Understanding the Dollar Crisis

Business & Money

Percy L. Greaves Jr.

Economics

Western Islands

In the year that President Nixon closed the gold window forever and the US government removed the last vestiges of the gold standard, nonstop dollar turmoil was unleashed. In that same year, Percy L. Greaves, a student of Ludwig von Mises's, released a blockbuster of a book that sought to explain the crisis. It was a huge seller and taught a generation to think like Austrian economists, who, after all, were the only ones offering a coherent explanation of events.  Percy Greaves's widow, Bettina Bien Greaves, gave her permission for a republication of this book, on the occasion of the current dollar crisis. What's remarkable is how Percy's analysis holds up in nearly every way, after all these years.  He begins by clarifying that in order to understand the dollar crisis, one must understand much more: What is economics? What is the difference between price and value? What is money, and how did it originate? How and why did the gold standard come about? What are the causes of the business cycle? And much more.  What he did was produce an excellent primer on monetary economics that still retains its value.  Ludwig von Mises himself wrote the foreword to the book: "These seven lectures are not merely a substitute for a textbook on economics. They are much more. They are an attempt to analyze and to explain the meaning and the effects of the various systems, methods, and measures of economic policies."

Understanding the dollar crisis

Free Market Books

This book by the world expert on Pearl Harbor blows the top off a 70-year cover-up, reporting for the first time on long-suppressed interviews, documents, and corroborated evidence. The bottom line thesis: that the attack December 7, 1941 was not unexpected or unprovoked. Nor was it the reason that Franklin Roosevelt declared a war that resulted in massive human slaughter. Instead, this book establishes, in exhaustive detail, that Pearl Harbor was permitted as a public relations measure to rally the public - and the blame shifted from the White House, where it belonged, to the men on the ground who were unprepared for the attack. The author is Percy Greaves (1906-1984). For 70 years, his documents have been the primary source of revisionist scholarship on Pearl Harbor. The documents were prepared under his leadership by the minority on the Congressional commission that investigated Pearl Harbor from 1945 to 1946, because he acted as the main counsel for the Republican minority. He conducted in-person, detailed, comprehensive interviews with all the main players at Pearl Harbor and many people in the security apparatus. The contents of these interviews are corroborated by military records. More than any other person, he was qualified to speak on this subject. He possessed encyclopedic knowledge and had access to research available to no one else. However, for many reasons, the documents were not published. He continued to work on this book for many years before his death in 1984. At that point, his wife Bettina Bien Greaves took up the project. The result is absolutely astonishing. The scenario it describes is not unknown even in our own times. A brutal attack on American soil comes from a foreign source. Death and destruction are everywhere. The nation is furious and thirsty for vengeance. The search is on for the perpetrators and those in government who failed to see it coming. The ruling administration goes to war while manufacturing a cover-up of the details. Congress investigates and eventually produces a report that exonerates the President and the security apparatus that did not work to prevent the attack, while blaming those closest to the disaster. This scenario might apply to 9-11; recall that it was airport security that caught the blame, and not the Bush administration. And then began the "war on terror" that has bloated government security, escalated military conflicts the world over, and grown government power to unspeakable levels. Conspiracy theories abound because government has never really come clean. The Japanese attack on Pearl Harbor 60 years earlier followed a similar trajectory. As with 9-11, Franklin Roosevelt had pursued a range of policies that provoked the attack. It was no secret that he wanted to enter the war. For years, historians have pointed to evidence that FDR possessed intelligence that demonstrated high risk of attack. What if Pearl Harbor was merely the excuse FDR needed to enter the war and not the actual reason? What if he was fully aware that an attack might have been expected? What if the Congressional report that appeared after was more of a cover-up than anything else? Much of his research has never appeared in print - effectively suppressed for 70 years. Even the censored minority report did not include it all. But at long last, the fullness of this report is revealed. The result is this monumental book, completed and edited by Bettina Greaves and published by the Mises Institute. Pearl Harbor is a 1,000-page indictment of the Roosevelt administration, one that finally and devastatingly rips the lid of a case that has been shrouded in mystery for generations.

Pearl Harbor: The Seeds and Fruits of Infamy

History

Military

Ludwig von Mises Institute

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Books by Percy L. Greaves Jr.