by L. Carlos Lara and Robert P. Murphy
The subtitle of this book speaks volumes about the content…”Integrating Austrian Economics with the Infinite Banking Concept.” Whether that objective is actually supported or even proven possible within the covers of this text becomes a subjective perception for the reader to determine. Yet what the book does provide concretely is an excellent history of the banking system, as we know it, along with a cursory introduction to Austrian Economics.
The authors’ intent seems to be to establish the cash value of participating whole life insurance as a type of “gold standard” enabling an Austrian type overthrow of the current monetary system. Lara and Murphy postulate, and accurately so, that those who control the banking system are responsible for inflating the bubbles which have invariably burst into recessions or depressions throughout history. Fascinatingly, their objective may or may not prove feasible, namely because many of the board and governing members of the banking system are the same individuals who make up the board and governing members of the insurance industry.[i]
Happily, this bold and modest fact does nothing to hinder those who desire to use participating whole life insurance for the purposes of self-financing. So even if the intent of this book may never be fully realized, those who choose to own participating whole life insurance, and are capable of utilizing the self-financing methods which this book substantiates as realistic, can offset some of the effects of inflation which the current monetary system inflicts today.
This book is an easy read written in layman’s language and has proven beneficial to many that are interested in learning how the banking system of today creates inflationary bubbles that burst and in bursting end up creating hardship and poverty for millions while at the same time affording millionaires to become billionaires.
Review by Tomas McFie
[i] The Creature from Jekyll Island, Edward Griffin fourth edition 2002