Writes Andrew Roocroft:

I have long been a fan of LRC and the Mises Institute, and was honoured last week to host Professor Hans-Hermann Hoppe at the University of Oxford Libertarian Society in England. I thought it might interest your readers, as the presidential candidates outcompete one another to euphemistically ‘redistribute’ wealth and ‘bailout’ failing banks, to hear Professor Hoppe’s appropriately titled lecture, “What is Exploitation? Who Exploits Whom?,” in which he catalogues the multitude of ways – monopolising justice, monopolising and the debasing the currency, the welfare state &c – in which the state is exploitative. The talk can be found on our blog. A particular highlight is his explanation, at 37:00, of how the moral hazard problems of the coalition of private and central bankers and the system of fractional-reserve banking has contributed to the current financial crisis.

The Best of Llewellyn H. Rockwell, Jr.