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The Fed causes all problems
(15 posts) (5 voices)
Apparently Ron Paul thinks inflation and medical expenses are connected, even though the latter has increased far more beyond inflation.
The video really shows Ron Paul has no idea what the fuck he's talking about.
Speaking of, I can't really understand what Barney Frank is saying most of the time, he really needs a speech therapist.
Posted 6 months ago #@advancedatheist
I think you might like this email:
http://conspiracyscience.com/site/hate-mail/view/33/last-time-i-am-going-to-try-to-reason-with-you/
Posted 6 months ago #Hey, now he's claiming the USSR was created by international bankers (see same link).
Posted 6 months ago #advancedatheist
MemberCome to think of it, my speculation has some historical support. According to the Wikipedia article about von Mises:
http://en.wikipedia.org/wiki/Ludwig_von_Mises#Professional_life
Fearing the prospect of Germany taking control over Switzerland, in 1940 Mises with other Jewish refugees left Europe and emigrated to New York City. There he became a visiting professor at New York University, from 1945 until his retirement in 1969, though he was not salaried by the university. Instead, he earned his living from funding by businessmen such as Lawrence Fertig.
If other universities allowed that, business men could use them as fronts for legitimizing the teaching of whatever crackpot ideas they want, like Intelligent Design.
Posted 6 months ago #http://www.gmu.edu/depts/economics/bcaplan/whyaust.htm
Admittedly, I don't understand a lot of this. But it seems to me the main argument against Austrian economics is that human beings simply aren't rational creatures. It almost reads like most criticism of objectivism that I have read.
Posted 6 months ago #scitops
MemberWhen does everybody think the current Austrian economics craze will start to die out? I doubt Austrian economics will go away, however when will its popularity on the internet end? It was popular in the late 70s/early 80s and seemed to go away when the economy improved.
What will cause it to lose its popularity this time?
Posted 6 months ago #advancedatheist
MemberOver the week end I caught up with a friend I hadn't seen in a few years. He has a Ph.D. in physics, not economics, and he has never worked in banking or finance. Yet he gave me his explanation of the recent financial crisis and how it will lead to catastrophic hyperinflation any day now, an argument with Austrian economics written all over it.
I didn't want to piss him off by disputing it.
But I did notice he said something which shows how the Austrian economists keep changing the goal posts. He claimed that historically fiat currencies fail after about 40 years, and he dated the beginning of ours from 1971 when President Nixon decoupled the U.S. dollar from gold:
http://en.wikipedia.org/wiki/Nixon_Shock
Uh, I thought the disaster started in 1913, with the creation of the Federal Reserve. According to my friend's 40 year rule, wouldn't that have caused U.S. fiat money to fail circa 1953?
Posted 6 months ago #"Uh, I thought the disaster started in 1913, with the creation of the Federal Reserve. According to my friend's 40 year rule, wouldn't that have caused U.S. fiat money to fail circa 1953?"
Yes, but despite your friend's apparent competence at physics, he is unable to recognize his incompetence at economics.
Posted 6 months ago #advancedatheist
MemberIronically these Austrian types always talk about the power of incentives; yet they don't explain what incentive banks would have to allow hyperinflation to happen. Hyperinflation destroys the value of loans because debtors can pay them back with depreciated currency, a development which doesn't benefit creditors at all.
Posted 6 months ago #
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