I think Hoppe and Hulsmann dealt with that guy pretty well. "You could just as well raise the question, 'Why is there no Austrian theory of magic potions or witchcraft?'" Lol.
Byron Dale is asked how The Ludwig von Mises Institute is advocating a gold standard, and can we or can't we go to a gold standard. Mr. Dale lays down the hard facts.
Please check out ByronDalechannel Gold standard video called: Gold standard debunked - Interview with Byron Dale. I would invite opinions on this from intelligent people.
Here is an extreme question as I am not sold yet on 100% gold standard: What if the majority of the worlds gold is held by one person and all the gold of the world has been mined by the same person. What incentive do they have to lend out gold when they potentially risk losing it to defaulters? Can I get an intelligent practical(not theoretical)answer to this question? Thanks!
@charronfamilyconnect I think you're confused on what the gold standard is. The gold standard is simply a market chosen commodity that fills the role of money. Gold is often chosen as this because of it's utility in the market, divisibility, transportability, etc.
Supposing the entire amount of gold would fall into the hands of one individual (of course just presumtion ;D ) another market commodity would fill the role, such as silver, platinum, etc. It could be anything with market value.
It is long term investors like Warren Buffet and entrepreneurs like Bill Gates who get rich, not these math-type stocktraders. Timing the market and entrepreneurship is an art, not a science. It relies more on intuition rather than rigorous analysis.
Financial techniques are important, but it will only get you so far.
The point Hoppe was trying to make to that ignorant bozo is that making money in finance depends on predicting the market, it means guessing what peoples' preferences will be in the future and buy stocks correspondingly. Doing that is more of an art than a science. There is no way to scientifically know future market behavior. Prices are just based on subjective valuations as well. Therefore doing highly abstract finance is pointless.
The guy in the audience who asks the last question is a complete moron -- ever heard of Austrian Business Cycle Theory? No method used for finance, how uninformed can you be if you are at this lecture, how do you think people like Jim Rogers & George Soros built their billions? -- by viewing the world through the Austrian framework and its understanding of the flaws in keynesianism & monetarism
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TheManiacalSatanist6 4 weeks ago
I think Hoppe and Hulsmann dealt with that guy pretty well. "You could just as well raise the question, 'Why is there no Austrian theory of magic potions or witchcraft?'" Lol.
UnderTheTunk 1 month ago
amazing lecture.
MaikUniversum 1 year ago
This has been flagged as spam show
TheByronDaleChannel | February 13, 2009
Byron Dale is asked how The Ludwig von Mises Institute is advocating a gold standard, and can we or can't we go to a gold standard. Mr. Dale lays down the hard facts.
Please check out ByronDalechannel Gold standard video called: Gold standard debunked - Interview with Byron Dale. I would invite opinions on this from intelligent people.
charronfamilyconnect 1 year ago
This has been flagged as spam show
Here is an extreme question as I am not sold yet on 100% gold standard: What if the majority of the worlds gold is held by one person and all the gold of the world has been mined by the same person. What incentive do they have to lend out gold when they potentially risk losing it to defaulters? Can I get an intelligent practical(not theoretical)answer to this question? Thanks!
charronfamilyconnect 1 year ago
@charronfamilyconnect I think you're confused on what the gold standard is. The gold standard is simply a market chosen commodity that fills the role of money. Gold is often chosen as this because of it's utility in the market, divisibility, transportability, etc.
Supposing the entire amount of gold would fall into the hands of one individual (of course just presumtion ;D ) another market commodity would fill the role, such as silver, platinum, etc. It could be anything with market value.
ourmanthejoker 1 year ago
Long Term Capital Management was based on models ? good to know.
Harshjones 1 year ago
Cancel your Eliot Wave subscription now.(not that I ever had one)
Harshjones 1 year ago
It is long term investors like Warren Buffet and entrepreneurs like Bill Gates who get rich, not these math-type stocktraders. Timing the market and entrepreneurship is an art, not a science. It relies more on intuition rather than rigorous analysis.
Financial techniques are important, but it will only get you so far.
truevoice08 1 year ago 3
The point Hoppe was trying to make to that ignorant bozo is that making money in finance depends on predicting the market, it means guessing what peoples' preferences will be in the future and buy stocks correspondingly. Doing that is more of an art than a science. There is no way to scientifically know future market behavior. Prices are just based on subjective valuations as well. Therefore doing highly abstract finance is pointless.
truevoice08 1 year ago 5
The guy in the audience who asks the last question is a complete moron -- ever heard of Austrian Business Cycle Theory? No method used for finance, how uninformed can you be if you are at this lecture, how do you think people like Jim Rogers & George Soros built their billions? -- by viewing the world through the Austrian framework and its understanding of the flaws in keynesianism & monetarism
eccitante 1 year ago 2