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Ellen Brown's Errors in Monetary Theory and Economic Theory

Gary North

Ellen Brown is not an economist. Her book, The Web of Debt, offers two pages of recommended reading (pp. 487-88). Not one book on either monetary theory or economic theory appears.

That she could publish a book on fractional reserve banking without citing Murray Rothbard's The Mystery of Banking (1983), which is available as a free download at the Mises Institute, indicates that she does not agree with Rothbard. She also ignores his little masterpiece, What Has Government Done to Our Money? (1964), also free. She ignores his article, "The Case for a 100% Gold Dollar" (1962). It, too, is free. Yet she mentions his brief history, Wall Street, Banks, and American Foreign Policy. In short, she knows who he was and what he stood for. He was a defender of a free market gold coin standard, with government out of the money production business. She hates this idea with a passion equal to her hatred of fractional reserve banking.

You can verify what I write about here in the free online version of the book that Google Books has posted. Access it here.

Economic Error #1: Governments Should Get Out of Debt by Printing Paper Money.
Gary North
If the Federal government can escape debt this way, why not any government? Why should any civil government be in debt? Ellen Brown Can't Say. keep reading

Economic Error #2: There Is Not Enough Gold to Facilitate Trade in a Growing Economy.
Gary North
Ellen Brown holds to one if the familiar inflationist arguments. It assumes that prices must never fall. keep reading

Economic Error #3: Scarcity Is the Result of Greedy Bankers.
Gary North
Ellen Brown uses the oldest and most erroneous socialist idea, that scarcity is the product of poorly designed institutions, and that political reform can eliminate it. keep reading

Economic Error #4: Mercantilism's State-Run Economy is Harmonious; the Free Market Isn't.
Gary North
Ellen Brown is a mercantilist. She hates the free market. She recommends abolishing it. keep reading

Economic Error #5: Keynes Was Correct About Money
Gary North
Ellen Brown is a Keynesian. She is quite open about this. Yet conservatives and Tea Party members have embraced her as a spokesman for conservatism. keep reading

Economic Error #6: Roosevelt's New Deal Made America Richer Through Federal Spending on Public Works
Gary North
Ellen Brown is a promoter of the modern welfare state. She is especially favorable to Roosevelt's New Deal. keep reading

Economic Error #7: Roosevelt's Food Price Controls, Which Raised Food Prices, Were Good for America.
Gary North
Ellen Brown believes in Federal price floors for farm products. She believes that tax money should be given to farmers not to sell their food to the public. keep reading

Economic Error #8: Keynes Was a Great Economist Because He Recommended Federal Budget Deficits.
Gary North
Ellen Brown is a Keynesian. She praises Keynes as the economist who recommended huge government deficits. keep reading

Economic Error #9: Murray Rothbard's Theory of Money Is Wrong (Especially When You Alter What He Wrote).
Gary North
Ellen Brown tried to refute Rothbard's theory of money in one sentence. She also altered what he wrote without telling the reader. Not smart. I caught her. keep reading

Economic Error #10: Roosevelt's New Deal Allocated Capital Far Better Than the Free Market.
Gary North
Ellen Brown thinks Roosevelt's Reconstruction Finance Corporation boondoggle was a great thing for America. keep reading

Economic Error #11: A Monetary System Is a Contractual Agreement of an Entire Nation.
Gary North
Ellen Brown thinks we have all made a contact to use money at an agreed-upon value. I haven't. How about you? keep reading

Economic Error #12: Falling Prices and Increased Productivity Produce Depression and Poverty.
Gary North
Ellen Brown would have you believe that if all goods fall in price the way computer storage prices fall, we would all be in abject poverty. So, she wants to government to print paper money to make us prosperous. keep reading

Economic Error #13: The Government Can Pay Off Its Debt, Inflation-Free, by Printing Money.
Gary North
Ellen Brown thinks Congress should tell the Treasury to print up trillions of dollars and buy back all U.S. government bonds. This will not raise prices, she says. keep reading

Economic Error #14: The Government Can Pay Off Social Security by Printing Paper Money Without Inflation. (Please Ignore Medicare.)
Gary North
Ellen Brown says the entire Federal debt can be paid off with paper money, and this will not raise prices. keep reading

Economic Error #15: Congress Can Safely Be Trusted to Manage the Money System Without Any Price Inflation.
Gary North
Ellen Brown trusts Congress. When you think "Ellen Brown" think "Pelosi money." keep reading

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