Usually, Populists are considered to be completely opposite like pictured. It seems that the Populist Party of America is supporting the readings of Mises, Rothbard, and Ron Paul. This is in light of the recent bailout. Here are some from the post:
“Last Monday the markets showed what they thought of the bail-out bill! And the whole situation was created in the first place by allowing our government, in association with a cartel of private bankers (The Federal Reserve), to print money at their whim for almost a century. Now, of course, the situation is much worse, we have now given the government and bankers even more authority to print even more money out of thin air.
Here is an appropriate analogy; There has been a massive and incredibly destructive campaign of arson all over the country. Finally, after trillions of dollars of damage is done, they find the arsonist. He is then tried and found guilty with irrefutable evidence. It is then up to the people’s elected representatives to make a decision of what the punishment will be. Next, the people let their representatives know emphatically what they think, and the people of course respond with common sense, and their responses are almost 95 to 1 in favor of stopping the arsonist from ever being able to repeat his crimes again.”
This may seem initially weird but in fact it isn’t. Libertarians and Populist both hate the central bank but for some different reasons. Libertarians hate the central bank because it inflation money without any control of any specie. Populist hate banks because they charge money for money. They want inflation.
The Populists were most strong during the William Jennings Bryan years and the silver movement. Most of them were farmers who took out loans and with deflationary pressures could not pay them back. See, inflation helps people who take out loans, while deflation helps banks and loaners. That is because inflation devalues the money that they had to pay in the future.
Of course, what doesn’t make any sense to me is why this populist is denouncing the Fed for printing money at a whim. This would help the loans. So have the Populist Party lost it’s roots, like the Republican Party?
The rest of this post is here, it includes very good links to free books and article to read.