Fr. Charles Coughlin: the First Cancelled Priest. Literally. Hear Dr. Chojnowski's Interview with Judie Sharpe available until June 15th. Fr. Coughlin' s Radio Program Ended Up[ Reaching 1/3 of the American People in Great Depression America.


  1. Good talk Dr. Chojnowski and Judith Sharp,
    I like Fr. Coughlin but he seems to be saying the Fed. didn't inflate the economy out of the price deflation cycle fast enough. Unjustified monetary inflation increases overvaluation of goods and services. Then at the end of the business cycle, price deflation has to clear the mal-investments and overvaluation, so all can make a fair profit again. The gold standard was undermined by fractional reserving of gold certificates which caused unjustified monetary expansion. The boom cycle occurred before the bust cycle, and the boom cycle could have been prevented. Also, the fractional reserving of bank deposits creates other dysfunctions for banks. While fractional reserving bank deposits does not inflate the economy as fractional reserving of gold certificates do. Banks make contracts for money on demand that they have tied up in time-controlled contracts. So, at the end of the business cycle, a bank run occurs because a situation occurs not allowing banks to fulfill their contracts.
    The business cycle, that is the overvaluation of goods and services, would occur without unjustified monetary expansion. That is why in the pre-Protestant Catholic economy. The dukes and the kings were third party judges of financial contracts. Good kings and dukes could help stop overvaluation with the "just price doctrine." If I sold you a horse and you could prove I charged you too much, the duke could make me pay some back. But if I could prove you didn't pay enough, the duke could make you pay me some more. Suddenly, fair deals become better than good deals, because who wants a judge to overrule your contract? This escapes many; with the "just price doctrine," a king, duke, or judge, would be reviewing labor contracts in a like manner.
    Because the gold supply increases at a rate of 2% per year and the general economy grows at an average rate of 3% per year. Some claim the gold standard creates an economy with long term price deflation. Others claim with no other manipulation of the economy like the fractional reserving of gold certificates, gold would increase in production more than 3% per year to supply the economy with 3% more coined gold per year and achieve general price stability without coining any secondary metals. I am a strong believer in the gold standard but also coining platinum, silver, nickel, and copper to create relative general price stability. I did sit down an define how a non-debt-based fiat currency could emulate the gold standard. It could be done, but with more government intrusion into your lives than the gold standard. If someone holds monopoly on the supply of gold, a non-debt-based fiat currency may be a better option that the gold standard. Remember with gold when you trade gold to China for shinny trinkets, you deflate your domestic economy, and inflate China's economy. So, trade would balance really fast!
    With a functional supply of money, the government social programs are not needed. The laws against usury with usury defined as interest on a loan, the just living wage doctrine, and the just price doctrine are enough to create justice for all. St. Augustine says the purpose of government is justice. Government social programs are not needed to create and secure justice for all, but a sound and functional monetary system is.
    So, this is more of a conservative application of Catholic Social Doctrine then the more liberal ones with government social programs.
    There is a false narrative that the only way someone can be stopped from breaking the 7th commandment is to break the 5th commandment against he who is breaking the 7th commandment. Those pontificating that false doctrine and narrative are guilty of breaking the 8th commandment. Sounds crazy, but such is the world we live in!


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