, letustakecarenottoconfineit just to the“beneficiaries”offoodstamps,medicare, rent control, federal housing projects,workerspaidnottoworkorfarmersnottofarm,andcountlessthousandsofothersengagedinmoreorlessobviousformsoflooting.Infairness,wemustlabelalllootingassuch,andmuchofitisfarfromobvious.Wemust includeall instanceswherecoercion,be itprivate or public, is employed to “benefit” some attheexpenseofothers.Thelististoolongtocount,letaloneexplain,soafewsamplingsmustsuffice.

In St. Louis it was a GatewayArch that taxpayersfrom every state were compelled to help finance.Elsewhere,aschool,library,park,dam,housing

projectorwhatever.IsthereacommunityintheU.S.A.withoutoneormoresuchmonumentstolooting?

Minimum wage laws coercively invoked, withstrong support from labor unions, cause large-scaleunemployment, the burdens of which all taxpayersarecompelledtoshare.This,too,isaformoflooting.

Businessmen and their associations obtain legalprohibitions of free exchange, such as tariffs,embargoesandquotas.Theyarenolesslootersthanarethestrikingworkmen.Howisthislootingdone?Allothersaredeprivedoftheopportunitytoproducein those fields – the looting or limitation of theirlivelihoodandtheirlives.

Atthispoint,letusbemindfulofthatoldadage,“thepotcallingthekettleblack.”Forwecriticsoflookingmaybelootersourselves.Plunderissorampantthateveryone in involvedmore or less – unconsciouslyparticipating or trapped beyond escape. Doubtless,you are trapped in the social security “lootery.” Iamtrappedinthesocialistmail“system.”Examples


BankNotes -NelsonNash’sMonthlyNewsletter-September2015abound. This predicament poses the final question:What shouldwecriticsof lootinggo? Whatmighttherighttacticbe?

Perhaps another acronym may help to clarify thecreative force: Living In Good High Thought;LIGHT!ToseetheLIGHT,weneedwhatIwouldcallintellectualbinoculars.Weshouldsee,notwithjustone,butwithbotheyes.

The vast majority see with one eye only andas a consequence, observe merely surface orfalse appearances. Being half-blinded results indiscouragementandfrustration;itlacksanycreativestimulus–life’smissionabandoned.

Fortunately,therearethosewhoseewithoneeyethefalsenessofLOOT, andwith theotherobserve thetrueLIGHT.Tothusseebeneaththesurfacebringsenlightenment – encouragement. Such persons areawareofthegrowingnumberswhoarebeginningtoseethedestructivenessofplunderandhowfreedomworksit’sunbelievablewonders.

The half-blind see only the shadows. Those with“intellectual binoculars” can share the insight ofGoethe:

Where the light is brightest, the shadows are darkest.

Nelson’s Favorite Quotes

It is hard to imagine a more stupid or more dangerous way of making decisions than by putting those decisions in the hands of people who pay no price for being wrong. --ThomasSowellA lie can travel half way around the world before the truth can put its boots on --CharlesSpurgeonEventually you will reach a point when you stop lying about your age and start bragging about it. --WillRogers

Nelson’s Newly Added Book Recommendations

https://infinitebanking.org/books/

JFK and the Unspeakable: Why He Died and Why It Matters byJamesW.Douglass

Excuse Me, PROFESSOR –Challenging the Myths of Progressivism. EditedbyLawrenceW.Reed.Thisisavaluabletooltohaveonhand--agreatbooktoreadduringa“bathroomvisit.”

CheckouttheYouTube.comvideoseriesbytheIndependent Institute -LoveGov:(5Episodes)Watchthemall.Theyarefunny,whilegettingacrossanimportantinsight.

Welcome the newest IBC Practitionershttps://www.infinitebanking.org/finder/

ThefollowingproducersjoinedorrenewedtheirmembershiptoourAuthorized Infinite Banking Concepts Practitioners teamthismonth:

• Carolina Montibelli - Renton, WA• Winnie Lau - Edmonton, AB, Canada• Russ Morgan - Birmingham, AL• Clay Campbell - Houston, TX• Jim Kindred - Saint George, UT

You can view the entire practitioner listing on our website using the Practitioner Finder.IBC Practitioner’shavecompletedtheIBC Practitioner’s Program and have passed the program exam to ensurethat they possess a solid foundation in the theory andimplementation of IBC, as well as an understandingofAustrian economics and its unique insights into ourmonetaryandbanking institutions.The IBC Practitionerhasabroadbaseofknowledgetoensureaminimallevelofcompetencyinalloftheareasafinancialprofessionalneeds,inordertoadequatelydiscussIBCwithhisorherclients.

The IBC Practitioner has signed the IBC Practitioner’s Agreementwith the IBI that specifies thatheor she is afinancialprofessionalwhowishestoadvertisehisstatusasanIBC Practitioner,andacknowledgespossessionoftheproperlicensingandotherlegalrequirementstopracticeinhisindustry.TheIBC Practitioneragreesforthoseclients



whowant an IBC policy, hewill design it according tocertaincharacteristicstoensurethatthesespecificclientsare getting a“Nelson Nash” policy, as described in hisbooksandseminars.IfanIBC Practitionerisdealingwithaclientwhoasksforan“IBC,” “Nelson Nash,” “privatized banking,” or “banking” policy, or if the Practitionerrecommendssuchapolicytotheclient,and/oriftheclienthascometothePractitionerbyreferralfromhislistingattheIBIwebsite,thenandonlythenthePractitionermustbesuretosetthisparticularclientupwithadividend-paying, whole life policy.

Nelson’s Live Seminars & Eventsfor September & October 2015

http://infinitebanking.org/seminars/

Calgary, AB, Canada - Live Nelson Nash Seminar Sept 26, 2015ContactDaleMoffittLifeWealthLegacyCell:403.872.7135–Fax:[email protected]

Fort Worth, TX - Live Nelson Nash SeminarOct 9, 2015ContactJamesC.NeatheryandAssociates,[email protected]://jamesneathery.com/

Edmonton, AB, Canada - Live Nelson Nash – McGuire Financial Client Event Oct 17, 2015ThisisaMcGuireClientEventonly.Contacttheeventsponsor,McGuireFinancialforattendanceinformation.marg.zacher@mcguirefinancial.ca780-462-1289

Nelson Nash Live Seminar in Framingham, MAOct 23, 2015Contactphone#817-239-6441;[email protected]

Our comprehensive Becoming Your Own Banker® seminar is organized into a five-part, ten-hourconsumer-oriented study of The Infinite Banking Concept® and uses our book Becoming Your Own Banker® as the guide. Typically, Nelson covers theconcept’s fundamentals in a two-hour introductoryblockthefirstday.Hethencoversthe“howto”overaneight-hourblockthefinalday.

These seminars are sponsored, therefore attendance is dictated by the seminar sponsor. If you are interested in attending one of these events, please call or email the contact person listed with the seminar information.

bank notes+sep+2015

Economy & Finance