Elisha Prophesies the End of Samaria’s Siege by Nicolas Fontaine, 1625-1709.
When beginning the Siege of Samaria series on Biblical economics, I never intended it to go on for more than two or perhaps three posts. Due to an embarrassment of material and positive response from the readers of this blog, the series stretched into five posts. In no small part the success of this series has been due to the generous support of Sean Gerety over at the God’s Hammer blog, who has been kind enough to republish my posts.
It’s certainly been an encouragement to me to see so many people interested in what the Bible has to teach us about economics. Most of the economic talk one hears in the mainstream media is misleading, and, I suspect, it’s designed to be that way. After all, if too many folks were to get wise to the economic evil troika of central banking, fiat currency and demand-side Keynesian economics, it would be a lot harder for the financial masters of the universe to loot the poor and middle class of the world for their benefit.
The lies of the statists enslave, but the truth of God’s Word makes men free. And it is to the end of furthering this truth that I have presented the series on Biblical economics.
And because Biblical economics is both a fascinating and worthwhile study, it seemed good to me to take this opportunity to share with others the intellectual ammunition I’ve found helpful in developing my understanding of the subject. Below is a list of resources along with my comments.
The Trinity Foundation
As regular readers of this blog probably already know, the philosophy of Scripturalism is the guiding principle of all that is posted here. Scripturalism has been defined by John Robbins as, “the logically consistent application of Christian — that is, Scriptural — ideas to all fields of thought” (An Introduction to Gordon H. Clark).
Scripturalism does not attempt to combine or synthesize Christian and non-Christian ideas. The Bible alone is the Word of God and has a monopoly on truth.
In God’s providence, he raised up two great thinkers to begin the process of developing a thoroughgoing Christian worldview in Gordon Clark and John Robbins, whose works are published by the Trinity Foundation.
Concerning the field of economics, although Clark did not write much explicitly on the discipline, he did lay the intellectual groundwork upon which others could build a Christian system of economic thought.
In his lectures, books and articles, John Robbins brilliantly began the work of developing a systematic Christian economics based on Clarkian thought. And if there is one place I would recommend as a starting point for anyone interested studying what the Biblical economics, it would be Robbins’ work which may be found at the Trinity Foundation.
Robbins published a lot of high-quality scholarship on economics. So what’s the best place to start? I recommend starting with Robbins’ two lecture series on economics found here on the Trinity Foundation website.
The first series is titled Collection 1: Introduction to Economics and consists of ten separate talks. In addition to lectures by Robbins, this series also features presentations by E. Calvin Beisner, Jack Lannom and Ronald Cooper.
Some of the most interesting material in this series is found in the lecture Money, Freedom, and the Bible by Robbins. Here he discusses basic principles of sound money, and treats this important topic better than anyone I’ve ever heard. In it, you’ll learn why governments should not be in the business of manufacturing money. Robbins also explodes one of the pet notions of many libertarians, the idea that fractional reserve banking is inherently immoral. It isn’t, and Robbins tells us why this is so.
Collection 2: Intermediate Economics is a systematic treatment of economics. Whereas the Introduction series is a collection of lectures on various economic topics, the Intermediate series is more of a structured course on the topic.
Freedom and Capitalism is a book containing a compilation of Robbins’ essays on economics. Some of these essays have been published as Trinity Reviews, but others, at least as far as I am aware, are not available elsewhere. The book’s wide range of topics and excellent index make this book an ideal reference work for those interested in Christian economics.
Ecclesiastical Megalomania: The Economic and Political Thought of the Roman Catholic Church
is another book by Robbins packed with economic ideas. Here, the reader will have the opportunity to contrast what Rome says about economics with the Bible’s teaching. As you may expect, they’re quite different. One of the big divides between Christian economics and that propounded by the Roman Catholic Church-State is the view of private property. Robbins tells us, “Private property is the central economic institution of civilized societies, and it is the Roman Church-State’s rejection of private property that contributed to the establishment of several varieties of destructive anti-capitalism throughout the world” (Ecclesiastical Megalomania, 30).
Although not a systematic work on economics, Robbins’ book Without a Prayer: Ayn Rand And The Close Of Her System
treats the subject in connection with his main point of refuting Rand’s Objectivist philosophy.
Christ and Civilization is a short book by Robbins that discusses the positive transformation the Reformation brought to the thought and religious, social and economic practices of the societies to which it came. This includes some discussion of economics.
The Trinity Foundation has published many Trinity Reviews on various economic topics. Some that would be of interest to students of Biblical economics are:
Is the Bible a Textbook? by John Robbins – Though not specifically about economics, this essay sets forth the argument that the Bible is the sole source of knowledge on the topic of economics and all other intellectual disciplines.
The Roman Catholic Agenda Embedded in the Manhattan Declaration by Richard Bennett – The former Catholic priest dissects the ecumenical Manhattan Declaration and in the process exposes the Romanist poison pill of socialism – the Declaration uses the term “common good” – that lies just beneath the surface of the document’s high-toned rhetoric.
Protestant Hostility toward Capitalism by Ronald Cooper – Although the Protestant Reformation did much to end the reign of economic ignorance in Europe and North America, many present day Protestants have evidenced a remarkable hostility toward capitalism, the economic system of the Bible. Cooper critiques the views of these individuals, one of whom, oddly enough, has the last name of Sanders. But it isn’t Bernie, but rather another gentleman by the name of Robert Sanders.
Worker’s of the Church, Unite!: The Radical Marxist Foundation of Tim Keller’s Social Gospel by Timothy F. Kauffman – A very readable and well done refutation of popular Presbyterian minister Tim Keller’s Marxist economic views. As Kauffman demonstrates, Keller’s economics has more in common with that espoused by Francis I, the notoriously statist pope, than with the teachings of Scripture.
The Fed, Fiat Currency, and Feckless Keynesian Economics by Steven Matthews – A Biblical critique of three major destroyers of liberty and prosperity in the US and around the world: central banking, paper fiat currencies, and demand-side Keynesian economics.
Other Books
The following books are not necessarily by Christian authors. But given that the writers believe in limited government and the free market, much of what they say is consistent with Biblical economics.
Economics In One Lesson
is a classic is a post-WWII classic by Henry Hazlitt. The book is divided into two very unequal portions: “The Lesson,” about 5 pages, and “The Lesson Applied,” which is the remaining two hundred pages. The lesson is succinctly stated by Hazlitt as, “The art of economics consists in looking not merely at the immediate but at the longer effects of any act or policy; it consists in tracing the consequences of that policy not merely for one group but for all groups.”
For those new to the study of economics, this is a great place to begin. For those who have read in the field, it makes for excellent review.
Human Action is the greatest work by the greatest of all Austrian economics, Ludwig Von Mises. Although Von Mises was not a Christian, he is one of the few economists who grounds his economics on propositions – that is to say he starts with first principles or axioms – and from them deduces a body of economic thought. To put it another way, Von Mises is a rationalist. This means his economics has a logical consistency absent from the writings of most other economists, who tend to be empiricists.
Both Gordon Clark and John Robbins had great respect for Von Mises, who was one of the 20th century’s preeminent champions of capitalism.
Han Sennholz was famous, among other things, for being one of only two men to write their doctoral dissertation under supervision of Ludwig Von Mises. Sennholz went on to long teaching career at Grove City College where, among his students was a certain John W. Robbins. Sennholz also was the author of several books, one of which is titled Money and Freedom, a critique of central banking. I mention this book first, because Sennholz champions monetary freedom, a cause this author is very much in agreement with, and second because on page xii Sennholz writes, “To Dr. John Robbins of the Leadership Foundation chiefly belongs the credit for the radical rearrangement of the subject matter. What set out to be just another edition of Inflation or Gold Standard became a new creation, Money and Freedom.”
End the Fed by Ron Paul is one of my favorite works by the former US Congressman. If you’ve wanted to learn about the Federal Reserve System and its corrosive effect on freedom and prosperity but have been put off by all the confusing financial jargon used by many writers, this book is for you. Paul’s has a real mastery of the mysterious subject of central banking and the rare ability to explain it in layman’s terms. This is the single best starting point for learning about the evils of central banking in general and the Fed in particular I know of.
Set Money Free: What Every American Needs To Know About the Federal Reserve by Chris Rossini, a regular guest on Ron Paul’s Liberty Report YouTube programs, was written, at least in part, to serve as a quick reference guide for combating mainstream propaganda from and about the Federal Reserve.
Other books by Paul that treat economics are The Revolution written in connection with Paul’s 2012 presidential bid and Gold, Peace and Prosperity, the latter of which is a booklet of a scant 87 pages. It can be read in a single sitting and is the best primer I’ve seen on how we got into our current central-bank- driven monetary mess and the importance of returning the nation to a system of sound money.
For a more detailed look at the gold standard, you’ll want to check out The Case for Gold. First published in 1982, The Case for Gold is the minority report of the Gold Commission established by Ronald Reagan when he was first elected to office. Considered to by many to a modern day classic on monetary policy, this book has a special tie-in for Scripturalists as the authors credit John Robbins providing, “assistance in researching, drafting, and editing this report.” What is more, Sean Gerety has told me that Robbin’s role in producing this book was more than the acknowledgment lets on. Robbins actually served as a ghost writer for this project, so to a large degree this book represents his work.
The New Case For Gold is a 2016 release by New York Times bestselling author James Rickards. Rickards, a lawyer by training with a background in finance and international relations, is a gifted writer and a long-time advocate of sound money. As you may have guessed, The New Case For Gold takes its name from the original but is shorter and written at a more popular level. One of the most impressive parts of this book is the introduction, where Rickards makes quick work of the most popular arguments against using gold as money. In one impressive passage, Rickards argues correctly that gold had no intrinsic value, which is a common mistake repeated even among those who advocate sound money.
Investing
Investing and economics are closely related disciplines. But as with mainstream economics, most mainstream investing commentary is worse than useless, it’s actually actively dangerous. Below are a couple of examples of investment managers whose insights I value.
Jim Rogers was a former business partner of George Soros. But don’t let that put you off. Rogers is one of the few big-time investors whose public statements and books actually are worth your time. He’s pro-capitalist (it might come as a surprise, but a lot of Wall Street big shots have very anti-capitalist mindsets) and plain spoken. When all the kings horses and all the kings men were running about in a panic to bail out Wall Street in 2008, Jim Rogers was telling anyone who would listen to let them go bankrupt. He has authored several books, which may be found here.
Peter Schiff is another favorite of mine. He was Ron Paul’s economic advisor during the Congressman’s 2012 presidential campaign, has himself run for the Senate, and has built a career as a successful investment manager and professional thorn in the side of all the hot shot Keynesian gurus on Wall Street, who manage to get it wrong with surprising regularity.
He’s written a number of books which can be found here.
Electronic Resources
With the explosion of blogs, pod casts and YouTube channels, there is more economic information available today than ever before. But how do you separate the wheat from the chaff? Below are links to resources I have found both sound and informative over the years.
Ron Paul Liberty Report – This is consistently one of the best sources of economics on the web. Paul records a new 15-20 minute video five times a week, in which he discusses various current issues in economics and politics. As some of you may know, John Robbins was a member of Ron Paul’s Congressional staff in the 80s and served for a period as his chief of staff. You may view this program on the Liberty Report’s YouTube channel as well.
Peter Schiff Show – Schiff puts out two or three podcasts a week, which are a mix of market commentary and some economics. Schiff is very sound in his approach to both. And he also manages to be pretty entertaining to boot. Schiff has a YouTube channel as well.
Dollar Collapse.com – Managed by John Rubino, I have found this a consistently helpful website. Rubino does a good job aggregating top financial news stories under the heading Breaking News and Best Of The Web. He also does a low-key and informative weekly podcast which can be found on the Dollar Collapse website or on iTunes.
David Stockman’s Contra Corner – If you’re old enough to remember when Atari was the biggest name in home video games, you probably remember David Stockman, president Reagan’s first Director of the Office of Management and Budget. Stockman was the boy wonder the early Reagan years but left the administration in a disagreement over how to handle the ballooning budget deficit resulting from Reagan’s military build-up. Stockman is a rarity, a man with insider’s money and knowledge but one whose views economic views are capitalist and populist. Stockman writes a one a week in depth article himself and updates the site frequently with the work of others.
Economic Collapse – The website of lawyer Michael Snyder. From the ads that appear on the webpage, Snyder seems to be a Christian, although one of the dispensationalist variety. But even though I can’t follow him on his eschatology, his work on tracking the ongoing economic collapse is some of the best I’ve seen. This article is typical of the work he does, setting forth his main thesis and then backing it up with multiple bullet points, all of which have links to reputable sources for support.
USA Watchdog – The home of former professional CNN reporter and former Roman Catholic turned Evangelical Greg Hunter, I have found this to be among the very best sources for financial interviews on the web. Hunter produces three shows a week on Mondays, Wednesdays and Fridays. The Monday and Wednesday shows are interviews, generally concerning politics and economics. Fridays he flies solo with his Weekly News Wrap Up program. This program is also available on the USA Watchdog YouTube channel.
Trader’s Choice – The home of professional stock market trader Gregory Mannarino, I find his market commentary among the most accurate an entertaining around. He’s an advocate of sound money – he’ll often say that the most important thing people need to do is to bet against exploding government debt by holding a hard asset, by which he means gold and silver – and market economics. He consistently argues that the financial markets in their current form are all rigged by the government to make the economy appear stronger than it is. As he puts it, “There is no price discovery in these markets!” This author concurs with his view. He posts a new 10 minute video once a day through the week which can be found on the home page of his website by scrolling down a litter bit. His archived videos can be seen on his YouTube channel.
Andy Hoffman – Former Wall Street analyst turned gold guy Andy Hoffman is among the most prolific and forceful personalities in the alternate financial community. Did I mention that he’s a big advocate of gold and silver? Working as he does for a gold and silver coin dealer, some would argue that his commentary should be discounted due to self-interested bias. But dismissing someone’s opinion merely because he has a financial interest in what he says is to commit the ad hominem circumstantial logical fallacy. Simply put, this means we cannot disregard what someone says just because he benefits in some way from what he says. It is possible, and indeed often the case, that someone can both have a financial interest in taking a particular position and at the same time be telling you the truth. Hoffman is one of the biggest proponents I know of the theory that the US government and governments throughout the developed world rig their financial markets, causing stocks to be overvalued and suppressing the price of gold and silver. Hoffman makes a compelling case that this is so.
Although this has been a long list of resources, it is hardly exhaustive. In compiling it, I have linked to sources which I believe are philosophically sound, regardless of whether they are explicitly Christian or not. This has been done on the principle stated by John Robbins, “God’s truth is all truth.” To the degree anyone speaks that truth, we believers may safely hear him, making sure, as the apostle Paul tells us, to test all things and hold fast what is good.
