Philipp Bagus and David Howden, two young gifted Austro-libertarians, have been enmeshed in a so far several years’ long debate regarding an arcane issue in banking practice (at present rates, this will soon stretch into several decades) with me and my co-author, Bill Barnett. The friendly dispute has to do with time mismatching of bank loans. Recently, I lost track of whose turn it was to publish the next installment, and I asked our debating partners about this. Philip told me that it was their turn. Here is a slightly edited letter of my letter in response to him:

Dear Philipp:

Thanks for letting me know. Bill and I await your next contribution.

It is amazing to me that people who agree to the basic premises of Austro-libertarianism, as do the four of us, yet can’t reconcile on this borrow short, lend long (bssl) issue. Well, Murray Rothbard is pro choice, Ron Paul is pro life, and yet they, too, start from the same premises. Other fully credentialled libertarians disagree on immigration. For example me (if I may describe myself in this manner) and Hans Hoppe; I’m for open borders, my friend Hans is not. I also disagree with Murray on voluntary slavery. Ah, the sweet mystery of (intellectual) life.

The Best of Walter E. Block