“Then there are the vast majority of academics all over the world. They are apologists for the prevailing system. They are paid to support it. They take the king’s shilling, and they do the king’s bidding. Some of these academics are paid directly by the state as faculty members in tax-funded, state-licensed, accredited universities. Others are paid indirectly as faculty members in private universities that are protected from competition by means of accreditation systems that are backed up by laws against unaccredited institutions that use the word ‘university.’
“Every accredited university is part of a cartel. This is why universities are not price competitive. This is why they can afford to grant tenure — a practice unknown in the private sector.
“There is an army of academic critics of Mises’ argument that the free market should be trusted to provide economic planning, and that people backed up by other people carrying guns and badges should not be trusted. In this army are thousands of state-trained and state-accredited economists, who assert that they believe in the free market.
When push comes to shove, they don’t.
“In the entire academic profession, all over the world, there is not a single textbook in economics that says that central banking is conceptually and operationally a cartel-enforcement institution for privately owned large banks: an anti-free market institution. There never has been such a textbook. Every economics textbook separates the chapter on cartels from the chapter on central banks. Neither chapter refers the reader to the other chapter.
“This is not random. This is a crucial part of the arrangement between the national government and the bankers’ cartel in every nation. The academic cartel joins with the bankers’ cartel to screen out any suggestion in a textbook that either of these state-licensed cartels is in fact a cartel. ‘You scratch my back, and I’ll scratch yours. You promote the right of my agents to carry guns and badges, and I’ll promote yours.’"