Hypothetical: What do you have if you cross Tom Woods with Bob Murphy?Submitted by Joseph.Ngo on Mon, 06/17/2013 - 05:27
Question: What do you have if you cross Tom Woods with Bob Murphy?
Answer: You get an accounting professor by the name of Albert Meyer.
Meyer consistently warns the college that [it] could be a fraud where the matching funds [that he] is giving out are coming from new participants not from the benefactors [he] purports.
"Some in the administration thought I was... pushing the envelope. They wanted to build a new library and here's this accounting professor who is actually going to get us kicked out of the whole scheme."
Meyer's warnings are disregarded and when he discovers two years after the first deposit that the college is sending one million dollars, he launches into full investigation mode...
"Once I got the tax return and saw the financial statements, it was over."
Not too different, of course, to that of universities taking student tuition loan money, "investing" in otherwise infeasible building projects, and never questioning the de facto indenturing of current and future generations of college students.
And here's another Meyer quote:
"I'm a small time chess player and I've learned something that you don't attack the king with one piece; you line up your forces."
Skip to minute 10:20 for the appearance of the Woods-Murphy Synthesis: