Austrian Monetary Economics | Pascal Salin

[Mofostrobujo]

If men were angels, there'd be no need for capitalism.

[MisterHerr]

Is he German?

[tcarr89]

freaking Lunatics, I think someone needs to read Adam Smith again when he clearly states PURE CAPITALISM WOULD ONLY WORK IF MEN WERE ANGELS. Chomsky has stuff on this. I'm sure a gold standard would help inflation but absence of government would only increase the corruption that takes between big business that happens all the time without government intervention. The bureaucracy of the government and corporations/"Free enterprise" aren't a different as these people think.

[KraljevicPavle]

If men were angels? Isn't the entire point that they persue profit and self-interest?

I don't trust anyone who tries to help me, but at least you know what to watch out for when a businessman tries to deal with you.

[SpykerSpeed]

Government would only work if men were angels! Who in their right mind would give a monopoly on the initiation of violence to a single group of individuals? That's lunacy!

[tcarr89]

Yeah it is called hierarchy and it is present in capitalism as well as government. Government is a shitty thing but like Adam Smith said himself so is capitalism unless "men were angels". Free market capitalism is a fucking joke(look at the majority of the 3rd World). Business already owns the government anyways wtf does it matter. It would just mean less paperwork for the Ceo's and easier exploitation of people and resources if there were no government in place.

[rsobies]

"Free market capitalism is a fucking joke(look at the majority of the 3rd World)" the problem is that there is no free market at all in 3rd word. most people think if a country is not comunist then there must be free market. this you can call a joke.

[thomaserossi]

Chomsky is a communist crank who retreats into relativism whenever his position is untenable.

[clthinkingman]

Mises Rock on! They will listen or everything they have will dissappear. Austrian econnomics rules! Free the LLamas! (the humans on this planet, free them all! especially in the US.

[franz9z]

Yes Mises Rocks!Murray Rothbard wrote:" Suspicion is precisely the right response for the libertarian,for Professor Friedmans particular brand of free-market economics is hardly calculated to ruffle the feathers of the powers-that-be.Milton Friedman is the Establishments Court Libertarian, and it is high time that libertarians awaken to this fact of life."!Friedman was a Big-FED admirer.The "Street-Smart-Brooklyn-Guy" Freidman and his smoothtalk was to defend their interest against Von Miseans!"

[MisterHerr]

What a thick accent he has! It's hard to grasp a single word of what he's trying to say...

[grraadd]

try to listen to a londoner with less than 5 classes... or australian brick layer :-D

His french accent isn't even strong, believe me.

[Invirtuo]

man he's perfectly clear!!

[adrianaJacobs]

Gold is and always will be very valuable....these financial terrorists are trying to fools us in making us believe that gold is worth nothing. Make a guess where do they have their investments...not in the contracts that they created which body understood and loss their shirt, not in the dollar that is devaluating, but in hard real simple assets like GOLD and land. Transparency will save you in the future.

[thebastiat]

Although a 100% reserve gold standard would be the best way to go, I wouldn't label competing currencies as financial terrorism. The idea here is that the market would act as the stabilizing force in the issuance of money. Without government intervention or regulation, capitalists who hold a significant stake in the bank would be responsible for managing its risk exposure, since they would incur most of the losses in the case of a bank failure.

[CurtHowland]

Alternative currencies are an excellent idea, and by being in competition they would keep each other honest.

For instance, shares in a company could be used as money. Or commodities. "This Note Redeemable For 1 Gallon Gasoline"

[ianclivewright]

Well I don't know about "always", always is a very very long time, but I know what you mean.

[r3dredwine]

No one listens to them even though they've been right about everything

[bobtassoni]

From 55:16 "Anyhow, one may wonder why financial institutions have been so short-sighted and were unable to forecast the future to discover that this easiness in monetary policy was a pure illusion. Certainly there is the fact that most bankers do not know the Austrian theory of the business cycle. But there is I think another reason which is, once more, a shortfall of real capitalists, namely owners of capital. Big banks are some sort of big bureaucracies.

[ngonea]

bobtassoni - the answer to why is GREED

& POWER plain and simple

[bobtassoni]

A little too simple.

[bobtassoni]

What I meant to say by that is that if you listen to the passage I was beginning to transcribe at that point in the video (for some reason, I could not post more than 1 comment in making that transcription), Salin sees the problem as the bankers' pursuit self-interest not being moderated by the risk of their OWN capital; this is moral hazard. It is quite possible for people to harmoniously pursue their self-interest ('greed,') if they can't force others to absorb losses from their carelessness

[Takezou07]

Austrian Economics yeah!!!

[harryogre]

BTW, that great voice-over intro is Dr. Floy Lilley

She reads a bunch of the free audio books available at mises (dot) org

Thanks Dr. Lilly, for your work.