the austrian school who would regulate friedrich hayek who won the nobel prize, wrote that the federal reserve is the engine of inflation in does the control its but encourages it. that is a different view from today's zero of the fed does as with other goals is to keep inflation down. it has been 100 years as the federal reserve has been established. kim and the united states inflation was virtually a nonexistent except during the time of civil war. but it was nonexistent that it has gone up 30 fold 3,000 percent they showed this incredible charge. that there is no inflation at all then suddenly it takes off. there really is the engine of inflation not the defender of the dollar like it should be. >> host: who are contemporary austrian economists? >> guest: a couple of them are here. we have a premier economist at george mason. roger garrison from auburn university and a number of other economists moviegoing to hillsdale college, nyu has a few, i would consider myself one of the premier supporters of the austrian school and i have applied it to the investment world. i call it "a vienn

but those three left-leaning cadency hints adams smith and friedrich hayek there was a page devoted toin this bo was a page devoted to them in this book and they say was a page devoted to them in this book and they say it is the number-one job of government to have a healthy economy. it is first in order. you do the first then you can succeed with the other steps. but i just wanted to start off that we don't pull any punches the beacon have a reasonable oil market where price of matter and competition exist in the presence of 78 percent of this cartel holdings of whale 78% in they are riding on a horse that is 97% oil. zero pontians there is no chance of changing that when there is something close to the end of the word -- and of the world there is no chance to succeed without breaking opec. >> if you want to breaking in a and speak to your cart over and those of you not at the table if you have the urgent a -- urgent way to say something i will bring you into the conversation. >> one of those that we import a great deal of whale. from the persian in gulf but if you look throughout our

but those three left wing keynesians, milton, friedman, adams, smith and -- friedrich hayek, all sayhe same thing. according to the marvelous page in this book, what they say is it is the number one job of government to have a healthy economy to break monopolies. it's first in order, you do that first, then you may be able to succeed with some of the steps. we're going to talk a lot about other steps here today but i just want to start out by suggesting that we not pull any punches. believing that you can have a reasonable oil market where price will matter and competition exists in the presence of 78% of this cartel's holdings, olive oil, they hold 78% of the oil, and riding on a horse that transportation requires a 97% oil. there is no chance, zero, zip, knicks, no. there is no chance of changing that and getting king abdullah to charge as something close to the rest of the world to what oil is worth as distinct from pain his young men not to work. there is no chance to succeed without breaking. >> thanks, jim. i'll just note the usual roundtable rules. if you want to break in and