Video: Professor Joseph Salerno on Money and the State

First Published: 2015-10-15

On Wednesday, September 23, 2015 Dr. Salerno spoke to a to a full house at The auditorium at The Harry C. Moore Library, College of The Bahamas on Money and the State.

The video follows.

Theme of speech:
Dr. Salerno will briefly describe the era of sound money that existed under the gold standard during the 19th century and up to the onset of the First World War.  He will then discuss how government and central bank policies destroyed the gold standard and ushered in the era of pure fiat currencies and permanent inflation after the collapse of Bretton Woods in 1971. He will show how the logic of central banks and fiat money led inevitably to the housing bubble, the financial crisis, and the Great Recession, and how quantitative easing and other inflationary  "unconventional" monetary policies are now setting the stage for a recurrence of monetary and financial chaos, and possibly even hyperinflation.

Joseph T. Salerno received his Ph.D. in economics from Rutgers University. He is a professor of economics in the Finance and Graduate Economics Department in the Lubin School of Business of Pace University in New York. He is the editor of the Quarterly Journal of Austrian Economics and the Academic Vice President of the Ludwig von Mises Institute.

Dr. Salerno has published over 50 articles and essays in refereed journals and scholarly books. His latest book is The Fed at One Hundred: A Critical View on the Federal Reserve System, co-edited with David Howden (Springer 2014). He is also the author of Money: Sound and Unsound (2010).  He has testified before Congress and published numerous op eds online at,, Christian Science, Wall Street, and Economic Policy

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