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How Mutual Insurance Holding Companies Really Work Part II – Inside The Closed Block

by L. Carlos Lara [Reprinted from the December 2013 edition of the Lara-Murphy-Report, LMR] We all know that long ago the Church condemned usury. As a result a special monetary device was conceived that allowed religious institutions to borrow great […]

Do You Know Who the Swiss President Is?

by Bill Wirtz Doris Leuthard. That’s the name of the incumbent Swiss president in case you wondered or might need it in a general knowledge quiz any time soon. But how come a country this well known on the international […]

How Central Bankers See Themselves

by C. Jay Engel ECB Executive Board member Peter Praet recently gave a speech in Brussels. The underlying theme captures the convenient positioning of world central banks. They want to be seen as saviors of collapsing financial markets, but neither […]

America Is Hardly a Bastion of Free Trade

by Andrew N. Smith Rhetoric has recently trumped reality. It has become a misconceived bit of common “knowledge” that the United States of America is a bastion of free trade. Little could be further from the truth. The “freest” nation […]

Selling Higher Education Is Sleazier Than Selling a Used Car

by Jay Stooksberry In a previous life, I worked in sales. But not just your everyday, run-of-the-mill brand of sales: I worked in a sleazy industry that championed predatory lending practices and distorted the pricing of its lackluster product, which […]


By Leonard E. Read Note – Frequent readers of BANKNOTES are aware of my relationship with Leonard E. Read and my admiration for his works during his lifetime. In the following issues I will be sharing his book, VISION, one […]

Freedom Is Essential For True Morality

by Alex Salter What is the role of human freedom in morality? It’s a question I’ve been pondering and researching since graduate school. C.S. Lewis once explained the different aspects of morality by using the metaphor of a flotilla. Every […]

Why the NNI?

Carlos Lara and Robert P. Murphy At the February 2013 IBC Think Tank, the Infinite Banking Institute was launched. It was not a brand new entity, but instead it marked a more formalized structure through which Nelson Nash’s Infinite Banking […]