@USTreasuryBond Milton Friedman recognized that the Austrian cycle is fallacious: in 1969 he concluded that:
"The Hayek-Mises explanation of the business cycle is contradicted by the evidence. It is, I believe, false." He analyzed the issue using newer data in 1993, and again reached the same conclusions
The problem with the Austrians is that they're more philosophical than economic scientists. Ask any professional economist and most will say "I don't know much about them". This is because the Austrians viewed trends and business cycles as so random, that it made little sense to build any workable models, even rejecting econometrics, which is why Friedman distanced himself from them. They make some good points, but the Keynes-Friedman Foundation of modern macro is much more realistic.
@cordrenkin a science without philosophy is nothing but data. There may not have been adequate information gathering at the time of these minds to use metrics in an effective way. now there is. As Keynes and Firendman and Rothbard are of the Industrial Age, in the Information Age, there is a new opportunity to foster free markets again objectively with much more data than we could have then. Nobody really supports Keynes-Friedman's ideas unless they are defending a govt. controlled economy.
@emmanuel2012 Philosophy without a testable theory is just that, philosophy. I consider myself a friedmanite more than anything else, but I have to respect the keynesians for coming up with a workable, testable theory which can be proven true or not through empircal evidence. Econometrics have been around for quite some time, but the austrians never utilized it. Don't get me wrong, I have great respect for Hayek, Rothbard, and mises, I just wish they would have put a workable model to the test
@cordrenkin Mises did argue that the method of the natural science was to be used for social science since mans acts in the social science while materials in the natural do not. The Austrians have since done series empirical work. "Modern Applications of Austrian Thought" is a huge volume of empirical studies of Austrian thought. If you hadn't hered of Mises theory of Methodological Dualism then I would suggest "Theory and History."This might not change your mind but you may find it interesting.
@onepiecefan74 1) I´ts very important point that governments around the world first started to adopt Keynesian economic principles during the Second World War, and they did so to control inflation and excessive aggregate demand, by eventually contracting demand when wartime command economies had been implemented (a point once made in by the Austrian economist Ludwig Lachmann).
@onepiecefan74 2) This is something that is forgotten by many people: Keynesianism is not just about stimulating the economy during times of recession or depression; the important other side of Keynesian demand management is to stop inflationary outbreaks during boom times by reducing the level of aggregate demand.
@zsylvana Austrians would argue that its impossible for a small group of men to understand what the money supply should be at any time. But your right that Keynes actually advocated fighting inflation during booms and for the government to run surpluses in times of economic growth. If Keynesians today followed everything Keynes advocated for we probably would be in a better situations.
@onepiecefan74 There are two basic ways of allocating resources, and they are fundamentally
different from each other—even if they can be combined in hybrid transitional forms.They diffuse divergent motivations among producers and organizers of production,and find
expression in discrepant social values.Both basic kinds of labour allocation have existed on the widest possible scale throughout history. Both are therefore quite ‘feasible’.Planning simply means ‘direct’ allocation, Ex Ante.
@onepiecefan74 You can have ‘despotic’ planning and ‘democratic’ planning.You can have ‘rational’ planning and ‘irrational’ planning. You can have planning based on ignorance,
You can likewise have planning organized in a semi-rational way by technocrats
or, at the highest level of scientific intelligence, by workers and specialists.But, whatever forms, all of these involve direct a priori allocation of resources through the deliberate
@zsylvana Austrians would say just because the economy can run for a period of time while its being planned doesn't mean what the planners are planning is correct or that the economy wouldn't be better off without the planning. they would also make the moral argument that with the economy being planned that means people aren't free to decide what goods to produce, sell, or buy. All the peoples desires has to be approved by an oversee.
@onepiecefan74 At the opposite pole is resource allocation through objective market laws that a posteriori counteract or correct previously fragmented decisions taken by private bodies, separately or
autonomously from each other.Similarly, market economies in the sense of ex post allocations of
resources have historically existed in the most variegated forms.In principle there could be market economies with ‘perfect’ free competition: though in practice this has hardly ever been realized.
@onepiecefan74 There can be market economies skewed by the dominance of powerful monopolies
able to control large sectors of activity and so to fix prices over long
periods.Markets can coexist with drastic forms of autocracy and despotism,as they did under eighteenth-century absolutism,not to speak of various sorts of military junta or fascist dictatorship in the 20 century.But they can also be combined with advanced forms of parliamentary democracy, as they have been in
@onepiecefan74 Market economies may worsen the misery of broad masses, by an absolute lowering of their standard of living, as they did in most countries of the West for much of the eighteenth and nineteenth
centuries, in Eastern Europe extending far into the twentieth century,
and as they still do for at least half—if not more—of the inhabitants of
@zsylvana "Market economies may worsen the misery of broad masses, by an absolute lowering of their standard of living"
I'm not sure I agree with you there. The people of 19th and 20th saw a huge increase in prosperity and the standard of living. The reason there was so many poor in America was because there were so many people coming over here. More to keep up with the standard of living increase.
@onepiecefan74 1) Inflation is called the "cruelest tax." The perception seems to be that if only prices would stop rising, one's income would go further, disregarding the consequences for income.
Current reality shows the opposite: The tax element in anticipated inflation in terms of gain to the government and loss to the holders of currency and government securities, is limited to the reduction in the value in real terms of non-interest-bearing currency,
@onepiecefan74 2)Plus the gain from the increment of inflation over what was anticipated at the time the interest rate on the outstanding debt was established. On the other hand, a reduction in the rate of inflation below that previously anticipated would result in a windfall subsidy to holders of long-term government debt and a corresponding increase in the real impact of the debt on the fisc.
@onepiecefan74 3)The main difficulty with inflation,is not with the effects of inflation itself,but the unemployment produced by inappropriate attempts to control the inflation.Unanticipated acceleration of inflation can reduce the real deficit relative to the nominal deficit by reducing the real value of the long-term debt.Policy of limiting the nominal budget deficit is persisted in,this is likely to result in continued excessive unemployment due to reduction in effective demand
@onepiecefan74 4) The answer is not to decrease the nominal deficit to check inflation by increased unemployment, but rather to increase the nominal deficit to maintain the real deficit, controlling inflation, if necessary, by direct means that do not involve increased unemployment.
Inflation and unemployment are not negatively correlated, as stagflation proved as does the current bout of inflation and unemployment at the same time. Decreasing the deficit will not cause increased unemployment.
@onepiecefan74 5) Inflation is a not reflection of "living beyond our means." The only time we could be said to have been really living beyond our means was in war-time when capital was being destroyed and undermaintained. We have not lived even up to our means in peace-time since 1926, when it is now estimated that unemployment according to today's definition went down to around 1.5%. This level has not been approached since,except at the height of World War II
@onepiecefan74 6) Inflation occurs when sellers raise prices; they can do this profitably when the forces of competition are weakened by the differentiation of products,misleading advertising,obfuscating sales gimmicks,package deals, mergers takeovers,increasing importance of ancillary services,trade secrets,patents,copyrights, overheads, and start-up costs.nflation does occur in the midst of underutilized resources,and need not occur even if we consuming more than we produce.
Inflation is the expansion of the money supply. Rising prices and inflation are not the same thing. Rising prices across the economy is a result of inflation (the creation of more money). If certain goods become more expensive, other goods must also become cheaper, for the same amount of money exists. Only the creation of new money can result in rising prices overall.
@zsylvana Things like huge poverty and child labor existed way before the free markets of the 19th and 20th century's. Little boys were cleaning chimney sweeps out in Brittan as early as the 14th century. Children have worked throughout all of history and throughout all of history we have seen huge abject poverty when either the sate controlled economic affairs or it was left in hands of some state chartered monopoly like the ones in Brittan.
@onepiecefan74 7) And talking about the "Future of Austrian School of Economics",they have lot to deal with to remain credibel.Since the crise in 2008,was caused by excessive debt and reckless lending to individuals in a system of ineffective financial regulation,and this has nothing to do with entrepreneurs making malinvestments in capital goods,that shift output into the remote future,as in Austrian Buisness Cycle,they have to expand their view to understand modern economy
Austrian economics rules! If you're new to Austrian economics, read "Meltdown" by Tom Woods. It's a great introduction to Austrian economics (and its explanation of the business cycle). You will also be very well-informed about the recent housing/financial crash after reading it.
If you want to talk about this in a more private and convenient setting I suggest you email me at pyromaniacwolf1994@gmail.com and put "Youtube debate" in the subject line.
I encourage you to read the likes of Pierre-Joseph Proudhon, in his book "What is Property" and ALL of the writings of Benjamin R. Tucker, particularly his book "Instead of a Book by a Man too Busy to Write One" Oh as for abortions...you're an idiot. Most of the pro-life people truly believe that life begins at conception and thus abortion is murder, whereas the pro-choice community mostly believes it doesn't, tho some disagree but still think it should be up to the individual
However the corporations AND government, not just the corporations are purposely putting a stranglehold on society so they can stay in power, because "they know better than us" because we're "stupid morons who can't make good decisions and need to be led by the hand" or for some of them simply because they just like being in power. You blame capitalists and you should, since capitalism, is NOT a free-market system, it is crony corporatism where business meets with gov't in an monster
Rothbard wanted equality in the sense that everyone was treated equally, he did NOT want egalitarianism which was equality of outcome, and treating everyone as if they were all identical....which they are not! Some people are stronger, or faster, or smarter than others however that doesn't mean that they will get everything, all it means is that those who aren't as strong, fast, or smart, will have to work a little harder to accomplish their dreams.
Continuing on, in a true free-market system, with no gov't intervention in the economy, something that can only exist with no gov't, businesses would not be as large as they are today. The corporate elites get in bed, with the State to crush the ability of the working class to pull themselves up out of poverty, by the spiderwebs of Copyright law, of regulations, etc. to reduce the competition they suffer. From my readings of Rothbard, I can say he wanted equality, in the sense that
Oh and how do YOU know what he meant? Were you there reading his mind when he said that? And Capitalists, yes that's what they want, but that's also what they state wants. You complain about the "Capitalists" controlling the media, politicians, and the banks, but you don't seem to understand that the banks, media, and politicians, WANT to be controlled, especially the politicians. The State has been in bed with the rich since it first began. In a true free-market system with no gov't
When he says " If everyone was equal who would take out the garbage?" he means that he doesn't want equality because that would mean he would have to take out his own trash. What Capitalists want above all is a large, poor, ignorant and therefore cheap work force to do their bidding. They are against abortion for this reason. By controling the media, politicians and the banks they insure that they always get their way.
Garbage men exist in our society. They are recruited from among the poor, uneducated masses who have little or no choice as to how they want to live. They live alongside a few people who can walk into Sotheby's and buy a painting costing millions, pay a million for a trip in space or a private jet/yacht/Island. Frankly, I don't think that very fair.
3) When the housing bubble collapsed,defaults on mortgages rose,causing losses to investment banks and other financial institutions holding mortgage backed securities.The financial crisis of 2008 led to a freezing up of interbank lending and a liquidity crisis,which then went global.The resulting effects spread to the real economy severely exacerbating the US recession that had already begun in 2007.Such events is explained by,Keynesian Hyman Minsky,in his work,but not by Austrians
2) In the housing bubble,loans were made to people who were unlikely to pay them back. Debt was used bid up asset prices in property,allowing yet more debt via refinancing for purchasing of commodities whether durable or non-durable.Austrian Buisness Cycle does not explain this process.Another fundamental factor in the crisis of 2008 was the emergence of exotic financial instruments like collateralised debt obligations,including asset backed securities & mortgage backed securities
1.)The claim that Austrians were the only ones to predict the crisis of 2008 is pure nonsense.In 2001--2008, excessive debt and reckless lending to individuals in a system of ineffective financial regulation was a major factor. This has nothing to do with entrepreneurs making malinvestments in capital goods that shift output into the more remote future, as in Murray Rothbard´s - Austrian Buisness Cycle.
My city library, the Columbus Metropolitan Library in Columbus Ohio has several hundred copies of Sarah Palin books and a single copy of one book by Murray Rothbard. What is wrong with this?
@bobsacamano1 Simple. Everyone read Sarah Palin, discovered if was empty nonsense, and gave their copy to the library rather than throwing it away. People who buy Rothbard's books find them valuable and insightful, and keep them.
@bobsacamano1 I visited my local library looking for Milton Friedman books. In the shelfs i found books of Karl Marx and his fans, but no Friedman. I had to ask the librarian, she found two of his books dusted down in the storage. And yes, they didn't even have Hayek, Mises, etc. In some ways, Norway suck ass
I am working on understanding free market economics. I'm only 14 so don't laugh at my question.. Is the Austrian School an actual school or is it like a school of thought? Sorry!
@withtheoldbreed Both. Although I believe Mises died before they got the institute really started.. They have schools around the world now that teach classes, and there is online classes, also plenty of recorded sessions for free. User accounts Libertyinourtime and Nieslo also have such material on youtube.
Also Tom Woods has a page dedicated for new comers.
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Since no one has advocated the destruction of anyone's property what does Bastiat have to do with anything...and what's a shiftless French aristocrat that died 150+ years ago before the develoment of modern economics got to do with anything...Shall we next debate the number of angels that can dance on the head of a pin ?...Sheese!
Stop putting words in my mouth Black...I don't know where your hands have been...Hoover didn't start the New Deal programs, FDR did..that's common knowledge..FDR didn't start a war ..the Japs bombing Pearl did..that's common knowledge...the free market isn't fascism...Mussulini and Hitler were fascists...that's common knowledge...finally , 'Tribal revisionist chopping' makes NO sense whatsoever...
@bellcord You are putting words in mine. Yes he did, it wasn't called the New Deal at the time, but what FDR did was transfer existing programs, tweaked some, and upped the funding along with the size & scope. Actually FDR starting the war with Japan long before he declared it with sanctions and aggressive navy, all to "protect" China. The notion war with Japan began at Pearl Harbor is dogma, Pearl Harbor was blowback and America was warned prior to stop aggression (against Japan).
@bellcord I ran out of character count.. You are revising history against empirical data. What you proclaim as facts is narrow-minded political propaganda. You are leaving out very important pieces of history that would debunk your proposed myths. Like starting the first sentence after the cause. Its not scholarly. Oh and if you didn't notice, I am not drawing a line for biased left/right bullshit. I can go on and on about the Republicans too.
@BIackOp Actually you ran out of common sense some time back...You can tap out all the drivel you want here Blackie on YouTube...if you try flogging it in person you'll be laughed at...and the Japanese were dropping bombs at Pearl...not dogma..can we assume they also invaded China, British and Dutch territory because they were ticked at FDR ?...Hoover did very little to nothing to stem the depression..FDR set up the WPA CCC, FDIC, FHA, and dozens of other agencies and legislation to get us thru.
@bellcord You are straw-manning me again. I did not say the Japanese did not attack at Pearl Harbor. I said Pearl Harbor was not the beginning of the conflict with Japan. America was the aggressor far before Pearl Harbor and now you are appealing to the safety of the herd as a justification for intellectual superiority, not scholarly. I never said Japan did not invade China, quite the opposite. Nice dodge on sanctions. Hoover made the depression worse, but he his interventionism wasn't minor.
@BIackOp I'm tired of you twisting my comments and changing the entire meaning then laugh at your own straw-man. Also asserting that stimulating spending improves the economy is a broken window fallacy.
@BIackOp What's broken is any faith in the discredited Austrian School of hooey..."The markets are always perfect and rational and able to self correct." That horseshit has even been abandoned by Greenspan now ..that's Alan Greenspan top spokesman for the Austrian School
@bellcord Alan Greenspan was never an Austrian, not even Milton Friedman was an Austrian. This is not even remotely relevant. You completely evade what is the broken window fallacy with a crude trolling side step, emotional appeals, and your quote is an outright straw-man. Thanks for ending any "debate" and admitting defeat. Good day.
@bellcord The point is destruction is not profit. Profit means an exchange, busting windows forces the window owner to spend money on resources that need replacement, not creating anything new. This reallocates resources making the market less efficient reallocates jobs in areas not needed: war and public work projects have the same effect. Taking money out of the pocket of individuals and artificially changing the demands with this stimulus will make the economy poorer in the long run.
@bellcord The parable of the broken window was introduced by Frédéric Bastiat in his 1850 essay Ce qu'on voit et ce qu'on ne voit pas (That Which Is Seen and That Which Is Unseen) to illustrate the hidden costs associated with destroying property of others. The parable, also known as the broken window fallacy, demonstrates how the law of unintended consequences affects economic activity people typically see as beneficial.
Hey look I can make a comments not attached as a response to get the last word too! Suspending the Gold Standard during those wars not related? Hoover expanding the role of the State and starting many of the New Deals programs just bits of history and not important? You set up the stage that the currency was stable in gold and Hoover was limit government cabinet and that FDR started a War to save us from the wraith Free Market Fascism, which is an oxymoron. BULLSHIT! Tribal revisionist chopping.
I'm not trolling anything...if I'm passing something that's absolute and utter horseshit then I'll point out; 'Hey, that's horseshit and here's why .."...your arguments aren't arguments..they're random bits of knowlege you read ,unrelated to the whole, which you throw out as a jumbled heap..if I want an airplane don't blow up a junk shop and point to the rubble and say ;" Look I made an airplane!"...
Black, knowlege isn't a bias and you haven't even baseline knowledge of economics, history or finance...and discussing any of these with a GED hopeful like yourself isn't a productive use of time...bye,bye..
@bellcord You aren't arguing any of my points nor are you accepting some historical facts that I presented, instead you use a red herring about my personal education; which you assert I don't have any understanding, second you assert people need degrees to have knowledge. Get your head out of your ass. You talk about productive use of time, and yet you troll these videos with debunked myths? Come on.
@BIackOp Go have an 'honest discussion' with someone on your own planet...here on Earth I've got better things to do then watch you play with your own poop...
@bellcord You are outright denying historical facts and then you have the nerve to tell me that I am the one that lives in outer space? A complete cop out. You move the goal post, and then dodge. Tear down your anti Austrian wall for once.
@bellcord And you are so biased against us that you are willing to shut out the truth when it suits you, when the facts are presented you play the nut job card. 6 Months you were just as ignorant and now its apparent you haven't learned a fucking thing.
Sorry Black, you're gonna have to pick a side here....and if government spending doesn't help pull a country out of depression than why did the massive government spending of WWll pull us out of the depression ??...
@bellcord It didn't. This same logic would mean Iraq, Afghanistan, and now Libya would do the same. When did World War II start for America? Certainly not 1945 by than it was ending. Suspending the gold standard did not help stabilize the market. Ever heard of the Broken Window Fallacy?
@BIackOp Afghan,Iraq and Libya ! ? !...WTF are you talking about ?...WWll started on Dec. 8th ,1941 for America when FDR asked Congress for a declaration of war....the war ended in 1945 with Japan's surrender....President Nixon took the US off the gold standard in August of 1971 ( a month after I graduated from college) after Germany and Switzerland had already left it....I'm beginning to suspect I'm not dealing with an educated person here..
@bellcord You said World War II got us out the depression, which it started in 41 but the depression ended around 45 when the war was ending. Meanwhile the Crash of 1920 ended in a year and it didn't take a war. In fact going off the gold standard during World War I contributed to the business cycle. You do realize during wars the gold standard was suspended, even FDR stole gold from people during his time.
@zsylvana Now,assume away government& foreign sector,aggregate demand at time t is: ....
You can't assume away government & the foreign sector since most of the distortions (tariffs and tax) are in those sectors! The equation would work if there were no tariffs or government spending... but there is and artificial interest rates only lead to correction (which is recession and depression).
To quote Man, Economy, and State - "The process by which the market reverts to its preferred interest rate and eliminates distortion caused by credit expansion- is, moreover, the business cycle!"
This man knows and truly understands macroeconomics with human action. Keynesians cannot disprove this...
Keynes view- spend the money we don't have. Intervene and distort interest rates. Then prolong this so that the following depression(correction) is as hard, arduous, and long as possible.
If you actually read Man, Economy, and State by Rothbard you will be convinced by his succinct and logical view. I USED to be a closed-minded Keynesian (so I know where you guys are coming from) till I found Rothbard.
Keynesians are inherently socialists since they want to intervene in the market. Like they know what the interest rate should be. Y=C+I+G+X is very inaccurate because the market is dynamic.
@zombiefitnezz --- can you give some examples. the keynesian theory that has been debunked is what is currently in practice... that is what has caused intellectual and policy disaster.
@zombiefitnezz --- can you give some examples. the keynesian theory that has been debunked is what is in practice... that is what has caused intellectual and policy disaster.
Hey pre, you're the one trying to prop up a discredited school of economic thinking...if toxic subprime mortgages had been banned by law then Wall Street couldn't have pumped this poison into the world's financial bloodstream...and that's the undisputed truth..
@bellcord So "toxic subprime mortgages" just came about spontaneously, huh? And can you direct me to your writings urging that toxic subprime mortgages should be banned by law? The regulators, the race of superhumans you superstitiously rely on to keep this jerry-rigged system going, all thought these mortgages were super.
@tewj57 No pewj57, toxic subprime mortgages came about because they made Wall Street a lot of money,,they also ignored basic principles of mortgage lending...Fannie Mae ,on the other hand, was regulated and it's 4 trillion dollar loan portfolio had a foreclosure rate of less than 1% in September of 2008..when Paulson took'em over it set off the panic which led to the depression we're still fighting..
@AUSM92 I am not advocating communism as your implying. Perhaps time can be valued differently for people with certain skill sets that are rare and are in demand. So simply pay them more time(dollars) so the incentive is still there. What I dont believe in is someone controlling money to make it scarce just for the purpose of making money with money by indebting the majority. Money should serve us in exchanging goods and services. At very least we have the basics& anything extra is icing on cake
@AUSM92 Hey man, I thought we were in modern times? Ditchdigging can all be automated with machines! TEchnology can be developed to rid the world of most of the manual labour resulting in more productivity and abundance. You have to think exponentially and futuristic to get the same vision I have. No need for scarcity, and struggle and strife if we coordinate our brains.
"Don't sell your soul for a mess of pottage, so to speak, 'cause that's what you're gonna get, is a mess of pottage, if that. ... If you follow what you believe, not only is it a very joyful thing to do it, but you also win out."
Why do we even need to go so far as tieing money to a scarcity such as gold? What if we changed money into a representation of labour and time. For ex. We have projects in the community to build better bridges,roads, trains, etc.. We decide what needs to be done and agree on a price and we issue money to the people that produce these goods representing their time/labour resulting in abundance and inflation is not an issue. Abundance is wealth not scarcity!
Capitalism is the perfect philosophy w/ no purpose for government except to spy on everyone, wage war continuously and imprison millions of citizens. These three exceptions are only made necessary by human nature driven by greed aggression & hatred to compete & horde until every available resource is privately possessed & consumed. Capitalism frees man to be a mindless predator driven to self destruction in pursuit of the supreme value of individualism finally resulting in annihilation.
Missing in this lecture on asserting the failure of Keynesian Economics strictly using economic numbers of 1974 and onwards is not discussing the impact of the Vietnam War as the mechanism for inflation. In 1971 the inflated currency, largely from war debt, took the US away from any semblance of gold standard. That doesn't negate his argument about the issues with Keynesianism but it certainly demonstrates a cherry-picking of historical context that weakens the entire argument.
bellcord makes me laugh with his arguments. And when he has no argument he simply dismisses things and says the topic shouldn't be up for discussion. For a second I thought I was reading Krugman. The only thing that tipped me off that it wasn't Krugman is the cursing and swearing.
After all, the most persuasive arguments always come with cursing, yelling and f-bombs. Thanks for the insights and unintentional humor.
I know that he is talking to scholars who are familiar with all the background surrounding the subject, and I think that is why he cuts his words short and seems to ramble a bit. I am very new to this and would appreciate complete words and sentences. Does anyone care to help my find a transcript so that I can study the substance of this presentation more completely?
In a free market, all three of those institutions mentioned would be out of business today. Maybe the knowledge that they would not be punished had something to do with their business practices.
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The Austrian School took a big hairy shit in front of everybody in September 2008...it's "Perfect Free Markets" were exposed as an idiot's pipedream which everyone,including Alan Greenspan, now admits..
@bellcord you have no clue about what you are talking about. last i looked we had/have a central bank (Federal Reserve) and Fannie & Freddie, both of those two gov't backed operations were the 2 major culprits behind the housing boom & bust. the boom/bust wouldn't have happened in a true free market system.
@OldRightPaleocon Look again OldRight, your unregulated 'Free Market' allowed Wall Street to buy and then issue securities based on toxic subprime loans..Fannie&Freddie were prohibited from subprime and lost huge market share to Wall Street firms...AIG insured the mess but didn't call it insurance because insurance is regulated...called it Credit Default Swaps..and since that was 'Free Market' didn't have to put back reserves...Oh, since I've got 38 years in mortgage biz I know ..I know..
@bellcord Wow! 38 years in the mortgage business. Our government has about 220 years in the State business and still can't seem to get it right. Experience is nothing if you don't know what you're talking about. Fannie and Freddie were government-created entities that weren't supposed to be there in the first place. What the government calls 'regulations', financial institutions call 'loopholes'. It leads to bailouts, no matter what you say.
@briananderson1 Wouldn't dare confuse you with facts there brian but there's a one in two chance the house you're tapping out those comments from is underwritten by Fannie or Freddie... so since you feel they shouldn't exist please get up right now and move into your car...No ?...then sit down, shut up and respect your elders junior...and don't make me come back there again young man !
But can you have a truly free market when its very nature encourages competition that will ultimately put someone on top, thus leading to corporate power dominating the field. With more capital there is more power and this allows to fix the laws into their favor, wealth becomes entrenched and so on. Countries didn't start with socialism, it grew as a reaction to either corporate or imperial tyranny. There's also the factors of regulating pollution that free markets don't favor.
@radicalsquare why will competition ultimately put someone on top? competition continually evens the playing field. force is how someone ends up on top which is not generally preferred. The state is the worst possible group of people to be responsible for the well being of the earth. and of course the "free market" doesn't favor regulating pollution, regulating is done by a state. no one truly wants to destroy earth, some just feel the benefits of certain actions outweigh the costs.
@Gasolinealley00 Yup Gaso, since you seemed to be living in a cave in South Yeman the past two years I'll try and catch you up: The unregulated Wall Street 'Master's of the Universe" along with the rating agencies(Moody's, Standard & Poors,et al.) and the Financial Products division of AIG damn near burned down the house in September 2008...like WWll, it was in all the papers...
@bellcord I'm well aware of what happened and what caused it. I always forget how arrogant some people are. If you honestly think these institutions are unregulated, that the central bank with low interest rates, dangerous "quantitative easing" methods, massive devaluations in the currency, and of course myriads of federal regulations, had nothing to with this, like I said, you need a serious lesson. You need the Austrian School.
@Gasolinealley00 I need the Austrian School ?...May I make the modest proposal you need to pull your head out of Rush Limbaugh's fat ass....This crises came straight out of Wall Street investment banks ...Home mortgage Securities are nothing new but when the average mid-level money manager found he could make 2-3 million smackers with every new issue there wern't enough qualified home buyers to feed the greed...that's when unqualified borrower's became hot props for unregulated Wall Street..
@bellcord If only Limbaugh (or any neo-conservative) followed the Austrians. The amazing thing is that you think the market caused, or allowed, these things to happen. I'm not going to explain these things to you when you can just read them yourself. You have a lot of reading to do. I suggest you get started.
@bellcord Do you do anything other than sit in front of your computer and comment on this video? I know, I know...the irony of me saying that by typing in a comment on the same video. You seem very impressed with yourself and your experience in...whatever. I have to admit you're bloviation is amusing.
@jpschubbs How very nice I could amuse you jp.....Now, if you have nothing else to add to the conversation, tip your waitress and bartenders and drive home safely...
You actually have no argument when you say that Wall Street investment bankers made bad loans. So what? Why should this bring down the system of people deferring to other methods of attaining ends, viz, with regard assisting production from willing lenders, different investment houses, not bailing out i.e. charitably assisting failed lenders, whose speculation is not the problem, but rather speculation in a a bubble was in sectors in which further production became unsustainable due 2 cnsumption
@Gasolinealley00 Please spare us the crackpot horseshit that 'President Woodrow Wilson passed the 'Turnip Act of 1916' and lead to the panic of September 15-19 2008' or other related nonsense....that was pretty much discredited when Granddad was in knee pants and only world class fuck-up's like Glenn Beck even try to pump life in that chestnut...
@bellcord I can't debate the Austrian Business Cycle Theory with someone who has no idea what it is. So, I'll spare you, but it's not because it's nonsense. It's because you're an idiot.
@bellcord Are you kidding me? "Perfect free markets" is a Chicago school's concept, Austrians are against it as much as you are. But clearly you'd know about it if you knew anything about Austrian Economics, you are merely using boilerplate arguments against Chicago school to use them against Austrian Economics.
Saddest part is the people who are "defending" Austrian Economics to him are equally clueless. What next? Defending Arnold just because some ignorant calls him Austrian Economist?
@prashantpawar I'm not sure I follow you there Prashant Ol' Boy....the Chicago school follows the Austrian school, or 'Free Market' or 'Deregulated Capitolism' or any of a dozen differant names for the discredited economic belief that Markets are perfect and self correcting and need no government regulation..(.September 2008 pretty much blew that idea out of the water)..The Austrian school would just also oppose central banks and FDIC insurance as well..
@bellcord "Also" oppose central banks? So you think Chicago opposes a central bank? Why is anyone even debating someone so clueless? He thinks Chicago and Austria are two names for the same thing.
@tewj57 Austrian school has several diferencais with the Chicago School. Both schools share a philosophy of liberty .... So much so that Hayek and Friedman were joined to found the Mont Pelerin Society. I should also say that if we accept that central banks will not disappear soon ... We will be a thousand times better if we had listened to Friedman and not Keynes.
@dthcap Dear Sir, you obviously were not alive during Great Depression ....if the Austrian school had been followed in America in the 1930's we would have ended up with a fascist dictator like Nazi Germany...most of us do not view that as a 'thousnd timed better..'
@bellcord I notice you did not understand my previous comment ..and that you have a great ignorance. its clear that you do not know the difference between Fiedman, Hayek and Keynes .... Therefore it is obvious that you do not know anything about Austrian Economics
The Austrians on Fascism: Hayek, Mises, and Röpke | David Gordon
You aren't informed. I suggest revisiting Rothbard's lectures on history and don't like to political revisionist history. Hoover was an interventionist. FDR ran on a limited Government campaign and did the opposite.
@BIackOp * instead of sucking down propaganda from political revisionists hacks on history. You assert people who defend the market are Fascists. Fascists are central planners, who advocate command economies, price controls, protectionist policies. Its a form of socialism. Right wing/Left wing makes no difference, pick your poison. Its still a Statist in a fancy hat barking commands or else. Ludwig von Mises railed against both, yet you claim you've DONE this shit.
@BIackOp May I suggest you check the color of the sky on your planet..Here on Earth , Mr Hoover subscribed to the prevailing Republican wisdom of Government NOT intervening in Economic matters other then a sound currency..as the Nation's banks failed and unemployment soared conservatives were critical of Hoover for even setting up Soup Kitchens as if the unemployed were not faced with hunger they would get lazy.Within 100 days of taking office FDR was delivering a New Deal as he promised.
@bellcord Hey Paul Krugman. Hoover had his own "stimulus" plans. Hoover was the beginning of the New Deal not FDR. FDR carried it out further with Hoover's programs calling it the New Deal expanding the Government's role further. They were playing up the recovery lies like today back then from 1933-37.
@BIackOp Yup, guess my parents were lying when they said the Rural Electrfication program gave their farm electric lights in '34...Suppose my Dad was tellin' lies 'bout the WPA dam project in '34 that give'um the first cash money they'd seen in in years...Wouldn't want that to interfere with 'Rothbard's lectures.'.
@bellcord Btw giving people money that they don't have to SPEND again through "stimulus" programs does not mean a fucking recovery. Plus you can't create capital out of thin air. They didn't recover in 33-34... it was till 1945 that things were "normal", because the war ended. Not the myth that starting a war ends the great depression, but that ending the war and going back a gold standard stabilizes the currency. What FDR did was prolong the correction. There was no sound currency with Hoover.
Great video. Thanks for posting it. The more I learn about free market economics the more I believe in it. The collapse of the Soviet Union is all the proof you need that central planning does not work. We should abandon our social welfare state and get back to our free market origins.
@ 16:45 : "Ideas in the long run can trump interests... can trump economic interests" -- No! It was the economic interests of the Soviet citizens that trumped the failed ideas of Soviet communism -- because Soviet communism did not provide an economy!
Yeah Murray is in my top 5 of people I wish to meet or still can meet. He seemed like a very noble human being who just spoke logic and wanted the best for all of mankind through free market Anarcho-Capitalism.
" NBER continues:"First, some history and data. Austrian Business Cycle Theory was developed in the first quarter of the 20th century, mostly by Mises and Hayek, with some later contributions by Schumpeter. The data Mises and Hayek had to work on was that of that of the business cycle that emerged with industrial capitalism at the beginning of objections. "
"The result is a research program that was active and progressive a century or so ago but has now become an ossified dogma.Like all such dogmatic orthodoxies, t provides believers with the illusion of a complete explanation but cease to respond in a progressive way to empirical violations of its predictions or to theoretical objections. "
"The result is a research program that was active and progressive a century or so ago but has now become an ossified dogma.Like all such dogmatic orthodoxies, t provides believers with the illusion of a complete explanation but cease to respond in a progressive way to empirical violations of its predictions or to theoretical objections. "
"Although the Austrian School was at the forefront of business cycle theory in the 1920s, it hasn't developed in any positive way since then. The central idea of the credit cycle is an important one, particularly as it applies to the business cycle in the presence of a largely unregulated financial system. But the Austrians balked at the interventionist implications of their own position, and failed to engage seriously with Keynesian ideas."
Total and utter claptrap. Maybe you're talking about the fact that Misesians advocate no govt protcn of fiduciary media printers whose specie reserves are in deficit of their specie certificates. THAT is why 'credit expansion' required violent State protection, dolt.
As for Keynes, the GT was to refute Say's Law: a principle is sound when known scoundrels attack it with strawman arguments, abject fallacy, mendacity throughout and non-sequiturs.
In that sense then Hayek and Mises rose above Keynes' trash, as did most proper economists of the age, it was the next generation who took the idea to heart that the level of employment is bound up in consumption which was precisely what Say's Law refuted in its statement of reality, not a statement contingent on all exchanges being bilateral due to non-neutrality of money i.e. not contingent on that not spending on x means there's spending on y.
Take what mainstream ecnmsts say about Austrians with a pinch of salt.These are the people who can't see what even Marx could see, that to blame recessions on 'deficient' demand for commodities is 'sheer tautology' i.e. what has been produced is erroneous and what could be produced is infinite due to the passage of time therefore jobs need not forced or any spending. Austrians had no development IN academia. Apply your half baked Beauty Contest market-irrationality theories to economic academia.
@Nintendomanwill You've written three paragraphs without a single coherent sentence and you're obviously a deranged horseshit artist...on the upside Glenn Beck has you booked for all next week..
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For anyone interested in Austrian economics, I have comedic video series that I am starting that is on my channel. Ron Paul 2012
CommonSenseLako 1 month ago
liberals are economic illiterates. plain and simple.
USTreasuryBond 2 months ago
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@USTreasuryBond Milton Friedman recognized that the Austrian cycle is fallacious: in 1969 he concluded that:
"The Hayek-Mises explanation of the business cycle is contradicted by the evidence. It is, I believe, false." He analyzed the issue using newer data in 1993, and again reached the same conclusions
zsylvana 1 month ago
The problem with the Austrians is that they're more philosophical than economic scientists. Ask any professional economist and most will say "I don't know much about them". This is because the Austrians viewed trends and business cycles as so random, that it made little sense to build any workable models, even rejecting econometrics, which is why Friedman distanced himself from them. They make some good points, but the Keynes-Friedman Foundation of modern macro is much more realistic.
cordrenkin 4 months ago
@cordrenkin a science without philosophy is nothing but data. There may not have been adequate information gathering at the time of these minds to use metrics in an effective way. now there is. As Keynes and Firendman and Rothbard are of the Industrial Age, in the Information Age, there is a new opportunity to foster free markets again objectively with much more data than we could have then. Nobody really supports Keynes-Friedman's ideas unless they are defending a govt. controlled economy.
emmanuel2012 4 months ago 2
@emmanuel2012 Philosophy without a testable theory is just that, philosophy. I consider myself a friedmanite more than anything else, but I have to respect the keynesians for coming up with a workable, testable theory which can be proven true or not through empircal evidence. Econometrics have been around for quite some time, but the austrians never utilized it. Don't get me wrong, I have great respect for Hayek, Rothbard, and mises, I just wish they would have put a workable model to the test
cordrenkin 4 months ago
@cordrenkin Mises did argue that the method of the natural science was to be used for social science since mans acts in the social science while materials in the natural do not. The Austrians have since done series empirical work. "Modern Applications of Austrian Thought" is a huge volume of empirical studies of Austrian thought. If you hadn't hered of Mises theory of Methodological Dualism then I would suggest "Theory and History."This might not change your mind but you may find it interesting.
onepiecefan74 3 months ago
@onepiecefan74 1) I´ts very important point that governments around the world first started to adopt Keynesian economic principles during the Second World War, and they did so to control inflation and excessive aggregate demand, by eventually contracting demand when wartime command economies had been implemented (a point once made in by the Austrian economist Ludwig Lachmann).
zsylvana 2 months ago
@onepiecefan74 2) This is something that is forgotten by many people: Keynesianism is not just about stimulating the economy during times of recession or depression; the important other side of Keynesian demand management is to stop inflationary outbreaks during boom times by reducing the level of aggregate demand.
zsylvana 2 months ago
@zsylvana Austrians would argue that its impossible for a small group of men to understand what the money supply should be at any time. But your right that Keynes actually advocated fighting inflation during booms and for the government to run surpluses in times of economic growth. If Keynesians today followed everything Keynes advocated for we probably would be in a better situations.
onepiecefan74 2 months ago
@onepiecefan74 There are two basic ways of allocating resources, and they are fundamentally
different from each other—even if they can be combined in hybrid transitional forms.They diffuse divergent motivations among producers and organizers of production,and find
expression in discrepant social values.Both basic kinds of labour allocation have existed on the widest possible scale throughout history. Both are therefore quite ‘feasible’.Planning simply means ‘direct’ allocation, Ex Ante.
zsylvana 2 months ago
@onepiecefan74 You can have ‘despotic’ planning and ‘democratic’ planning.You can have ‘rational’ planning and ‘irrational’ planning. You can have planning based on ignorance,
You can likewise have planning organized in a semi-rational way by technocrats
or, at the highest level of scientific intelligence, by workers and specialists.But, whatever forms, all of these involve direct a priori allocation of resources through the deliberate
choice of some social body.
zsylvana 2 months ago
@zsylvana Austrians would say just because the economy can run for a period of time while its being planned doesn't mean what the planners are planning is correct or that the economy wouldn't be better off without the planning. they would also make the moral argument that with the economy being planned that means people aren't free to decide what goods to produce, sell, or buy. All the peoples desires has to be approved by an oversee.
onepiecefan74 2 months ago
@onepiecefan74 At the opposite pole is resource allocation through objective market laws that a posteriori counteract or correct previously fragmented decisions taken by private bodies, separately or
autonomously from each other.Similarly, market economies in the sense of ex post allocations of
resources have historically existed in the most variegated forms.In principle there could be market economies with ‘perfect’ free competition: though in practice this has hardly ever been realized.
zsylvana 2 months ago
@onepiecefan74 There can be market economies skewed by the dominance of powerful monopolies
able to control large sectors of activity and so to fix prices over long
periods.Markets can coexist with drastic forms of autocracy and despotism,as they did under eighteenth-century absolutism,not to speak of various sorts of military junta or fascist dictatorship in the 20 century.But they can also be combined with advanced forms of parliamentary democracy, as they have been in
the 20 century.
zsylvana 2 months ago
@onepiecefan74 Market economies may worsen the misery of broad masses, by an absolute lowering of their standard of living, as they did in most countries of the West for much of the eighteenth and nineteenth
centuries, in Eastern Europe extending far into the twentieth century,
and as they still do for at least half—if not more—of the inhabitants of
the Southern hemisphere
zsylvana 2 months ago
@zsylvana "Market economies may worsen the misery of broad masses, by an absolute lowering of their standard of living"
I'm not sure I agree with you there. The people of 19th and 20th saw a huge increase in prosperity and the standard of living. The reason there was so many poor in America was because there were so many people coming over here. More to keep up with the standard of living increase.
onepiecefan74 2 months ago
@onepiecefan74 1) Inflation is called the "cruelest tax." The perception seems to be that if only prices would stop rising, one's income would go further, disregarding the consequences for income.
Current reality shows the opposite: The tax element in anticipated inflation in terms of gain to the government and loss to the holders of currency and government securities, is limited to the reduction in the value in real terms of non-interest-bearing currency,
zsylvana 4 weeks ago
@onepiecefan74 2)Plus the gain from the increment of inflation over what was anticipated at the time the interest rate on the outstanding debt was established. On the other hand, a reduction in the rate of inflation below that previously anticipated would result in a windfall subsidy to holders of long-term government debt and a corresponding increase in the real impact of the debt on the fisc.
zsylvana 4 weeks ago
@onepiecefan74 3)The main difficulty with inflation,is not with the effects of inflation itself,but the unemployment produced by inappropriate attempts to control the inflation.Unanticipated acceleration of inflation can reduce the real deficit relative to the nominal deficit by reducing the real value of the long-term debt.Policy of limiting the nominal budget deficit is persisted in,this is likely to result in continued excessive unemployment due to reduction in effective demand
zsylvana 4 weeks ago
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@zsylvana
Then explain why we continue to have both high inflation and high unemployment?
tubo222555 3 weeks ago
@onepiecefan74 4) The answer is not to decrease the nominal deficit to check inflation by increased unemployment, but rather to increase the nominal deficit to maintain the real deficit, controlling inflation, if necessary, by direct means that do not involve increased unemployment.
zsylvana 4 weeks ago
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@zsylvana
Inflation and unemployment are not negatively correlated, as stagflation proved as does the current bout of inflation and unemployment at the same time. Decreasing the deficit will not cause increased unemployment.
tubo222555 3 weeks ago
@onepiecefan74 5) Inflation is a not reflection of "living beyond our means." The only time we could be said to have been really living beyond our means was in war-time when capital was being destroyed and undermaintained. We have not lived even up to our means in peace-time since 1926, when it is now estimated that unemployment according to today's definition went down to around 1.5%. This level has not been approached since,except at the height of World War II
zsylvana 4 weeks ago
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@zsylvana
Americans are in debt, and the government is in greater debt. We are spending more than we take in. That is called living beyond our means.
tubo222555 3 weeks ago
@onepiecefan74 6) Inflation occurs when sellers raise prices; they can do this profitably when the forces of competition are weakened by the differentiation of products,misleading advertising,obfuscating sales gimmicks,package deals, mergers takeovers,increasing importance of ancillary services,trade secrets,patents,copyrights, overheads, and start-up costs.nflation does occur in the midst of underutilized resources,and need not occur even if we consuming more than we produce.
zsylvana 4 weeks ago 4
@zsylvana
Inflation is the expansion of the money supply. Rising prices and inflation are not the same thing. Rising prices across the economy is a result of inflation (the creation of more money). If certain goods become more expensive, other goods must also become cheaper, for the same amount of money exists. Only the creation of new money can result in rising prices overall.
tubo222555 3 weeks ago
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@zsylvana Look at this midget, just pasting walls of text from random books because he can't argue for himself...
casualdissent 2 weeks ago
@zsylvana Things like huge poverty and child labor existed way before the free markets of the 19th and 20th century's. Little boys were cleaning chimney sweeps out in Brittan as early as the 14th century. Children have worked throughout all of history and throughout all of history we have seen huge abject poverty when either the sate controlled economic affairs or it was left in hands of some state chartered monopoly like the ones in Brittan.
onepiecefan74 2 months ago
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@onepiecefan74 7) And talking about the "Future of Austrian School of Economics",they have lot to deal with to remain credibel.Since the crise in 2008,was caused by excessive debt and reckless lending to individuals in a system of ineffective financial regulation,and this has nothing to do with entrepreneurs making malinvestments in capital goods,that shift output into the remote future,as in Austrian Buisness Cycle,they have to expand their view to understand modern economy
zsylvana 4 weeks ago 8
This speech is filled with irrelevant fluff
GnomesAmok 4 months ago
Please tell me that is Joe Salerno hiding under that awesomestache and glasses at 11:13
jtropeano 4 months ago
Austrian economics rules! If you're new to Austrian economics, read "Meltdown" by Tom Woods. It's a great introduction to Austrian economics (and its explanation of the business cycle). You will also be very well-informed about the recent housing/financial crash after reading it.
martinkilroyas 5 months ago
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@martinkilroyas
Austrian economics is failed theory, that no one believes holds water. Not even Milton Friedman.
GnomesAmok 4 months ago
@GnomesAmok
hurr durr hurr
ApocDevTeam 4 months ago 3
How come highly acclaimed jews are less interesting than a workingman jew in the bar after work?
Liozeris 6 months ago in playlist Austrian Economics
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@FedupwithR
If you want to talk about this in a more private and convenient setting I suggest you email me at pyromaniacwolf1994@gmail.com and put "Youtube debate" in the subject line.
MarineWolf1994 6 months ago
@FedupwithR
I encourage you to read the likes of Pierre-Joseph Proudhon, in his book "What is Property" and ALL of the writings of Benjamin R. Tucker, particularly his book "Instead of a Book by a Man too Busy to Write One" Oh as for abortions...you're an idiot. Most of the pro-life people truly believe that life begins at conception and thus abortion is murder, whereas the pro-choice community mostly believes it doesn't, tho some disagree but still think it should be up to the individual
MarineWolf1994 6 months ago
@FedupwithR
However the corporations AND government, not just the corporations are purposely putting a stranglehold on society so they can stay in power, because "they know better than us" because we're "stupid morons who can't make good decisions and need to be led by the hand" or for some of them simply because they just like being in power. You blame capitalists and you should, since capitalism, is NOT a free-market system, it is crony corporatism where business meets with gov't in an monster
MarineWolf1994 6 months ago
@FedupwithR
Rothbard wanted equality in the sense that everyone was treated equally, he did NOT want egalitarianism which was equality of outcome, and treating everyone as if they were all identical....which they are not! Some people are stronger, or faster, or smarter than others however that doesn't mean that they will get everything, all it means is that those who aren't as strong, fast, or smart, will have to work a little harder to accomplish their dreams.
MarineWolf1994 6 months ago
@FedupwithR
Continuing on, in a true free-market system, with no gov't intervention in the economy, something that can only exist with no gov't, businesses would not be as large as they are today. The corporate elites get in bed, with the State to crush the ability of the working class to pull themselves up out of poverty, by the spiderwebs of Copyright law, of regulations, etc. to reduce the competition they suffer. From my readings of Rothbard, I can say he wanted equality, in the sense that
MarineWolf1994 6 months ago
@FedupwithR
Oh and how do YOU know what he meant? Were you there reading his mind when he said that? And Capitalists, yes that's what they want, but that's also what they state wants. You complain about the "Capitalists" controlling the media, politicians, and the banks, but you don't seem to understand that the banks, media, and politicians, WANT to be controlled, especially the politicians. The State has been in bed with the rich since it first began. In a true free-market system with no gov't
MarineWolf1994 6 months ago
When he says " If everyone was equal who would take out the garbage?" he means that he doesn't want equality because that would mean he would have to take out his own trash. What Capitalists want above all is a large, poor, ignorant and therefore cheap work force to do their bidding. They are against abortion for this reason. By controling the media, politicians and the banks they insure that they always get their way.
FedupwithR 6 months ago
@FedupwithR - so we shouldn't have any garbagemen?
jebarth3 6 months ago
@jebarth3
Garbage men exist in our society. They are recruited from among the poor, uneducated masses who have little or no choice as to how they want to live. They live alongside a few people who can walk into Sotheby's and buy a painting costing millions, pay a million for a trip in space or a private jet/yacht/Island. Frankly, I don't think that very fair.
FedupwithR 6 months ago
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@jshedelbower Not really we never have free market money.
Charlesperalo 7 months ago
3) When the housing bubble collapsed,defaults on mortgages rose,causing losses to investment banks and other financial institutions holding mortgage backed securities.The financial crisis of 2008 led to a freezing up of interbank lending and a liquidity crisis,which then went global.The resulting effects spread to the real economy severely exacerbating the US recession that had already begun in 2007.Such events is explained by,Keynesian Hyman Minsky,in his work,but not by Austrians
zsylvana 7 months ago
2) In the housing bubble,loans were made to people who were unlikely to pay them back. Debt was used bid up asset prices in property,allowing yet more debt via refinancing for purchasing of commodities whether durable or non-durable.Austrian Buisness Cycle does not explain this process.Another fundamental factor in the crisis of 2008 was the emergence of exotic financial instruments like collateralised debt obligations,including asset backed securities & mortgage backed securities
zsylvana 7 months ago
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1.)The claim that Austrians were the only ones to predict the crisis of 2008 is pure nonsense.In 2001--2008, excessive debt and reckless lending to individuals in a system of ineffective financial regulation was a major factor. This has nothing to do with entrepreneurs making malinvestments in capital goods that shift output into the more remote future, as in Murray Rothbard´s - Austrian Buisness Cycle.
zsylvana 7 months ago 4
My city library, the Columbus Metropolitan Library in Columbus Ohio has several hundred copies of Sarah Palin books and a single copy of one book by Murray Rothbard. What is wrong with this?
bobsacamano1 8 months ago 32
@bobsacamano1 Simple. Everyone read Sarah Palin, discovered if was empty nonsense, and gave their copy to the library rather than throwing it away. People who buy Rothbard's books find them valuable and insightful, and keep them.
ikester8 4 months ago
@ikester8 I actually talked to the library and convinced them to add two copies of man economy and state to their collection!
bobsacamano1 4 months ago
@bobsacamano1 well i guess its supply and demand :)
Jigssaw1989 4 months ago
@bobsacamano1 I visited my local library looking for Milton Friedman books. In the shelfs i found books of Karl Marx and his fans, but no Friedman. I had to ask the librarian, she found two of his books dusted down in the storage. And yes, they didn't even have Hayek, Mises, etc. In some ways, Norway suck ass
Andersll11 1 month ago
I am working on understanding free market economics. I'm only 14 so don't laugh at my question.. Is the Austrian School an actual school or is it like a school of thought? Sorry!
withtheoldbreed 8 months ago
@withtheoldbreed Both. Although I believe Mises died before they got the institute really started.. They have schools around the world now that teach classes, and there is online classes, also plenty of recorded sessions for free. User accounts Libertyinourtime and Nieslo also have such material on youtube.
Also Tom Woods has a page dedicated for new comers.
tomwoods(dot)com/learn-austrian-economics/
BIackOp 8 months ago
As usual it goes right over your head, bellcord.
BIackOp 9 months ago 5
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Since no one has advocated the destruction of anyone's property what does Bastiat have to do with anything...and what's a shiftless French aristocrat that died 150+ years ago before the develoment of modern economics got to do with anything...Shall we next debate the number of angels that can dance on the head of a pin ?...Sheese!
bellcord 9 months ago
Stop putting words in my mouth Black...I don't know where your hands have been...Hoover didn't start the New Deal programs, FDR did..that's common knowledge..FDR didn't start a war ..the Japs bombing Pearl did..that's common knowledge...the free market isn't fascism...Mussulini and Hitler were fascists...that's common knowledge...finally , 'Tribal revisionist chopping' makes NO sense whatsoever...
bellcord 9 months ago
@bellcord You are putting words in mine. Yes he did, it wasn't called the New Deal at the time, but what FDR did was transfer existing programs, tweaked some, and upped the funding along with the size & scope. Actually FDR starting the war with Japan long before he declared it with sanctions and aggressive navy, all to "protect" China. The notion war with Japan began at Pearl Harbor is dogma, Pearl Harbor was blowback and America was warned prior to stop aggression (against Japan).
BIackOp 9 months ago
@bellcord I ran out of character count.. You are revising history against empirical data. What you proclaim as facts is narrow-minded political propaganda. You are leaving out very important pieces of history that would debunk your proposed myths. Like starting the first sentence after the cause. Its not scholarly. Oh and if you didn't notice, I am not drawing a line for biased left/right bullshit. I can go on and on about the Republicans too.
BIackOp 9 months ago
@BIackOp Actually you ran out of common sense some time back...You can tap out all the drivel you want here Blackie on YouTube...if you try flogging it in person you'll be laughed at...and the Japanese were dropping bombs at Pearl...not dogma..can we assume they also invaded China, British and Dutch territory because they were ticked at FDR ?...Hoover did very little to nothing to stem the depression..FDR set up the WPA CCC, FDIC, FHA, and dozens of other agencies and legislation to get us thru.
bellcord 9 months ago
@bellcord You are straw-manning me again. I did not say the Japanese did not attack at Pearl Harbor. I said Pearl Harbor was not the beginning of the conflict with Japan. America was the aggressor far before Pearl Harbor and now you are appealing to the safety of the herd as a justification for intellectual superiority, not scholarly. I never said Japan did not invade China, quite the opposite. Nice dodge on sanctions. Hoover made the depression worse, but he his interventionism wasn't minor.
BIackOp 9 months ago
@BIackOp I'm tired of you twisting my comments and changing the entire meaning then laugh at your own straw-man. Also asserting that stimulating spending improves the economy is a broken window fallacy.
BIackOp 9 months ago
@BIackOp What's broken is any faith in the discredited Austrian School of hooey..."The markets are always perfect and rational and able to self correct." That horseshit has even been abandoned by Greenspan now ..that's Alan Greenspan top spokesman for the Austrian School
bellcord 9 months ago
@bellcord Alan Greenspan was never an Austrian, not even Milton Friedman was an Austrian. This is not even remotely relevant. You completely evade what is the broken window fallacy with a crude trolling side step, emotional appeals, and your quote is an outright straw-man. Thanks for ending any "debate" and admitting defeat. Good day.
BIackOp 9 months ago
@BIackOp The 'Broken Window' is a theory concerning Urban Decay and preventing ghettos...Promulgated in the 80's and early '90's..
bellcord 9 months ago
@bellcord The point is destruction is not profit. Profit means an exchange, busting windows forces the window owner to spend money on resources that need replacement, not creating anything new. This reallocates resources making the market less efficient reallocates jobs in areas not needed: war and public work projects have the same effect. Taking money out of the pocket of individuals and artificially changing the demands with this stimulus will make the economy poorer in the long run.
BIackOp 9 months ago 3
@bellcord The parable of the broken window was introduced by Frédéric Bastiat in his 1850 essay Ce qu'on voit et ce qu'on ne voit pas (That Which Is Seen and That Which Is Unseen) to illustrate the hidden costs associated with destroying property of others. The parable, also known as the broken window fallacy, demonstrates how the law of unintended consequences affects economic activity people typically see as beneficial.
BIackOp 9 months ago 2
Hey look I can make a comments not attached as a response to get the last word too! Suspending the Gold Standard during those wars not related? Hoover expanding the role of the State and starting many of the New Deals programs just bits of history and not important? You set up the stage that the currency was stable in gold and Hoover was limit government cabinet and that FDR started a War to save us from the wraith Free Market Fascism, which is an oxymoron. BULLSHIT! Tribal revisionist chopping.
BIackOp 9 months ago 3
I'm not trolling anything...if I'm passing something that's absolute and utter horseshit then I'll point out; 'Hey, that's horseshit and here's why .."...your arguments aren't arguments..they're random bits of knowlege you read ,unrelated to the whole, which you throw out as a jumbled heap..if I want an airplane don't blow up a junk shop and point to the rubble and say ;" Look I made an airplane!"...
bellcord 9 months ago
Black, knowlege isn't a bias and you haven't even baseline knowledge of economics, history or finance...and discussing any of these with a GED hopeful like yourself isn't a productive use of time...bye,bye..
bellcord 9 months ago
@bellcord You aren't arguing any of my points nor are you accepting some historical facts that I presented, instead you use a red herring about my personal education; which you assert I don't have any understanding, second you assert people need degrees to have knowledge. Get your head out of your ass. You talk about productive use of time, and yet you troll these videos with debunked myths? Come on.
BIackOp 9 months ago 4
Well Black that pretty much puts paid to any shred of credibility you had...Goodbye..
bellcord 9 months ago
@bellcord You are essentially saying Destruction creates Wealth. You evade an honest discussion, and run. Good riddance.
BIackOp 9 months ago 2
@BIackOp Go have an 'honest discussion' with someone on your own planet...here on Earth I've got better things to do then watch you play with your own poop...
bellcord 9 months ago
@bellcord You are outright denying historical facts and then you have the nerve to tell me that I am the one that lives in outer space? A complete cop out. You move the goal post, and then dodge. Tear down your anti Austrian wall for once.
BIackOp 9 months ago 3
@bellcord And you are so biased against us that you are willing to shut out the truth when it suits you, when the facts are presented you play the nut job card. 6 Months you were just as ignorant and now its apparent you haven't learned a fucking thing.
BIackOp 9 months ago 4
Sorry Black, you're gonna have to pick a side here....and if government spending doesn't help pull a country out of depression than why did the massive government spending of WWll pull us out of the depression ??...
bellcord 10 months ago
@bellcord It didn't. This same logic would mean Iraq, Afghanistan, and now Libya would do the same. When did World War II start for America? Certainly not 1945 by than it was ending. Suspending the gold standard did not help stabilize the market. Ever heard of the Broken Window Fallacy?
BIackOp 10 months ago 3
@BIackOp Afghan,Iraq and Libya ! ? !...WTF are you talking about ?...WWll started on Dec. 8th ,1941 for America when FDR asked Congress for a declaration of war....the war ended in 1945 with Japan's surrender....President Nixon took the US off the gold standard in August of 1971 ( a month after I graduated from college) after Germany and Switzerland had already left it....I'm beginning to suspect I'm not dealing with an educated person here..
bellcord 9 months ago
@bellcord You said World War II got us out the depression, which it started in 41 but the depression ended around 45 when the war was ending. Meanwhile the Crash of 1920 ended in a year and it didn't take a war. In fact going off the gold standard during World War I contributed to the business cycle. You do realize during wars the gold standard was suspended, even FDR stole gold from people during his time.
BIackOp 9 months ago 3
The audiobook of Man, Economy, and State is now available at Mises.org
Visited there last night, and they have the first chapter up.
PoetsLight 10 months ago
@zsylvana Now,assume away government& foreign sector,aggregate demand at time t is: ....
You can't assume away government & the foreign sector since most of the distortions (tariffs and tax) are in those sectors! The equation would work if there were no tariffs or government spending... but there is and artificial interest rates only lead to correction (which is recession and depression).
infanta3126 10 months ago
To quote Man, Economy, and State - "The process by which the market reverts to its preferred interest rate and eliminates distortion caused by credit expansion- is, moreover, the business cycle!"
This man knows and truly understands macroeconomics with human action. Keynesians cannot disprove this...
infanta3126 10 months ago
Keynes view- spend the money we don't have. Intervene and distort interest rates. Then prolong this so that the following depression(correction) is as hard, arduous, and long as possible.
If you actually read Man, Economy, and State by Rothbard you will be convinced by his succinct and logical view. I USED to be a closed-minded Keynesian (so I know where you guys are coming from) till I found Rothbard.
infanta3126 10 months ago
Keynesians are inherently socialists since they want to intervene in the market. Like they know what the interest rate should be. Y=C+I+G+X is very inaccurate because the market is dynamic.
infanta3126 10 months ago
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@zombiefitnezz --- can you give some examples. the keynesian theory that has been debunked is what is currently in practice... that is what has caused intellectual and policy disaster.
infanta3126 10 months ago
@zombiefitnezz --- can you give some examples. the keynesian theory that has been debunked is what is in practice... that is what has caused intellectual and policy disaster.
infanta3126 10 months ago
Hey pre, you're the one trying to prop up a discredited school of economic thinking...if toxic subprime mortgages had been banned by law then Wall Street couldn't have pumped this poison into the world's financial bloodstream...and that's the undisputed truth..
bellcord 11 months ago
@bellcord So "toxic subprime mortgages" just came about spontaneously, huh? And can you direct me to your writings urging that toxic subprime mortgages should be banned by law? The regulators, the race of superhumans you superstitiously rely on to keep this jerry-rigged system going, all thought these mortgages were super.
tewj57 10 months ago
@tewj57 No pewj57, toxic subprime mortgages came about because they made Wall Street a lot of money,,they also ignored basic principles of mortgage lending...Fannie Mae ,on the other hand, was regulated and it's 4 trillion dollar loan portfolio had a foreclosure rate of less than 1% in September of 2008..when Paulson took'em over it set off the panic which led to the depression we're still fighting..
bellcord 10 months ago
wow... did i just watch a 50 minute lecture? this guy was good!
AlanMathewPolson 11 months ago 2
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Mackingster 1 year ago
Murray N. Rothbard and Misses is sure helping me in my economy class. Thanks for posting this!
Mackingster 1 year ago 2
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Mackingster 1 year ago
@AUSM92 I am not advocating communism as your implying. Perhaps time can be valued differently for people with certain skill sets that are rare and are in demand. So simply pay them more time(dollars) so the incentive is still there. What I dont believe in is someone controlling money to make it scarce just for the purpose of making money with money by indebting the majority. Money should serve us in exchanging goods and services. At very least we have the basics& anything extra is icing on cake
charronfamilyconnect 1 year ago
@AUSM92 Hey man, I thought we were in modern times? Ditchdigging can all be automated with machines! TEchnology can be developed to rid the world of most of the manual labour resulting in more productivity and abundance. You have to think exponentially and futuristic to get the same vision I have. No need for scarcity, and struggle and strife if we coordinate our brains.
charronfamilyconnect 1 year ago
"Don't sell your soul for a mess of pottage, so to speak, 'cause that's what you're gonna get, is a mess of pottage, if that. ... If you follow what you believe, not only is it a very joyful thing to do it, but you also win out."
JesseForgione 1 year ago
Why do we even need to go so far as tieing money to a scarcity such as gold? What if we changed money into a representation of labour and time. For ex. We have projects in the community to build better bridges,roads, trains, etc.. We decide what needs to be done and agree on a price and we issue money to the people that produce these goods representing their time/labour resulting in abundance and inflation is not an issue. Abundance is wealth not scarcity!
charronfamilyconnect 1 year ago
Capitalism is the perfect philosophy w/ no purpose for government except to spy on everyone, wage war continuously and imprison millions of citizens. These three exceptions are only made necessary by human nature driven by greed aggression & hatred to compete & horde until every available resource is privately possessed & consumed. Capitalism frees man to be a mindless predator driven to self destruction in pursuit of the supreme value of individualism finally resulting in annihilation.
jazzbo66zz 1 year ago
Missing in this lecture on asserting the failure of Keynesian Economics strictly using economic numbers of 1974 and onwards is not discussing the impact of the Vietnam War as the mechanism for inflation. In 1971 the inflated currency, largely from war debt, took the US away from any semblance of gold standard. That doesn't negate his argument about the issues with Keynesianism but it certainly demonstrates a cherry-picking of historical context that weakens the entire argument.
radicalsquare 1 year ago
he spent the whole time on the history of Austrian economics. . . wtf
LordAgonis 1 year ago
We've tried Socialism,Communism,Keynesian economics,and Facism. We've never tried Austrian economics and just plain and simple Capitalism.
Charlesperalo 1 year ago 9
bellcord makes me laugh with his arguments. And when he has no argument he simply dismisses things and says the topic shouldn't be up for discussion. For a second I thought I was reading Krugman. The only thing that tipped me off that it wasn't Krugman is the cursing and swearing.
After all, the most persuasive arguments always come with cursing, yelling and f-bombs. Thanks for the insights and unintentional humor.
BlackSheepReport 1 year ago
I know that he is talking to scholars who are familiar with all the background surrounding the subject, and I think that is why he cuts his words short and seems to ramble a bit. I am very new to this and would appreciate complete words and sentences. Does anyone care to help my find a transcript so that I can study the substance of this presentation more completely?
kindly4real 1 year ago
39:47 - "There's another institution which I won't mention which believes every conference is an end in of itself."
Whats the other institution he is neglecting to mention?
sirellyn 1 year ago
@sirellyn he is probably talking about the objectivism conferences.
cobracarg 1 year ago
In a free market, all three of those institutions mentioned would be out of business today. Maybe the knowledge that they would not be punished had something to do with their business practices.
25usc25 1 year ago
The Austrians of course don't disprove that interest multiplies debt in proportion to a vital circulation.
chelonia1663 1 year ago
This comment has received too many negative votes show
The Austrian School took a big hairy shit in front of everybody in September 2008...it's "Perfect Free Markets" were exposed as an idiot's pipedream which everyone,including Alan Greenspan, now admits..
bellcord 1 year ago
@bellcord you have no clue about what you are talking about. last i looked we had/have a central bank (Federal Reserve) and Fannie & Freddie, both of those two gov't backed operations were the 2 major culprits behind the housing boom & bust. the boom/bust wouldn't have happened in a true free market system.
OldRightPaleocon 1 year ago 2
@OldRightPaleocon Look again OldRight, your unregulated 'Free Market' allowed Wall Street to buy and then issue securities based on toxic subprime loans..Fannie&Freddie were prohibited from subprime and lost huge market share to Wall Street firms...AIG insured the mess but didn't call it insurance because insurance is regulated...called it Credit Default Swaps..and since that was 'Free Market' didn't have to put back reserves...Oh, since I've got 38 years in mortgage biz I know ..I know..
bellcord 1 year ago
@bellcord Wow! 38 years in the mortgage business. Our government has about 220 years in the State business and still can't seem to get it right. Experience is nothing if you don't know what you're talking about. Fannie and Freddie were government-created entities that weren't supposed to be there in the first place. What the government calls 'regulations', financial institutions call 'loopholes'. It leads to bailouts, no matter what you say.
briananderson1 1 year ago 2
@briananderson1 Wouldn't dare confuse you with facts there brian but there's a one in two chance the house you're tapping out those comments from is underwritten by Fannie or Freddie... so since you feel they shouldn't exist please get up right now and move into your car...No ?...then sit down, shut up and respect your elders junior...and don't make me come back there again young man !
bellcord 1 year ago
@bellcord
The free market has never existed in America in any form and it will never exist, so long as the trend continues today.
KruspeFTW 1 year ago
@KruspeFTW
But can you have a truly free market when its very nature encourages competition that will ultimately put someone on top, thus leading to corporate power dominating the field. With more capital there is more power and this allows to fix the laws into their favor, wealth becomes entrenched and so on. Countries didn't start with socialism, it grew as a reaction to either corporate or imperial tyranny. There's also the factors of regulating pollution that free markets don't favor.
radicalsquare 1 year ago
@radicalsquare why will competition ultimately put someone on top? competition continually evens the playing field. force is how someone ends up on top which is not generally preferred. The state is the worst possible group of people to be responsible for the well being of the earth. and of course the "free market" doesn't favor regulating pollution, regulating is done by a state. no one truly wants to destroy earth, some just feel the benefits of certain actions outweigh the costs.
travis0629 1 year ago
@bellcord Hahaha... yeah buddy. The free market caused that? You need a serious lesson.
Gasolinealley00 1 year ago
@Gasolinealley00 Yup Gaso, since you seemed to be living in a cave in South Yeman the past two years I'll try and catch you up: The unregulated Wall Street 'Master's of the Universe" along with the rating agencies(Moody's, Standard & Poors,et al.) and the Financial Products division of AIG damn near burned down the house in September 2008...like WWll, it was in all the papers...
bellcord 1 year ago
@bellcord I'm well aware of what happened and what caused it. I always forget how arrogant some people are. If you honestly think these institutions are unregulated, that the central bank with low interest rates, dangerous "quantitative easing" methods, massive devaluations in the currency, and of course myriads of federal regulations, had nothing to with this, like I said, you need a serious lesson. You need the Austrian School.
Gasolinealley00 1 year ago
@Gasolinealley00 I need the Austrian School ?...May I make the modest proposal you need to pull your head out of Rush Limbaugh's fat ass....This crises came straight out of Wall Street investment banks ...Home mortgage Securities are nothing new but when the average mid-level money manager found he could make 2-3 million smackers with every new issue there wern't enough qualified home buyers to feed the greed...that's when unqualified borrower's became hot props for unregulated Wall Street..
bellcord 1 year ago
@bellcord If only Limbaugh (or any neo-conservative) followed the Austrians. The amazing thing is that you think the market caused, or allowed, these things to happen. I'm not going to explain these things to you when you can just read them yourself. You have a lot of reading to do. I suggest you get started.
Gasolinealley00 1 year ago
@Gasolinealley00 My dear Gaso, I not only read about this, I've DONE a lot of this...
bellcord 1 year ago
@bellcord Do you do anything other than sit in front of your computer and comment on this video? I know, I know...the irony of me saying that by typing in a comment on the same video. You seem very impressed with yourself and your experience in...whatever. I have to admit you're bloviation is amusing.
jpschubbs 1 year ago
@jpschubbs How very nice I could amuse you jp.....Now, if you have nothing else to add to the conversation, tip your waitress and bartenders and drive home safely...
bellcord 1 year ago
You actually have no argument when you say that Wall Street investment bankers made bad loans. So what? Why should this bring down the system of people deferring to other methods of attaining ends, viz, with regard assisting production from willing lenders, different investment houses, not bailing out i.e. charitably assisting failed lenders, whose speculation is not the problem, but rather speculation in a a bubble was in sectors in which further production became unsustainable due 2 cnsumption
Nintendomanwill 1 year ago
Oh, and, past two years? This goes back much, much farther.
Gasolinealley00 1 year ago
@Gasolinealley00 Please spare us the crackpot horseshit that 'President Woodrow Wilson passed the 'Turnip Act of 1916' and lead to the panic of September 15-19 2008' or other related nonsense....that was pretty much discredited when Granddad was in knee pants and only world class fuck-up's like Glenn Beck even try to pump life in that chestnut...
bellcord 1 year ago
@bellcord I can't debate the Austrian Business Cycle Theory with someone who has no idea what it is. So, I'll spare you, but it's not because it's nonsense. It's because you're an idiot.
Gasolinealley00 1 year ago
@bellcord Are you kidding me? "Perfect free markets" is a Chicago school's concept, Austrians are against it as much as you are. But clearly you'd know about it if you knew anything about Austrian Economics, you are merely using boilerplate arguments against Chicago school to use them against Austrian Economics.
Saddest part is the people who are "defending" Austrian Economics to him are equally clueless. What next? Defending Arnold just because some ignorant calls him Austrian Economist?
prashantpawar 11 months ago
@prashantpawar I'm not sure I follow you there Prashant Ol' Boy....the Chicago school follows the Austrian school, or 'Free Market' or 'Deregulated Capitolism' or any of a dozen differant names for the discredited economic belief that Markets are perfect and self correcting and need no government regulation..(.September 2008 pretty much blew that idea out of the water)..The Austrian school would just also oppose central banks and FDIC insurance as well..
bellcord 11 months ago
@bellcord You are a complete ignoramus
pretorious700 11 months ago
@bellcord "Also" oppose central banks? So you think Chicago opposes a central bank? Why is anyone even debating someone so clueless? He thinks Chicago and Austria are two names for the same thing.
tewj57 10 months ago
@tewj57 Austrian school has several diferencais with the Chicago School. Both schools share a philosophy of liberty .... So much so that Hayek and Friedman were joined to found the Mont Pelerin Society. I should also say that if we accept that central banks will not disappear soon ... We will be a thousand times better if we had listened to Friedman and not Keynes.
dthcap 10 months ago
@dthcap Dear Sir, you obviously were not alive during Great Depression ....if the Austrian school had been followed in America in the 1930's we would have ended up with a fascist dictator like Nazi Germany...most of us do not view that as a 'thousnd timed better..'
bellcord 10 months ago
@bellcord I notice you did not understand my previous comment ..and that you have a great ignorance. its clear that you do not know the difference between Fiedman, Hayek and Keynes .... Therefore it is obvious that you do not know anything about Austrian Economics
dthcap 10 months ago
@bellcord /watch?v=UmSf7Dlr94U
The Austrians on Fascism: Hayek, Mises, and Röpke | David Gordon
You aren't informed. I suggest revisiting Rothbard's lectures on history and don't like to political revisionist history. Hoover was an interventionist. FDR ran on a limited Government campaign and did the opposite.
Look up Austrian Business Cycle Theory.
BIackOp 10 months ago
@BIackOp * instead of sucking down propaganda from political revisionists hacks on history. You assert people who defend the market are Fascists. Fascists are central planners, who advocate command economies, price controls, protectionist policies. Its a form of socialism. Right wing/Left wing makes no difference, pick your poison. Its still a Statist in a fancy hat barking commands or else. Ludwig von Mises railed against both, yet you claim you've DONE this shit.
BIackOp 10 months ago
@BIackOp May I suggest you check the color of the sky on your planet..Here on Earth , Mr Hoover subscribed to the prevailing Republican wisdom of Government NOT intervening in Economic matters other then a sound currency..as the Nation's banks failed and unemployment soared conservatives were critical of Hoover for even setting up Soup Kitchens as if the unemployed were not faced with hunger they would get lazy.Within 100 days of taking office FDR was delivering a New Deal as he promised.
bellcord 10 months ago
@bellcord Hey Paul Krugman. Hoover had his own "stimulus" plans. Hoover was the beginning of the New Deal not FDR. FDR carried it out further with Hoover's programs calling it the New Deal expanding the Government's role further. They were playing up the recovery lies like today back then from 1933-37.
BIackOp 10 months ago
@BIackOp Yup, guess my parents were lying when they said the Rural Electrfication program gave their farm electric lights in '34...Suppose my Dad was tellin' lies 'bout the WPA dam project in '34 that give'um the first cash money they'd seen in in years...Wouldn't want that to interfere with 'Rothbard's lectures.'.
bellcord 10 months ago
@bellcord I said Hoover started many of the New Deal programs and FDR expanded it. Clearly you have reading comprehension issues.
BIackOp 10 months ago
@bellcord Btw giving people money that they don't have to SPEND again through "stimulus" programs does not mean a fucking recovery. Plus you can't create capital out of thin air. They didn't recover in 33-34... it was till 1945 that things were "normal", because the war ended. Not the myth that starting a war ends the great depression, but that ending the war and going back a gold standard stabilizes the currency. What FDR did was prolong the correction. There was no sound currency with Hoover.
BIackOp 10 months ago
I just got hi book on the great depression, I am looking forward to reading it soon.
rmccay88 1 year ago
Murray understands how silly humans are when interacting economically.
TheBlitz1 1 year ago
Nice red dixie cup.... I used those in college, for a different purpose of course!
drinkofwater21 1 year ago
Great video. Thanks for posting it. The more I learn about free market economics the more I believe in it. The collapse of the Soviet Union is all the proof you need that central planning does not work. We should abandon our social welfare state and get back to our free market origins.
casienwhey 1 year ago
@ 16:45 : "Ideas in the long run can trump interests... can trump economic interests" -- No! It was the economic interests of the Soviet citizens that trumped the failed ideas of Soviet communism -- because Soviet communism did not provide an economy!
uschiotze 1 year ago
He's *very* hard to listen to. He speaks in such a choppy way.
7beers 1 year ago
@7beers Gee, ever consider you have a listening disability?
pretorious700 1 year ago
I'm sending this to the Obama white house. He better take notes.
dellwon 1 year ago
The 36 people that disliked this are very pitiful human beings.
randyguitarman13 1 year ago
@randyguitarman13 Murray scares stupid people.
pretorious700 1 year ago 2
Yeah Murray is in my top 5 of people I wish to meet or still can meet. He seemed like a very noble human being who just spoke logic and wanted the best for all of mankind through free market Anarcho-Capitalism.
johnwrogers 1 year ago
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" NBER continues:"First, some history and data. Austrian Business Cycle Theory was developed in the first quarter of the 20th century, mostly by Mises and Hayek, with some later contributions by Schumpeter. The data Mises and Hayek had to work on was that of that of the business cycle that emerged with industrial capitalism at the beginning of objections. "
zsylvana 1 year ago
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NBER continues:
"The result is a research program that was active and progressive a century or so ago but has now become an ossified dogma.Like all such dogmatic orthodoxies, t provides believers with the illusion of a complete explanation but cease to respond in a progressive way to empirical violations of its predictions or to theoretical objections. "
zsylvana 1 year ago
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NBER continues:
"The result is a research program that was active and progressive a century or so ago but has now become an ossified dogma.Like all such dogmatic orthodoxies, t provides believers with the illusion of a complete explanation but cease to respond in a progressive way to empirical violations of its predictions or to theoretical objections. "
zsylvana 1 year ago
NBER) writes:
"Although the Austrian School was at the forefront of business cycle theory in the 1920s, it hasn't developed in any positive way since then. The central idea of the credit cycle is an important one, particularly as it applies to the business cycle in the presence of a largely unregulated financial system. But the Austrians balked at the interventionist implications of their own position, and failed to engage seriously with Keynesian ideas."
zsylvana 1 year ago 8
'interventionist implcatns of their own position'
Total and utter claptrap. Maybe you're talking about the fact that Misesians advocate no govt protcn of fiduciary media printers whose specie reserves are in deficit of their specie certificates. THAT is why 'credit expansion' required violent State protection, dolt.
As for Keynes, the GT was to refute Say's Law: a principle is sound when known scoundrels attack it with strawman arguments, abject fallacy, mendacity throughout and non-sequiturs.
Nintendomanwill 1 year ago
In that sense then Hayek and Mises rose above Keynes' trash, as did most proper economists of the age, it was the next generation who took the idea to heart that the level of employment is bound up in consumption which was precisely what Say's Law refuted in its statement of reality, not a statement contingent on all exchanges being bilateral due to non-neutrality of money i.e. not contingent on that not spending on x means there's spending on y.
Zero demand 4 prvs goods effects employment not.
Nintendomanwill 1 year ago
Take what mainstream ecnmsts say about Austrians with a pinch of salt.These are the people who can't see what even Marx could see, that to blame recessions on 'deficient' demand for commodities is 'sheer tautology' i.e. what has been produced is erroneous and what could be produced is infinite due to the passage of time therefore jobs need not forced or any spending. Austrians had no development IN academia. Apply your half baked Beauty Contest market-irrationality theories to economic academia.
Nintendomanwill 1 year ago 2
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@Nintendomanwill You've written three paragraphs without a single coherent sentence and you're obviously a deranged horseshit artist...on the upside Glenn Beck has you booked for all next week..
bellcord 1 year ago 6
@bellcord I suppose anything logical and objective wouldn't be coherent to an economic ignoramus. would you like me to child-proof it for you?
umbilicaltapeworm 1 year ago
@umbilicaltapeworm Since you've reverted to simple name calling we'll assume you're bone dry on arguments there umbill...
bellcord 1 year ago