"There was a time where government employees actually made less than private sector employees, but had better job security. Now, the average government employee makes almost three times as much as the average private sector employee. Who's working for who? I mean, what is this, the twilight zone?"
@AroundSun Wow, it takes a rare mind to come up with this drivel. Private Sector Wages have been flat for 30 years, thanks to Horse and Sparrow Economics...er Trickle Down/Supply Side. Peter Schiff is a worthless shill for his capitalist masters.
This is just part of another video already on YouTube called "Why the meltdown should have surprised no one." The other video is longer and has better picture quality.
@dmarvin811 In a world where we are told every year that the Fed is "committed to a strong dollar policy," while it has lost 80% of its purchasing power since 1971, I tend to doubt a lot of things... ;)
All economic policies are doom to fail. Keynesian/Chicago/Austrian are doom to fail. Saying that Austrian economics predicted this bubble, is true to an extent. But if you were seriously thought about it, you could see this bubble in the beginning of 21st Century. Austrian only predicts the human nature of capital.
What worldwide government practicing is NOT Keynesian economics.
Keynesian economics state that when shit hits the fan you stimulate the economy (government does spending), and when things are good you PULL THE PLUG on the economy (government retracts spendings).
However, now, the reality is:
- When stuff is bad -> spend cuz things are bad
- When stuff is good -> spend more, cuz we have the money!
This comment has received too many negative votesshow
(contd)...the Keynesian policies of the fed and this current administration are working much better than any Austrian Economist would have expected. Explain why you failed to predict that...
@durhamdf You have to be kidding if you feel this economy is "on the up" If there was ever a Poe moment, this would be it. Thanks for the laughs and I'll see you in the lines. Ciao
@dmarvin811 Well it is undisputable that the economy is currently expanding and we have had over a year now of private sector growth. Last year all the Austrian Economists and the far right of the Republican party were screaming about a double dip in 2010 and yet the jobs numbers have been encouraging, the market just made its largest gain since the crash, inflation is stable and we are actually starting to grow our way out of this deep hole
@viavo I guess the truth is funny to you retard Austrian School flunkies. WHo instead of analyzing data just spew diarrhea out of your mouths constantly predicting the worst case scenario. That is why nobody gives two shits what you retards think and you are confined to youtube videos as all the reputable universities in the world consider your ideology fucking clown shoes. LOL
@viavo keep laughing retard, it was your anarcho capitalistic values that lead to the deregulation of the mortgage companies under the commodities futures modernization act which removed goverment oversight from and allowed the creation of shitty little mortgage companies that were responsible FOR HALF OF THE LOANS THAT EVENTUALLY WENT INTO DEFAULT. You assholes are like a drunk driver screaming at paramedics to save the kid he just ran into faster because he could do a better job. fuck off
@tzontlilic what a gross oversimplification, as is always the case in life nothing is bkack and white. We do not now, nor have we ever lived in a pure capitalistic state. The question is to what degree government should play a roll in moderating market forces. Before Keynesian economics became the mainstream, when the free marketers were in charge, we had a full blown depression every 20 years. All through the 1800's we had 5 depressions one after the other, and of course the great depression
Of course you get all these depressions. They happen after the National Bank is founded.
When you have private interests controlling the currency of your economy, you get a nice marriage between your lovely corporations and the government, which by definition is called fascism.
Depression is needed when you have no honest money and currencies being issued based on private interest.
You really need to go back to study the history and jump out of the school propaganda.
@tzontlilic Before the Fed was given the power to exercise any real monetary policy because of the gold standard, we had 5 depressions in the 19th century and 2 in the early 20th. The market was MUCH more volatile before Keynesian economics was adopted. Since then we have had none of the depression bank runs and full blown panics that we saw when the free market, "classical economists" were in charge. Get a real education buddy, Youtube university hasn't done you any favors!
The bank of US did NOT stick to the gold standard. THAT was the goal to found the central bank!
That's why you get all the volatility
Besides, what's the problem with depressions? Recessions, depressions are a mean for market to rebalance itself and clean off inefficiencies. Usually this is the time when savers are rewarded.
Now, you don't get "depressions", but what you get are 2 working parents and crazy inflation.
@tzontlilic That is untrue, Federal Reserve didn't have the power to exercise any real monetary policy because they were cand cuffed by the gold standard and on top of that we had the classical economists, whose balls you suck today, in charge and they refused to even try to increase the money supply. That is why we had a deflationary spiral that caused the great depression to be great! Since Keynesians took over the market has been MUCH more stable. Sorry buddy you are talking out of your ass.
Looks like the public just cannot be helped as I suspected. I will just man the lifeboat and a few years down the road, we can see who's right and who's wrong.
@tzontlilic THis argument we are having was fought out 80 years ago. It ended with the free market classical economists being exposed for the oligarchs they were and Keynesian economics becoming the mainstream. And the past 80 years of MUCH more stable growth and MUCH less severe recessions. And FYI inflation over the past 2 1/2 years has been well below the natural rate of 2.5% so I don't know where all this alarmism is coming from
@dmarvin811 Well Apparently you conservatards consider going from the shit hole you left us with where we were losing 2 million jobs a month to making steady gains (2 million over 2 years) a complete failure. You pieces of shit have a lot of nerve. You are like a drunk driver crashing a car into a hospital and then screaming at the fire crews desperately trying to save everyone that they aren't doing a good enough job. Seriously do our country a favor and shut the fuck up till we fix your mess!
@durhamdf Sure Obama has it locked down. How long before we actually can start blaming him for job loss? Let me guess 8 years? Yea, right. We will take our chances with conservatives instead of the liberal spending mentality that got in in this mess in the first place. Think about it. IF we had responsible people that paid their bills and did not over reach their portfolio we would NEVER be in this mess. But NO people had to buy things that they couldn't afford and expect the Gov't to bail them.
@dmarvin811 right it isn't the fault of mortgage companies that suddenly popped up after Bushpassed the commodities futures modernization act that were allowed to opperate without any government oversight and were responsible for half of the mortgages that went into default. It wasn't the same republican policies of deregulation and cutting taxes for the rich against the prevailign views of the vast majority of economists on both sides of the isle. Don't confuse Libertarianism with conservatism
@durhamdf Dude is the ONLY reason why you don't slam heroin (assuming you don't) because our Government made it illegal? People MUST be responsible. If you cannot afford something why are you blaming the banks for foreclosing AFTER you haven't paid your mortgage? Do you blame repo-men for your car taken too? Conservatism would not get people into this mess in the first place. Do you REALLY need to government to regulate YOUR finances? Really?
@dmarvin811 No, people should be punished for taking to much credit and having to default or declare bankruptcy. THEY DID GET PUNISHED! They lost heir homes and fucked up their credit!!!! I am saying that the financial institutions and mortgage companies that popped up should never have gotten into a situation where responsible Americans life savings were in jeopordy of bank runs because they got greedy and started loaning money out without ANY CREDIT CHECK due to low govt. oversight.
@durhamdf You see people do not have problems with not getting more credit but with SPENDING too much. This is just like what is going on With Obama and the dept ceiling. They feel that raising it is the answer. "Just give us more credit to spend" Instead of being responsible and spending within its means. It sure works in households. No one's life savings is in jeopardy. Bank runs are a real issue though. Its the 10% requirement that is the problem. Money that is not Gold backed is another.
@dmarvin811 Lol I don't even know where to start. If we don't raise the debt ceiling we will default on our loans and destroy our credit ratings or we will have to eliminate medicare and social security which are entitlements (since people have paid into it their whole lives) We could cut all discretionary spending and it wouldn't be close to enough. You are living in fairyland if you think the government can just trim down and make its payments! (contd)...
@dmarvin811 Secondly, if we did this, it would mean austerity and without any doubt it would lead to a double dip recession. This is basic macroeconomics 101. In recession when conumption is low, government must spend on deficit to make up for the gap. During times of runaway growth or immediately after times of runaway growth, contractionary policy and paying down the debt is the appropriate measure to prevent inflation and bubble building.(contd)...
@dmarvin811 (contd)... And without the fractional reserve we would never have become a lead economy PERIOD! Without the gold standard, we would have depressions like we saw 5 different times before the standard was removed. Your sense of history is extremely narrow.
@durhamdf ...Cont'd If a bank does stupid things they should fold. Free markets allow for this. FDIC still backs the cash so keeping the bank around is pointless. Bad decisions are made all the time in businesses and if they are large enough they fold. There is no such a thing as too big to fail in a free market, financial institutions should be allowed to. The PROBLEM is too much gov't involvement in the private sector. Also the FED is unconstitutional. End the FED and many problems go away.
@durhamdf Same with these wall street cats. If I cannot afford a house I don't buy it. Its the CONSERVATIVE way. Bail outs and hand outs is not a conservative thingy. Its a liberal one. You know that the DEMS that were majority while Bush was there (although he failed to be conservative too). We do not carry a balance on things. The banks consider us dead beats because we don't. Any economy that DEPENDS on spending will fail (as it did). We will learn from our conservative way soon. Or else.
@dmarvin811 Seriously take a single economics class before you preach this shit. Because if you did you would know that Keynesian economics is bipartisan! It isn't liberal or conservative. The bailouts were propposed by Bernanke, a republican, and passed by democrats and republicans alike. Conservative republicans aren't Austrian schoolers you fucking moron! Austrian schoolers are a bunch of fringy losers that were sent into obscurity 80 FUCKING YEARS AGO!! (contd)...
@durhamdf Do some research: watch?v=MnekzRuu8wo You are attacking a straw man by stating that Conserv aren't Austrian. Do you have evidence of this at all, or is this a bare assertion. I am conservative true but that does not mean I am a republican or a democrat. I embrace recessions and NEVER bailouts. Recessions, and depressions, are the solution for the Keynesian Bernanke mindset. Its destructive. So how have we been for the past 80 years? Well? Pshaw!
@dmarvin811 you embrace recession because it gives you an excuse tocry, and bitch, something Austrians are great at (but not much else). They call Keynesian economics mainstream economics, because the overwhelming majority of economists (and politicians Repub.s and Demo.s) are Keynesians and to a lesser extent monetarists. This isn't up for debate, it is a cold hard fact! Austrian Economics is a joke, sent into obscurity 80 years ago, not practiced by any govt. or taught at any REAL schools.
@dmarvin811 AND IN THE LAST 80 YEARS WE HAVE GONE FROM BEING A MIDDLE GROUND MODERN ECONOMY TO THE UNDISPUTED ECONOIC HEGEMON OF THE PLANET! You silly Austrian schoolers just can't get over that. And how well has any country done following the Austrian ideology? Oh wait that's right, no countries follow Austrian Economics after the U.S. and many european states nearly collapsed under classical economic thought (including Austrian Economics).
@durhamdf I have no problem with recessions. Why? Because my interest rates are low. Things go on sale. I get real good deals on things. Employment is not a problem because we're sought after, in great demand, in our household. So bring on recessions and watch my portfolio increase. Love the ups and downs that I can ride within a profitable market. All is well. But is that fair, and desired in a country that is blessed so much? Your Keynesian Bernanke way, is off the backs of many poor people.
@dmarvin811 huh? Interest rates naturally RISE during a recession. As money is destroyed and there is less of it to lend out, not to mention the uncertainty that comes with a recession which means banks are loaning out even less! The whole point of the Fed and expansionary policy is to reverse this, expanding the money supply and driving rates down. You are clueless, it is the Austrians who put the full burden of the business cycle on the poor and middle class. Open up an economics book buddy
(contd)... I would bet you (like Ron Paul) never studied Austrian Economics or any economic theories in any university. You just pretend to have clue what you are talking about whiole you regurgitate things you heard from retards like Ron Paul and Peter Schiff who are NOT economists and are very much self interested and have much to gain from the ideologies of the Austrian school on a personal level.
no point telling the truth to this guy bro. I am sure s/he knows better. This person just wants to stop the truth from flowing around so people can prepare for the upcoming crisis.
The fact that the dude said last 2.5 years was low inflation clearly shows the person knows what's really going on. Only someone who lives in Mars could say something like that actually believing in it.
@tzontlilic The CPI is useless. People have been feeling the prices of food and energy increase dramatically. The banks are still sitting on those reserves, and the money supply has shot through the roof. How can we not have inflation? How is the economy going to grow fast enough? High taxes, u/f liabilities,99% debt, unemployment... Gold has increased 800% in the past ten years... Many of our notes are held internationally, which could be dumped on the world market for gold and silver.
What?! How dare you doubt the CPI! How dare you doubt the government! Your government is fighting an economic war and as good Americans you better shut up!
Are you a terrorist? Maybe I need to make a call to Homeland Security so the military can throw you into prison indefinitely, no judge, no jury. I can do this to you terrorist bastards thanks to the new NDAA that was passed.
I will give you one last chance to show you are not a terrorist. Praise Obama now!
Hahahahahahahahahahaha, You have got to be kidding me? How the hell do you expect these morons to fix a problem they never even saw coming? Austrians were warning of this meltdown and yet these brilliant Keynesians were predicitng great things yet to happen.
The policies of the Federal Reserve are all but ensuring the death of the dollar. The middle class have been completely murdered because of 0% interest rates and inflation which has eroded purchasing power.
@RHX2 Austrians didn't see a damn thing coming, they always predict the worst case scenario, it was about freakin time they got something right. And they predicted the collapse of the dollar and gold hitting 10k... And every economist on the planet realized that the husing market was unsustainable, look at fortune magezine article 2002 entitled "housing the next bubble?". When and how bad a crash was up for debate. Inlfation is currently very mild according to the CPI, deflation was the worry!
Of course they saw it coming. Its not a matter of If the dollar will crash, but when it will happen. And when that does, Gold & Silver prices will explode .
If every economist on the planet saw it coming, why the hell were people like Bernanake, Greespan and all the great people coming on TV stating nothing to worry about, economy is in fine health. Why the hell were the saying after the crash happenned they couldn't have saw it coming?
@RHX2 Bernanke and Greenspan are huge public figures, they didn't want to cause uncertainty that could help cause the collapse. Of course they weren't screaming to the public, "we're fucked sell your houses and buy gold" because this could cause panics and bank runs and we would currently be in a depression with massive deflation. If we did what you Austrian schoolers propose and let our financial instutions fail maybe the market would be more stable, but we would be in a depression for a decade
Oh please- spare us the BS. They were completely clueless. They never saw it coming - because they are fucking clueless.
Letting those financial instituions fail is how free markets work. There is a fucking reason they failed - instead, they were bailed out at the expense of tax payers that now have to pay the price for their mistakes.
Iceland allowed their banks to fail completely, they suffered a few years of negative growth but now they are growing again.
Oh and having a severe recession for several years is much preferable to wht will happen thanks to government intervention and the policies of the Fed. They have made things so much worse and as a result, America is fucked, the dollar is fucked and the American middle class are being fucked up the ass by the Federal Reserve and the Wall Street banks that are stealing their wealth and forcing poverty on the normal hard working Americans.
@RHX2 The dollar is currently doing just fine kid, why don't you doomsday alarmist morons shit in one hand and wish in the other...see which fills up first. And yes, this slow recovery IS infinitely better then a full on depression that we would have faced if we had let our largest financial institutions fail! Boo fucking hoo, 10% unemployment (5% OVER THE NATURAL RATE). Compared to the las t time our financial institutions nearly crumbled (the 30's) this is a walk in the fucking park.
@durhamdf - The Dollar is going down the drain. Everyone is ditching the dollar.
You do not bail out banks in a free market economy. They have to fail.
Iceland allowed their banks to fail. All of them. They suffered few a years of hardship, but now their economy is growing again. They had the right idea. But America decided to spend its way out of trouble. It continues to debase the dollar - and the Middle class are having their wealth eroded completely by 0% interest rates and inflation.
Oh and you must be 1 of very few people that actually buys this BS figure of 9% unemployment - when most experts are well aware the numbers are infact double that.
America is in the shit because of their failed economic policies. Their economy is broken and they need to return to free market capitalism and not this crooked system where the Top few % control nearly all the wealth.
@RHX2 I am arguing with a retard. Unemployment figures are a simple calculation dip shit. How ever many people are recieving unemployment benefits are counted. You are speaking of the JOBLESS rate, which was more than 30% during hte great depression and is hovering around 18% today ( about 7-10% above average). You think that what the Austrians propose will level the playing field?!?!?! They propose removing all government regulations that have prevented the top 10% (contd)...
@RHX2 (contd)...from ruling this country like an oligarchy. Why don't you study Austrian Economics in one of the clown colleges that teaches it so you have a fucking clue what you are talking about instead of repeating the same moronic claims that other like minded uneducated individuals have made in youtube videos.
@aj22one Lol that is the best you can come up with. Against all of the major programs on the planet (Harvard, Yale, Princeton, Columbia, Cornell, Oxford, etc....) Austrian economics is a tiny fringe movement, that is undeniable. You should just stick to the standard response that youtube Austrian school proponents always use and just call it a conspiracy.
@durhamdf I'm not necessarily for or against Austrian economics. I like some of what Hayek and Mises write but some of it I don't. I was merely pointing out that GMU is a very serious university and its econ dept. is dominated by Austrian economists. There are "clown colleges" out there (Liberty, Regent, U. of Phoenix) I wouldn't describe GMU as one of them.
@aj22one You are right, GMU is the only serious university that even teaches Austrian Economics. The rest, Liberty, Mises, and a hand full of community colleges I would describe as clown colleges. My point is just that this argument was fought out 80 years ago between Austrian economists and Keynesian/monetarists and the Austrians lost and were pushed into obscurity. It is only during times of great uncertainty when people are looking to point the finger that it gains any popularity at all.
@Salvysahagun Well the autrians predict the worst case scenario every single time for the last 80 years. It is about time they got one sort of right! I say sort of because they were predicting the collapse of the dollar, and gold prices spiking over 10K. They predicted another depression, so yeah, they were kind of right but if I predict an earth quake in San Francisco every single year, eventually I will be right. Also see fortune magezine artice from 2002 "housing the next bubble"
@Salvysahagun HAHA you call me uneducated and then you ramble on about a bunch of retarded bullshit that will never happen like a central planning government and gold hitting 10K! At least I studied economics in a major University. As opposed to you Austrian School wannabes who get their education from youtube videos. Keynesian economics is not central planning, it is reaction to shocks to the market. It was designed after the great depression to prevent recessions from turning into depression
1. Government Backed Student Loans - over 50% of Students are on these loans which is naturally drive up the cost of tuition. If the government where to say no more then 50% of students wouldn't be able to afford college thus not going. In end result would simple the University would have make cuts and lower tuitions to increase demand.
2. Internet.- With information so easley obtained. Their is really no reason for people study things like Philosophy, Economics, Business, Language, liturature, among others. Most proffessors actually post their lectures on line. The only real degree's that will be worth anything are Engineers, Chemist, Surgeons, or hard degree's.
Besides Keysnian policies are got us here. If anything ever proffessor that teaches Keysnian Economics should fired and thier text book burnded.
The Government cannot create jobs.They can only take from others to put others to work
things like roads and bridges only prolong the mess. Basically it keeps people occupied until a new innovation comes out but that innovader will not be able to get funding because investors will taxed through the roof with no additional capital to invest in the new creation. Thus prolonging the crisis at hand.
@Salvysahagun INdustry isn't investing in capital anyways! You Austrian schoolers are living in fairyland. Firms are hoarding record holdings in their treausries. Second of all, the government hasn't raised ANY taxes in the recession to pay for stimulus. During recession you spend on deficit and during runaway expansion the govt. should create surpluses and pay down debt. This makes the highs lower and the lows higher creating a less volitile market. And govt. HAS created/saved millions of jobs.
@Salvysahagun lol, Kid you are part of a tiny fringe group of moronic quasi economists I am part of the mainstream economic thought used throughout the world for the past 80 years! Industry isn't investing in capital for one reason. THERE IS EXCES CAPACITY IN A RECESSION!!!! They don't need to invest in capital to increase the supply BECAUSE THERE IS NO DEMAND TO SOAK UP THIS SUPPLY! This is basic stuff buddy. And QE is not printing money, you clearly don't understand what the Fed does.
@Salvysahagun lol you are living in fucking fairyland little boy. Since Keynesian Economics has been adopted by the United States government and the Fed, we have gone from being a very unstable middle ground economy plagued with a series of depressions in the 19th and early 20th centuries to the undistputed economic hegemon of the world! Why don't you pull your head out of Peter Schiff and Ron Paul's asses (not economists). The Austrian School failed 80 years ago GET OVER IT! (contd)...
Does your brainwashed mainstream economic mind really think FDR was a Keynesian??
Please, the two met at Bretton Woods and hated each others guts.
FDR however is responsible for dooming million of Americans to starvation.
Its called Agriculture Adjustment Act.
Brought food prices down but made food very scarce.
“A program whose basic thesis is, not that the system of free enterprise for profit has failed in this generation, but that it has not yet been tried.”
(contd)...And take Econ101 kid b/c you sound like a retard. Great call, to end the recession we should just return to the policies of the great depression! Genius! Yes mild inflation, around the average rate of growth, is necessary to maintain full employment which keeps an economy at full potential output maintaining stable economic growth. Monetarists believe this, Keynesians believe this (mainstream economics) just the retards in the Austrian School (Fringy bullshit "economics") can't see it.
@Salvysahagun self imposed austerity in a recession? Are you fucking crazy? So middle class families who are unemployed or underemployed and in massive personal debt will take it upon themselves to save money that they don't have? What the hell are you talking about. In ww2 we made the top 10% pay over 90% of their income in taxes! Today during the most espensive wars in U.S. hostory we still have them paying the lowest rates since the early 20th century! You use a lot of words to say nothing...
@Salvysahagun I don't even know what you guys are arguing about but this comment caught my eye. I hate to be the bearer of bad news, but everybody cherry picks and nobody reads everything; time is a scarce good.
@Salvysahagun Lol I don't have time to search for your many comments so I just respond to the one that gets sent to me in my indbox as a reply. But it seems common sense that one should refute the obviousoly retarded comments first. Reagan RAISED TAXES in 82. 83 and 86 because it was fiscally irresponsible to not deal with the debt. We flourished in the 90's In fact we had runaway growth and massive demand pull inflation which lead to bubble building UNDER HIGHER TAX RATES THAN TODAY!
I never said I liked reagan. But ask yourself, do you think Computer companies would have invested in a PC department if they where taxed at the tax rates of the 1950s?
NO THEY WOULDN'T!!!
The rich need money to invest in innovative technology.
The 90's flurished because of the NASDAQ bubble.
Then they just replaced it with the housing bubble.
oh just a fact of the day America cut its way to prosperity during the depression of 1920. Small government works.
Oh heres a fun quote "I find myself more and more relying for a solution of our problems on the invisible hand which I tried to eject from economic thinking twenty years ago." - John Maynard Keynes. (stated towards his death)
Every one who was a "Friend' of Keynes knew he was very capable of changing his mind. Wouldn't shock me if this quote is what got him killed.
@Salvysahagun lol it is pretty easy to sit back and point out mistakes of the majority who are in power when your economists haven't been in any real positions of power in like 80 years. You are like the fat guys sitting on the couch stuffing you fat fucking faces with pizza screaming at the football players on TV to run faster! And who are these "Austrians Economists" you speak of? Because last time I checked buddy, Austrians claim that predicting outcomes in massive aggregates is impossible...
@Salvysahagun First of all Mainstream Economics has absolutely nothing to do with central planning. Secondly, mainstream economic theory is a system of REACTIONS to shocks to the market developed AFTER the great depression when free marketers, like the Austrian Schoolers, nearly drove our country to mass starvation. You have no sense of history. That was BEFORE KEYNESIAN ECONOMICS ! And in 37' we imposed Austerity like you retards call for today and we slipped back into the great depression!
So you don't call Fannie & Freddie economic planning? After all even Krugman puts a lot of blame on Greenspans and Bernanke Easy money policies at the FED
Are you aware John Maynard Keynes himself stated his policies "Are meant for totalitarian states" (Paraphrased)
Just look up the German intro the General Theory. Its clear as day.
Auseterity measures where taken but if you look at the Tax rate it did not correspond to the cuts.
A budget cut is useless unless you cut taxes aswell
Obama's stimulus package was designed to keep unemployment from going over 8.8%. Unemployment went and stayed over 8.8% during/after the stimulus spending.
Lame, I thought he was going to explain how he knew the financial collapse was going to occur, not why he knew that the goldilocks economy of the late 90's was going to collapse. I think everyone on the planet realizes now that the tech bubble burst because people overvalued the effect that the internet would have on productivity. And I wonder how austrian economists feel about the impressive jobs numbers that came out this week and the massive jump in the DOW that followed...sounds like (contd)
Their economic model is a deflationary depression. But they insist they're right.Hoover was right Roosevelt was wrong. Why doesn't the world embrace their system if it is so wonderful.It's not much more than a barter system.
Peter Schiff is a self-aggrandizing asshole of course, who's managed to lose 40 to 80% of his investors money in the last 36 months...The Austrian School of Economics he's flogging and it's "the Market is perfect and self correcting" is utter horseshit which directly lead to the S&L crises and the September 2008 meltdown..
@bellcord The 2008 meltdown was because of the Austrian school? You have to be kidding me... The crash in 2008 was caused by monetary expansion that followed the bubble of 2001! This recession was caused by purely Keynesian economics. And the next recession will be the same story.
@Mistololify Well here on planet Earth the 2008 meltdown was the direct result of an unregulated Wall Street flogging toxic mortgage-backed securities..and it didn't take 8 years of monetary expansion like on your planet apparently .. it took about 18 months for them to be pumped out to municipalities, pension funds, banks here and abroad,institiutional investors and hedge funds..When these started going tits up the panic hit because no one knew how much of this crap the other guy had=NO LOANS
@bellcord Yeah... And the mortgages were created because the FED kept the interest rate low. In other words, monetary expansion. This was the strategy used by the FED to get out of the previous recession.
@Mistololify Christ Mis , I have to make your arguments for you...Low interest rates have nothing to do with monetary expansion...The world had tons of profits from Asia and Europe floating around looking for the best rate of return in a low interest enviornment...So when Wall Street offered Mortgage Backed Securities at slightly higher rate of return and preported to be no more risky then US Government Bonds then the World ate'um up...Sadly, they were crap and when they started to fail panic on
@shadowgeyser "Eliminating government control of credit manipulation and fractional reserve banking will cease bubbles"
Oh God. More deregulation. When will you people put down your copy of The Fountainhead, grow up, crawl out of your free market asses and take a look at the real world?
Jesus H. Motherfucking Christ. You all need to be machine-gunned like the proto-fascists you are.
That seems quite excessive, sir. May I suggest not proposing mass murder? It's ironic that you promote machine-gunning a massive amount of people down because they are "fascists" even though that seems eerily close to what a famous fascist regime once did. Just saying.
Free market bullshit. The so-called "free" market is an instrument of working-class oppression, little else.
Karl Marx described the ups and downs of capitalism 150 years ago. Bubbles are capitalism's inalterable feature. Fuck Milton Friedman. Fuck Hayek. Fuck Von Mises. And fuck this clown.
@bapyou Though Marx did notice the ups and downs of capitalism, he never gave an argument to demonstrate that the business cycle is an unalterable feature of capitalism. All Marx did was notice that there were no business cycles prior to the onset of capitalism. However, central banks came onto the scene around the same time as capitalism, so this observation does nothing to counter the idea that central bank credit inflation is responsible for business cycles.
As austerity policies roll out across the Western world, markets await the next shock and central bankers’ moves command the headlines, thoughts naturally turn to comparisons with the last great global meltdown. Liaquat Ahamed’s blockbuster, Lords of Finance, is undoubtedly the most engaging narrative of the run-up to the 1929 Crash to have appeared in recent years.
The elements that Ahamed synthesizes here are not especially novel. Like Peter Temin, in Lessons from the Great Depression (1989), and Barry Eichengreen, in Golden Fetters (1992), Ahamed traces the disequilibria of the 1920s and 30s back to the First World War.
As per Milton Friedman’s and Anna Schwartz’s account of the period in their Monetary History of the United States (1963), monetary policy is the crucial determinant: problems of international capitalist production remain distant from the action. And as in Eichengreen, again, the dysfunctional inter-war gold standard plays a central role.
The Austrian School can be summed up as " Big Dogs eat Little Dogs and God Almighty likes it they way!"...Okay, but remember one thing ..You ain't a Big Dog...You'll never be a Big Dog...You personally will never meet a Big Dog...and when Mommy tells you you're gonna have to move because Daddy lost his job...you've just been eaten..
The Austrian School of Economics blew up, broke down and crapped out in September of 2008...it's theory that 'Free Markets' were self correcting and perfect and didn't need government regulation damn near melted down the World's financial markets..and having a shitweasal like Schiff speak to your group is like having the cabin boy on the Titanic speak on Airline Safety..
@bellcord Funny. The truth is the market would of corrected itself and Freddie and Fanny would of imploded, AIG would of went bankrupts and Goldman would of failed in a big way. Now they all still exist with bonuses to their CEO for robbing the people of our money. They current system is what failed. The FREE market would never let that happen and would of CLOSED those crooks down instead of get into bed with them as this current government did. You are looking at it completely backwards. *pffft
@dmarvin811 Sorry Marv but the truth is I set at this very computer on September 18th of 2008 and watched a trillion dollars stampede out of money markets by 10 AM Dallas time headed for 5 trillion when the government stepped in to stop the panic.....Why do you think CEO's are free to rob and AIG's Financial Products Division wrote trillions in default swaps because they were UNREGULATED per the 'Free Market' concepts..if ya don't know that you that you were born last Tuesday or totally wack..
@bellcord You are soooo close now. Just think about it. If that cash disappeared and companies folded it would induce an outrage and a panic. The panic would raise the question of who was at fault. That would be a violation of trust which would lead to an investigation that would inevitably lead to arrests and jail and closing of companies. THAT is the free market working!!! INSTEAD Everyone got bonuses and this market (Tyranny) rewarded the criminals!!!! Its not a better system at all.
@dmarvin811 Thanks for the report Marv, meanwhile back on the planet Earth ; there was one hell've panic in September 2008 as investor's raced for the exits after Lehman Bros. declared bankruptcy. Treasury Sec. Paulson had refused to bail'em out because the 'Free Market' principles didn't allow it..and like other 'Free Markets' before it blew up in a panic...They're not in jail because there were no laws they broke under the 'Free Market' that's why they call it free..Free to Rob..
@bellcord If your convoluted logic tells you that free market means free to rob then there is no reason to speak further on this subject. Get some education student. :7)
**A free market is a market without economic intervention and regulation by government except to regulate against force or fraud. This government is doing the FLIP of a free market. They reward robbery Good luck with this economy, my appeal is now an "Appeal to Heaven".
@dmarvin811 Marv, my logic doesn't have anything to do with what happened in the name of the great Free Market...Left to their own devices the Free Market boys feathered their nest then retreated to their gated mansions leaving the rest of the world to put out the fire and aftermath..Self proclaimed prophets like Peter Schiff here was hoping you wouldn't notice ...Obiviously you didn't..
@TheBlitz1 Thanks Blitz, I can see by his answers that his presuppositions are so firmly in place that he is actually being illogical in his reasoning. Until those presuppositions change there is no need to continue. I just hope he is not promoting this current system of rewarding criminals. With that type of logic he will be doomed to failure for his entire life and the after life. :7)
here is an extreme question as I am not sold yet on 100% gold standard: What if the majority of the worlds gold is held by one person and all the gold of the world has been mined by the same person. What incentive do they have to lend out gold when they potentially risk losing it to defaulters? Can I get an intelligent practical(not theoretical)answer to this question? Thanks!
For Mussolini, the simple resurrection of the symbol of the Roman Standard, was a convenient choice. The Nazis adopted their stylized swastika as a deliberate choice of substitute for the fasces, as a Roman-legion-like standard, to perform exactly the same role played by the fasces in Mussolini's hands.
For Obama, the symbol is more Sinister and deceptive, cloaked in such nuanced phrases as "Hope" and "Change" superimposed over a massive freemasonic Eye of Horus.
Today, the principle of modern fascism is also costumed in such cloaks as those worn by neo-conservative members of the Mont Pelerin Society and American Enterprise Institute.
@AnonymousWhitePerson I think we all can agree to that. But it would be a stretch to say that is is merely the neo-con's. They are all in bed, its not a left and right thing, its a corrupt government thing. Obama is sure doing his part to push the fascism agenda wouldn't you agree?
The fascism of President Obama is directly congruous to the fascism of New York Mayor, Michael Bloomberg, Arnold Schwarzenegger, Benito Mussolini, Napoleon Bonaparte. Genghis Kahn, and Julius Caesar.
@AnonymousWhitePerson Amen brother. "The people" are certainly not being represented by any stretch of the imagination in this environment. They must want a revolution. bit[dot]ly/deFsnq
"Under Free Trade the Trader is the Master and the Producer, the Slave. Protection is but the law of nature, the law of self-preservation, of self-development, of securing the highest and best destiny of the race of man."
No great recession has ever happened without the contraction of the money supply... This is how Rome fell, this is how we had the great depression... Just 2 examples... That being said, there is no one 'truth' as you or Plato would like to believe :) Just like philosophy, where no one knows the exact answer to any of the big questions, is the subject of economy. Economy is shifted and changed by everything from culture to slight human tendencies. Austrian theory would work best so far IMO
austrian school is a bunch of silly bs, it assumes investors are too stupid to understand inflation or they don't know the difference between long term and short term interest rates. Though it probably true that some of them are like that, there is natural selection, the weak lose their money and leave and the strong stay and keep investing.
@slurpeeday You appear to be a huge proponent of rape also. Am I wrong? You know, the strong gets to spread his seed and the weak die out. Like in nature, the seals get raped daily. Tell me, if you lose your entire fortune to some bank fraud you will just chalk it up as you being weak then? So, according to your worldview, you deserve to be taken and abused if you are weak and helpless? So kicking a handicapped dude in the head to take his cash is perfectly fine?
@slurpeeday Plus you do understand that our monetary system is a system of debt right? That if everyone paid their bills, including the government, there would be zero money at all. Debt=money. The Government needs money so they print a piece of paper (bond) to pay the criminal FED who in turn prints a piece of paper (Money) to give that government who in turn deposits it into the Fed bank to be loaned out. It is a criminal Enterprise that is for sure. And what happens when the US cannot pay?..
@dmarvin811 Natural selection in capitalism, has nothing to do with how I think the world should be. It's how I think the world works. People don't continuously make bad investments, either they decide to get out or they lose so much money that they can't continue. If I was losing money because of bad investments I would get out. As for bank fraud, I think thats a very serious problem that undermines the system. Let's hope congress can get a good bill together.
@slurpeeday A fiat system would be nice if it were backed with something worth value, like gold. If the government cannot, or will not, back the currency at least the people would have something worth value in the end.
Some sort of barter system would be better then this current one. This current system will be dire if this government cannot keep up. By the looks of things that is what will happen.
@dmarvin811 You obviously don't know what your talking about. If a currency is back by a commodity, then it is not a fiat. It's a commodity currency. There's a big problem with having the value of your currency in the ground. When things like the Gold Rush happen you have unpredictable, uncontrollable inflation. Not to mention the value of your currency fluctuates with the price of gold.
@dmarvin811 Cont. I sincerely hope you were joking about the barter system.
I agree huge amount of debt can be disastrous to an economy, but are no where near Greece or Portugal levels of debt. I doubt any fed chairmen would support monetizing the debt. Bernanke said that the fed will do no such thing and has criticized the government for not getting their shit together.
@slurpeeday Look at Greece and Portugal right now, they are downgraded because of their DEBT and are essentially taken out of the market. The US has quadruple the debt and they are not through yet. If we had gold backing it up then the FED could not print money out of thin air. This system was designed to, and will, implode and be worthless. All these wonderful, self sustaining, resources will not be owned by the "people" anymore. We will lose our country because of what the FED has done.
@dmarvin811 If you disagree with the current monetary policy, i'm open to discuss it with u. But there's no need for the conspiracy theory, hype you're attaching to it.
@slurpeeday Do you really believe the the dollar being worth about .04 cents is a good thing? Funny how that happened because of the creation of the FED.
@dmarvin811 As for your rant, it seems like you have a problem with the fiat system. I don't particularly like it, though i think its the best we've got. What system do you think would work better?
@OneApostate basically the main idea is that central bank monetarism does not work. paper money and inflation is a drain on the common wealth to the people in debt
-- dmarvin811 -- You see people who worked in USA in 1960's 70's 80's earned dollars and saved a lot , which made them rich. American tourists were welcomed everywhere --they brought dollars. , I travel, right now in Easten Europe banks and currency exchanges , do not have dollars to break 100 $ bill , they do not even take it for payment.
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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
I'm no mathematician, but how does 5% of a company worth $50,000,000 equal $5,000,000? It doesn't take an economists to do that math on the fly.
soundtheology 1 month ago
Was he talking about facebook?....
charmek1 2 months ago
"There was a time where government employees actually made less than private sector employees, but had better job security. Now, the average government employee makes almost three times as much as the average private sector employee. Who's working for who? I mean, what is this, the twilight zone?"
-Peter Schiff
AroundSun 3 months ago
@AroundSun Wow, it takes a rare mind to come up with this drivel. Private Sector Wages have been flat for 30 years, thanks to Horse and Sparrow Economics...er Trickle Down/Supply Side. Peter Schiff is a worthless shill for his capitalist masters.
WhyMeMoFo 2 weeks ago
all the government should provide are the non-excludable goods as decided by the majority of the people.
TheStfu1000 3 months ago
@TheStfu1000 STFU ya fucking moron
oneirishpoet 3 months ago
@oneirishpoet did i speak to you before? if not go and do a shit and then eat it.
TheStfu1000 3 months ago
This is just part of another video already on YouTube called "Why the meltdown should have surprised no one." The other video is longer and has better picture quality.
DexterHaven49 5 months ago
@DexterHaven49 OK thanks I reflect that on the video now
dmarvin811 5 months ago
@dmarvin811 OK, you're an honest man.
DexterHaven49 5 months ago
@DexterHaven49 There were doubts? :7)
dmarvin811 5 months ago
@dmarvin811 In a world where we are told every year that the Fed is "committed to a strong dollar policy," while it has lost 80% of its purchasing power since 1971, I tend to doubt a lot of things... ;)
DexterHaven49 5 months ago
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The only thing preveting the government from feeding the whole country is people like Peter Schiff.
SchiftReport 6 months ago
@SchiftReport
you mean: "..... feeding ON the whole country...."
tzontlilic 5 months ago
All economic policies are doom to fail. Keynesian/Chicago/Austrian are doom to fail. Saying that Austrian economics predicted this bubble, is true to an extent. But if you were seriously thought about it, you could see this bubble in the beginning of 21st Century. Austrian only predicts the human nature of capital.
ZSwierczynski 7 months ago
14,949 views and only 77 likes??
robertplant634 7 months ago
Keynesian economics is an oxymoron
shotsky94 8 months ago
@shotsky94
To give some credit to Keynesia economics...
What worldwide government practicing is NOT Keynesian economics.
Keynesian economics state that when shit hits the fan you stimulate the economy (government does spending), and when things are good you PULL THE PLUG on the economy (government retracts spendings).
However, now, the reality is:
- When stuff is bad -> spend cuz things are bad
- When stuff is good -> spend more, cuz we have the money!
Fascism is being practiced now...
tzontlilic 5 months ago
@tzontlilic Government cant stimulate the economy. That's the fallacy. Whatever government puts into the economy, it takes out of the economy
shotsky94 5 months ago
even the things on my fidge is a actually out performing Dow Jones
LOL
love Schiff
quiel81 8 months ago
Ron Paul also predicted the housing bubble in 2003.
groam6666 10 months ago 18
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(contd)...the Keynesian policies of the fed and this current administration are working much better than any Austrian Economist would have expected. Explain why you failed to predict that...
durhamdf 11 months ago
@durhamdf You have to be kidding if you feel this economy is "on the up" If there was ever a Poe moment, this would be it. Thanks for the laughs and I'll see you in the lines. Ciao
dmarvin811 11 months ago 23
@dmarvin811 Well it is undisputable that the economy is currently expanding and we have had over a year now of private sector growth. Last year all the Austrian Economists and the far right of the Republican party were screaming about a double dip in 2010 and yet the jobs numbers have been encouraging, the market just made its largest gain since the crash, inflation is stable and we are actually starting to grow our way out of this deep hole
durhamdf 11 months ago
@durhamdf
i LOL'd
viavo 7 months ago
@viavo I guess the truth is funny to you retard Austrian School flunkies. WHo instead of analyzing data just spew diarrhea out of your mouths constantly predicting the worst case scenario. That is why nobody gives two shits what you retards think and you are confined to youtube videos as all the reputable universities in the world consider your ideology fucking clown shoes. LOL
durhamdf 7 months ago
@durhamdf i LOL'd again
viavo 6 months ago
@viavo keep laughing retard, it was your anarcho capitalistic values that lead to the deregulation of the mortgage companies under the commodities futures modernization act which removed goverment oversight from and allowed the creation of shitty little mortgage companies that were responsible FOR HALF OF THE LOANS THAT EVENTUALLY WENT INTO DEFAULT. You assholes are like a drunk driver screaming at paramedics to save the kid he just ran into faster because he could do a better job. fuck off
durhamdf 6 months ago
@durhamdf
You don't understand capitalism.
It was not capitalism that causes the problem. It was fascism.
tzontlilic 5 months ago
@tzontlilic what a gross oversimplification, as is always the case in life nothing is bkack and white. We do not now, nor have we ever lived in a pure capitalistic state. The question is to what degree government should play a roll in moderating market forces. Before Keynesian economics became the mainstream, when the free marketers were in charge, we had a full blown depression every 20 years. All through the 1800's we had 5 depressions one after the other, and of course the great depression
durhamdf 5 months ago
@durhamdf
Of course you get all these depressions. They happen after the National Bank is founded.
When you have private interests controlling the currency of your economy, you get a nice marriage between your lovely corporations and the government, which by definition is called fascism.
Depression is needed when you have no honest money and currencies being issued based on private interest.
You really need to go back to study the history and jump out of the school propaganda.
tzontlilic 5 months ago
@tzontlilic Before the Fed was given the power to exercise any real monetary policy because of the gold standard, we had 5 depressions in the 19th century and 2 in the early 20th. The market was MUCH more volatile before Keynesian economics was adopted. Since then we have had none of the depression bank runs and full blown panics that we saw when the free market, "classical economists" were in charge. Get a real education buddy, Youtube university hasn't done you any favors!
durhamdf 5 months ago
@durhamdf
Talk about some real education bro.
The bank of US did NOT stick to the gold standard. THAT was the goal to found the central bank!
That's why you get all the volatility
Besides, what's the problem with depressions? Recessions, depressions are a mean for market to rebalance itself and clean off inefficiencies. Usually this is the time when savers are rewarded.
Now, you don't get "depressions", but what you get are 2 working parents and crazy inflation.
You need to wake up my frd.
tzontlilic 5 months ago
@tzontlilic That is untrue, Federal Reserve didn't have the power to exercise any real monetary policy because they were cand cuffed by the gold standard and on top of that we had the classical economists, whose balls you suck today, in charge and they refused to even try to increase the money supply. That is why we had a deflationary spiral that caused the great depression to be great! Since Keynesians took over the market has been MUCH more stable. Sorry buddy you are talking out of your ass.
durhamdf 5 months ago
@durhamdf
sigh, so hopeless.
Looks like the public just cannot be helped as I suspected. I will just man the lifeboat and a few years down the road, we can see who's right and who's wrong.
tzontlilic 5 months ago
@tzontlilic THis argument we are having was fought out 80 years ago. It ended with the free market classical economists being exposed for the oligarchs they were and Keynesian economics becoming the mainstream. And the past 80 years of MUCH more stable growth and MUCH less severe recessions. And FYI inflation over the past 2 1/2 years has been well below the natural rate of 2.5% so I don't know where all this alarmism is coming from
durhamdf 5 months ago
@dmarvin811 Well Apparently you conservatards consider going from the shit hole you left us with where we were losing 2 million jobs a month to making steady gains (2 million over 2 years) a complete failure. You pieces of shit have a lot of nerve. You are like a drunk driver crashing a car into a hospital and then screaming at the fire crews desperately trying to save everyone that they aren't doing a good enough job. Seriously do our country a favor and shut the fuck up till we fix your mess!
durhamdf 6 months ago
@durhamdf Sure Obama has it locked down. How long before we actually can start blaming him for job loss? Let me guess 8 years? Yea, right. We will take our chances with conservatives instead of the liberal spending mentality that got in in this mess in the first place. Think about it. IF we had responsible people that paid their bills and did not over reach their portfolio we would NEVER be in this mess. But NO people had to buy things that they couldn't afford and expect the Gov't to bail them.
dmarvin811 6 months ago
@dmarvin811 right it isn't the fault of mortgage companies that suddenly popped up after Bushpassed the commodities futures modernization act that were allowed to opperate without any government oversight and were responsible for half of the mortgages that went into default. It wasn't the same republican policies of deregulation and cutting taxes for the rich against the prevailign views of the vast majority of economists on both sides of the isle. Don't confuse Libertarianism with conservatism
durhamdf 6 months ago
@durhamdf Dude is the ONLY reason why you don't slam heroin (assuming you don't) because our Government made it illegal? People MUST be responsible. If you cannot afford something why are you blaming the banks for foreclosing AFTER you haven't paid your mortgage? Do you blame repo-men for your car taken too? Conservatism would not get people into this mess in the first place. Do you REALLY need to government to regulate YOUR finances? Really?
dmarvin811 6 months ago
@dmarvin811 No, people should be punished for taking to much credit and having to default or declare bankruptcy. THEY DID GET PUNISHED! They lost heir homes and fucked up their credit!!!! I am saying that the financial institutions and mortgage companies that popped up should never have gotten into a situation where responsible Americans life savings were in jeopordy of bank runs because they got greedy and started loaning money out without ANY CREDIT CHECK due to low govt. oversight.
durhamdf 6 months ago
@durhamdf You see people do not have problems with not getting more credit but with SPENDING too much. This is just like what is going on With Obama and the dept ceiling. They feel that raising it is the answer. "Just give us more credit to spend" Instead of being responsible and spending within its means. It sure works in households. No one's life savings is in jeopardy. Bank runs are a real issue though. Its the 10% requirement that is the problem. Money that is not Gold backed is another.
dmarvin811 6 months ago
@dmarvin811 Lol I don't even know where to start. If we don't raise the debt ceiling we will default on our loans and destroy our credit ratings or we will have to eliminate medicare and social security which are entitlements (since people have paid into it their whole lives) We could cut all discretionary spending and it wouldn't be close to enough. You are living in fairyland if you think the government can just trim down and make its payments! (contd)...
durhamdf 6 months ago
@dmarvin811 Secondly, if we did this, it would mean austerity and without any doubt it would lead to a double dip recession. This is basic macroeconomics 101. In recession when conumption is low, government must spend on deficit to make up for the gap. During times of runaway growth or immediately after times of runaway growth, contractionary policy and paying down the debt is the appropriate measure to prevent inflation and bubble building.(contd)...
durhamdf 6 months ago
@dmarvin811 (contd)... And without the fractional reserve we would never have become a lead economy PERIOD! Without the gold standard, we would have depressions like we saw 5 different times before the standard was removed. Your sense of history is extremely narrow.
durhamdf 6 months ago
@durhamdf ...Cont'd If a bank does stupid things they should fold. Free markets allow for this. FDIC still backs the cash so keeping the bank around is pointless. Bad decisions are made all the time in businesses and if they are large enough they fold. There is no such a thing as too big to fail in a free market, financial institutions should be allowed to. The PROBLEM is too much gov't involvement in the private sector. Also the FED is unconstitutional. End the FED and many problems go away.
dmarvin811 6 months ago
@durhamdf Same with these wall street cats. If I cannot afford a house I don't buy it. Its the CONSERVATIVE way. Bail outs and hand outs is not a conservative thingy. Its a liberal one. You know that the DEMS that were majority while Bush was there (although he failed to be conservative too). We do not carry a balance on things. The banks consider us dead beats because we don't. Any economy that DEPENDS on spending will fail (as it did). We will learn from our conservative way soon. Or else.
dmarvin811 6 months ago
@dmarvin811 Seriously take a single economics class before you preach this shit. Because if you did you would know that Keynesian economics is bipartisan! It isn't liberal or conservative. The bailouts were propposed by Bernanke, a republican, and passed by democrats and republicans alike. Conservative republicans aren't Austrian schoolers you fucking moron! Austrian schoolers are a bunch of fringy losers that were sent into obscurity 80 FUCKING YEARS AGO!! (contd)...
durhamdf 6 months ago
@durhamdf Do some research: watch?v=MnekzRuu8wo You are attacking a straw man by stating that Conserv aren't Austrian. Do you have evidence of this at all, or is this a bare assertion. I am conservative true but that does not mean I am a republican or a democrat. I embrace recessions and NEVER bailouts. Recessions, and depressions, are the solution for the Keynesian Bernanke mindset. Its destructive. So how have we been for the past 80 years? Well? Pshaw!
dmarvin811 6 months ago
@dmarvin811 you embrace recession because it gives you an excuse tocry, and bitch, something Austrians are great at (but not much else). They call Keynesian economics mainstream economics, because the overwhelming majority of economists (and politicians Repub.s and Demo.s) are Keynesians and to a lesser extent monetarists. This isn't up for debate, it is a cold hard fact! Austrian Economics is a joke, sent into obscurity 80 years ago, not practiced by any govt. or taught at any REAL schools.
durhamdf 6 months ago
@dmarvin811 AND IN THE LAST 80 YEARS WE HAVE GONE FROM BEING A MIDDLE GROUND MODERN ECONOMY TO THE UNDISPUTED ECONOIC HEGEMON OF THE PLANET! You silly Austrian schoolers just can't get over that. And how well has any country done following the Austrian ideology? Oh wait that's right, no countries follow Austrian Economics after the U.S. and many european states nearly collapsed under classical economic thought (including Austrian Economics).
durhamdf 6 months ago
@durhamdf I have no problem with recessions. Why? Because my interest rates are low. Things go on sale. I get real good deals on things. Employment is not a problem because we're sought after, in great demand, in our household. So bring on recessions and watch my portfolio increase. Love the ups and downs that I can ride within a profitable market. All is well. But is that fair, and desired in a country that is blessed so much? Your Keynesian Bernanke way, is off the backs of many poor people.
dmarvin811 6 months ago
@dmarvin811 huh? Interest rates naturally RISE during a recession. As money is destroyed and there is less of it to lend out, not to mention the uncertainty that comes with a recession which means banks are loaning out even less! The whole point of the Fed and expansionary policy is to reverse this, expanding the money supply and driving rates down. You are clueless, it is the Austrians who put the full burden of the business cycle on the poor and middle class. Open up an economics book buddy
durhamdf 6 months ago
(contd)... I would bet you (like Ron Paul) never studied Austrian Economics or any economic theories in any university. You just pretend to have clue what you are talking about whiole you regurgitate things you heard from retards like Ron Paul and Peter Schiff who are NOT economists and are very much self interested and have much to gain from the ideologies of the Austrian school on a personal level.
durhamdf 6 months ago
@dmarvin811
no point telling the truth to this guy bro. I am sure s/he knows better. This person just wants to stop the truth from flowing around so people can prepare for the upcoming crisis.
The fact that the dude said last 2.5 years was low inflation clearly shows the person knows what's really going on. Only someone who lives in Mars could say something like that actually believing in it.
tzontlilic 5 months ago
@tzontlilic The guy, in the video? The video that's 2 years old?
worldofdraculas 4 months ago
@tzontlilic The CPI is useless. People have been feeling the prices of food and energy increase dramatically. The banks are still sitting on those reserves, and the money supply has shot through the roof. How can we not have inflation? How is the economy going to grow fast enough? High taxes, u/f liabilities,99% debt, unemployment... Gold has increased 800% in the past ten years... Many of our notes are held internationally, which could be dumped on the world market for gold and silver.
AroundSun 3 months ago
@AroundSun
What?! How dare you doubt the CPI! How dare you doubt the government! Your government is fighting an economic war and as good Americans you better shut up!
Are you a terrorist? Maybe I need to make a call to Homeland Security so the military can throw you into prison indefinitely, no judge, no jury. I can do this to you terrorist bastards thanks to the new NDAA that was passed.
I will give you one last chance to show you are not a terrorist. Praise Obama now!
tzontlilic 1 month ago 2
@durhamdf
Hahahahahahahahahahaha, You have got to be kidding me? How the hell do you expect these morons to fix a problem they never even saw coming? Austrians were warning of this meltdown and yet these brilliant Keynesians were predicitng great things yet to happen.
The policies of the Federal Reserve are all but ensuring the death of the dollar. The middle class have been completely murdered because of 0% interest rates and inflation which has eroded purchasing power.
RHX2 7 months ago
@RHX2 Austrians didn't see a damn thing coming, they always predict the worst case scenario, it was about freakin time they got something right. And they predicted the collapse of the dollar and gold hitting 10k... And every economist on the planet realized that the husing market was unsustainable, look at fortune magezine article 2002 entitled "housing the next bubble?". When and how bad a crash was up for debate. Inlfation is currently very mild according to the CPI, deflation was the worry!
durhamdf 7 months ago
@durhamdf
Of course they saw it coming. Its not a matter of If the dollar will crash, but when it will happen. And when that does, Gold & Silver prices will explode .
If every economist on the planet saw it coming, why the hell were people like Bernanake, Greespan and all the great people coming on TV stating nothing to worry about, economy is in fine health. Why the hell were the saying after the crash happenned they couldn't have saw it coming?
RHX2 7 months ago
@RHX2 Bernanke and Greenspan are huge public figures, they didn't want to cause uncertainty that could help cause the collapse. Of course they weren't screaming to the public, "we're fucked sell your houses and buy gold" because this could cause panics and bank runs and we would currently be in a depression with massive deflation. If we did what you Austrian schoolers propose and let our financial instutions fail maybe the market would be more stable, but we would be in a depression for a decade
durhamdf 7 months ago
@durhamdf -
Oh please- spare us the BS. They were completely clueless. They never saw it coming - because they are fucking clueless.
Letting those financial instituions fail is how free markets work. There is a fucking reason they failed - instead, they were bailed out at the expense of tax payers that now have to pay the price for their mistakes.
Iceland allowed their banks to fail completely, they suffered a few years of negative growth but now they are growing again.
RHX2 7 months ago
@durhamdf
Oh and having a severe recession for several years is much preferable to wht will happen thanks to government intervention and the policies of the Fed. They have made things so much worse and as a result, America is fucked, the dollar is fucked and the American middle class are being fucked up the ass by the Federal Reserve and the Wall Street banks that are stealing their wealth and forcing poverty on the normal hard working Americans.
RHX2 7 months ago
@RHX2 The dollar is currently doing just fine kid, why don't you doomsday alarmist morons shit in one hand and wish in the other...see which fills up first. And yes, this slow recovery IS infinitely better then a full on depression that we would have faced if we had let our largest financial institutions fail! Boo fucking hoo, 10% unemployment (5% OVER THE NATURAL RATE). Compared to the las t time our financial institutions nearly crumbled (the 30's) this is a walk in the fucking park.
durhamdf 7 months ago
@durhamdf - The Dollar is going down the drain. Everyone is ditching the dollar.
You do not bail out banks in a free market economy. They have to fail.
Iceland allowed their banks to fail. All of them. They suffered few a years of hardship, but now their economy is growing again. They had the right idea. But America decided to spend its way out of trouble. It continues to debase the dollar - and the Middle class are having their wealth eroded completely by 0% interest rates and inflation.
RHX2 7 months ago
@durhamdf
Oh and you must be 1 of very few people that actually buys this BS figure of 9% unemployment - when most experts are well aware the numbers are infact double that.
America is in the shit because of their failed economic policies. Their economy is broken and they need to return to free market capitalism and not this crooked system where the Top few % control nearly all the wealth.
RHX2 7 months ago
@RHX2 I am arguing with a retard. Unemployment figures are a simple calculation dip shit. How ever many people are recieving unemployment benefits are counted. You are speaking of the JOBLESS rate, which was more than 30% during hte great depression and is hovering around 18% today ( about 7-10% above average). You think that what the Austrians propose will level the playing field?!?!?! They propose removing all government regulations that have prevented the top 10% (contd)...
durhamdf 7 months ago
@RHX2 (contd)...from ruling this country like an oligarchy. Why don't you study Austrian Economics in one of the clown colleges that teaches it so you have a fucking clue what you are talking about instead of repeating the same moronic claims that other like minded uneducated individuals have made in youtube videos.
durhamdf 7 months ago
@durhamdf Would you consider George Mason University in Fairfax, Va. a "clown college"? That's one of the major Austrian economics schools.
aj22one 7 months ago
@aj22one Lol that is the best you can come up with. Against all of the major programs on the planet (Harvard, Yale, Princeton, Columbia, Cornell, Oxford, etc....) Austrian economics is a tiny fringe movement, that is undeniable. You should just stick to the standard response that youtube Austrian school proponents always use and just call it a conspiracy.
durhamdf 7 months ago
@durhamdf I'm not necessarily for or against Austrian economics. I like some of what Hayek and Mises write but some of it I don't. I was merely pointing out that GMU is a very serious university and its econ dept. is dominated by Austrian economists. There are "clown colleges" out there (Liberty, Regent, U. of Phoenix) I wouldn't describe GMU as one of them.
aj22one 7 months ago
@aj22one You are right, GMU is the only serious university that even teaches Austrian Economics. The rest, Liberty, Mises, and a hand full of community colleges I would describe as clown colleges. My point is just that this argument was fought out 80 years ago between Austrian economists and Keynesian/monetarists and the Austrians lost and were pushed into obscurity. It is only during times of great uncertainty when people are looking to point the finger that it gains any popularity at all.
durhamdf 7 months ago
@durhamdf
Liberty and Mises are made up of GMU professors.
Just a heads up. None of thoses Keynsians could predict he recession as well as the Austrians followers did.
Salvysahagun 7 months ago
@Salvysahagun Well the autrians predict the worst case scenario every single time for the last 80 years. It is about time they got one sort of right! I say sort of because they were predicting the collapse of the dollar, and gold prices spiking over 10K. They predicted another depression, so yeah, they were kind of right but if I predict an earth quake in San Francisco every single year, eventually I will be right. Also see fortune magezine artice from 2002 "housing the next bubble"
durhamdf 7 months ago
@durhamdf
Well you seem to be uneducated.
Austrians understand the business cycle and the result of Government interenfence.
FA Hayek was actually one of the few economist that called the Great Depression.
Gold prices at 10k is still likley to happen.
tell me what makes why would you trust a central planner over indivisual people?
For a government to plan an economy is the very same thing as the government to tell a man what dreams to pursue.
Salvysahagun 7 months ago
@Salvysahagun HAHA you call me uneducated and then you ramble on about a bunch of retarded bullshit that will never happen like a central planning government and gold hitting 10K! At least I studied economics in a major University. As opposed to you Austrian School wannabes who get their education from youtube videos. Keynesian economics is not central planning, it is reaction to shocks to the market. It was designed after the great depression to prevent recessions from turning into depression
durhamdf 7 months ago
@durhamdf
Fact of the day:
John Maynard Keynes himself said that Keysnsian Economics works best in a Totatlitarian State.
Look it up in the German foreward to the General theory.
Last I checked it was Freddie and Fannie that bundled up the bad loans.
And the Federal Reserve that practically gave away free money.
Salvysahagun 7 months ago
@durhamdf
You have to understand something.
Universities are dead. two reasons.
1. Government Backed Student Loans - over 50% of Students are on these loans which is naturally drive up the cost of tuition. If the government where to say no more then 50% of students wouldn't be able to afford college thus not going. In end result would simple the University would have make cuts and lower tuitions to increase demand.
Salvysahagun 7 months ago
@durhamdf
2. Internet.- With information so easley obtained. Their is really no reason for people study things like Philosophy, Economics, Business, Language, liturature, among others. Most proffessors actually post their lectures on line. The only real degree's that will be worth anything are Engineers, Chemist, Surgeons, or hard degree's.
Besides Keysnian policies are got us here. If anything ever proffessor that teaches Keysnian Economics should fired and thier text book burnded.
Salvysahagun 7 months ago
@durhamdf
The Government cannot create jobs.They can only take from others to put others to work
things like roads and bridges only prolong the mess. Basically it keeps people occupied until a new innovation comes out but that innovader will not be able to get funding because investors will taxed through the roof with no additional capital to invest in the new creation. Thus prolonging the crisis at hand.
New jobs don't come from old industries.
Salvysahagun 7 months ago
@Salvysahagun INdustry isn't investing in capital anyways! You Austrian schoolers are living in fairyland. Firms are hoarding record holdings in their treausries. Second of all, the government hasn't raised ANY taxes in the recession to pay for stimulus. During recession you spend on deficit and during runaway expansion the govt. should create surpluses and pay down debt. This makes the highs lower and the lows higher creating a less volitile market. And govt. HAS created/saved millions of jobs.
durhamdf 7 months ago
@durhamdf Your really out of tune with the world.
They have deluted the dollar the pay off the debts.
QE1 and QE2? why don't they just calling it what it is.
Printing more Money.
tell me whats going to happen when the stimulus runs out?
Industries aren't investing because they're scared. Thew don't know what politicians are going to do next.
Please continuing to keep cherry picking topics you can answer and answer poorly
Salvysahagun 7 months ago
@Salvysahagun lol, Kid you are part of a tiny fringe group of moronic quasi economists I am part of the mainstream economic thought used throughout the world for the past 80 years! Industry isn't investing in capital for one reason. THERE IS EXCES CAPACITY IN A RECESSION!!!! They don't need to invest in capital to increase the supply BECAUSE THERE IS NO DEMAND TO SOAK UP THIS SUPPLY! This is basic stuff buddy. And QE is not printing money, you clearly don't understand what the Fed does.
durhamdf 7 months ago
@durhamdf
The delutes the dollar.
95% decrease in value sense 1913.
Keynes failed and if we don't kick him out now then the cycle will never stop.
obviously the Government could just lower taxes and allow the free market to recop the recession.
I don't know what planet your from but you also probally think the dollar should be deluted more the help the economy grow.
Salvysahagun 7 months ago
@Salvysahagun lol you are living in fucking fairyland little boy. Since Keynesian Economics has been adopted by the United States government and the Fed, we have gone from being a very unstable middle ground economy plagued with a series of depressions in the 19th and early 20th centuries to the undistputed economic hegemon of the world! Why don't you pull your head out of Peter Schiff and Ron Paul's asses (not economists). The Austrian School failed 80 years ago GET OVER IT! (contd)...
durhamdf 6 months ago
@durhamdf
Does your brainwashed mainstream economic mind really think FDR was a Keynesian??
Please, the two met at Bretton Woods and hated each others guts.
FDR however is responsible for dooming million of Americans to starvation.
Its called Agriculture Adjustment Act.
Brought food prices down but made food very scarce.
“A program whose basic thesis is, not that the system of free enterprise for profit has failed in this generation, but that it has not yet been tried.”
Salvysahagun 6 months ago
(contd)...And take Econ101 kid b/c you sound like a retard. Great call, to end the recession we should just return to the policies of the great depression! Genius! Yes mild inflation, around the average rate of growth, is necessary to maintain full employment which keeps an economy at full potential output maintaining stable economic growth. Monetarists believe this, Keynesians believe this (mainstream economics) just the retards in the Austrian School (Fringy bullshit "economics") can't see it.
durhamdf 6 months ago
@durhamdf
Honestly how many times does Peter Schiff have to school mainstream economist for you to get the picture.
He even pwned and American Economic hero Galbraith.
American Universities have produced horrible economist in the latest generations.
Prior to '07:
Bernanke " The Housing bubble has been looked over and its not a problem"
Krugman "I can't tell you if their will be a recession because... well no one can"
Art Laffer "Monetary policy is great the US economy has never been better"
Salvysahagun 6 months ago
@durhamdf
The only place I personally see a flaw in Austrian Economics is the belief in Free Trade.
Last I checked America's longest period of Economic prosperity came during protectionism.
1865-1900
A 15%-20% tarriff on all imported & exported goods could even substitute the income tax
Salvysahagun 6 months ago
Full employment did not return until the Government sent the remaining unemployed to War.
And if you look at history you'd find the American people had to take personal austerity measure to send supplies to Europe and SE Asia.
Bottom line
Economics is not a study of numbers. It is a study of human interactions. thus Sociology.
Salvysahagun 6 months ago
@Salvysahagun self imposed austerity in a recession? Are you fucking crazy? So middle class families who are unemployed or underemployed and in massive personal debt will take it upon themselves to save money that they don't have? What the hell are you talking about. In ww2 we made the top 10% pay over 90% of their income in taxes! Today during the most espensive wars in U.S. hostory we still have them paying the lowest rates since the early 20th century! You use a lot of words to say nothing...
durhamdf 6 months ago
@durhamdf
Thats all you got?
fine.
Yes Taxes should be high in war time and the economy should FREEZE!!
If you practically eliminate all income taxes prosperity will emerge.
Problem with Reagonomics is he raised taxes on everyone else.
Roosevelt made the Depression last much longer than it should have been.
Many economist that aren't brain washed by what government ran institutions tell them are realizing this.
D
Salvysahagun 6 months ago
@durhamdf
Thats all you got?
fine.
Yes Taxes should be high in war time and the economy should FREEZE!!
If you practically eliminate all income taxes prosperity will emerge.
Problem with Reagonomics is he raised taxes on everyone else.
Roosevelt made the Depression last much longer than it should have been.
Many economist that aren't brain washed by what government ran institutions tell them are realizing this.
D
Salvysahagun 6 months ago
@durhamdf
demis love to cut history "Taxes where very high and the economy was bombing until Reagan came into office"
Last I checked every the Economy started going down hill under Nixon who mantained JFK's 70% marginal rate.
When Gerald Ford was elected he was told America was in the worse economy since the great depression.
FDR did not do much Welfare.
Just a little fact since Carter 9 trillion dollars has been spent on the War on Poverty.
You would say that reduced poverty rates???
Salvysahagun 6 months ago
@durhamdf
Now Stop cherry picking and read everything else
Salvysahagun 6 months ago
@Salvysahagun I don't even know what you guys are arguing about but this comment caught my eye. I hate to be the bearer of bad news, but everybody cherry picks and nobody reads everything; time is a scarce good.
032125 6 months ago
@Salvysahagun Lol I don't have time to search for your many comments so I just respond to the one that gets sent to me in my indbox as a reply. But it seems common sense that one should refute the obviousoly retarded comments first. Reagan RAISED TAXES in 82. 83 and 86 because it was fiscally irresponsible to not deal with the debt. We flourished in the 90's In fact we had runaway growth and massive demand pull inflation which lead to bubble building UNDER HIGHER TAX RATES THAN TODAY!
durhamdf 6 months ago
@durhamdf
I never said I liked reagan. But ask yourself, do you think Computer companies would have invested in a PC department if they where taxed at the tax rates of the 1950s?
NO THEY WOULDN'T!!!
The rich need money to invest in innovative technology.
The 90's flurished because of the NASDAQ bubble.
Then they just replaced it with the housing bubble.
oh just a fact of the day America cut its way to prosperity during the depression of 1920. Small government works.
Salvysahagun 6 months ago
@durhamdf
Oh heres a fun quote "I find myself more and more relying for a solution of our problems on the invisible hand which I tried to eject from economic thinking twenty years ago." - John Maynard Keynes. (stated towards his death)
Every one who was a "Friend' of Keynes knew he was very capable of changing his mind. Wouldn't shock me if this quote is what got him killed.
Salvysahagun 6 months ago
@durhamdf
Modern Keynsians on the predicting the recession.
Ben Bernanke - "the housing bubble is contained"
Paul Krugman - " Its impossible to tell if their will be recession"
Austrians on the other hand predicted it EXACTLY
And guess who people turn to for answers... These nit wods who couldn't give you a straight answer.
Keynes admitted his policy would work best in totalarian states. So why would anyone support facism?
Salvysahagun 7 months ago
@Salvysahagun lol it is pretty easy to sit back and point out mistakes of the majority who are in power when your economists haven't been in any real positions of power in like 80 years. You are like the fat guys sitting on the couch stuffing you fat fucking faces with pizza screaming at the football players on TV to run faster! And who are these "Austrians Economists" you speak of? Because last time I checked buddy, Austrians claim that predicting outcomes in massive aggregates is impossible...
durhamdf 6 months ago
@durhamdf
No Economic Planning is impossible, and will inevitably lead to the boom and bust cycle. Anything a government pumps up will later bust.
Its always happens. FA Hayek was one of the very few economist that called the Great Depression.
Any REAL arguments you'd like to point out, instead of redundant insults that have no ground.
Salvysahagun 6 months ago
@Salvysahagun First of all Mainstream Economics has absolutely nothing to do with central planning. Secondly, mainstream economic theory is a system of REACTIONS to shocks to the market developed AFTER the great depression when free marketers, like the Austrian Schoolers, nearly drove our country to mass starvation. You have no sense of history. That was BEFORE KEYNESIAN ECONOMICS ! And in 37' we imposed Austerity like you retards call for today and we slipped back into the great depression!
durhamdf 6 months ago
@durhamdf
So you don't call Fannie & Freddie economic planning? After all even Krugman puts a lot of blame on Greenspans and Bernanke Easy money policies at the FED
Are you aware John Maynard Keynes himself stated his policies "Are meant for totalitarian states" (Paraphrased)
Just look up the German intro the General Theory. Its clear as day.
Auseterity measures where taken but if you look at the Tax rate it did not correspond to the cuts.
A budget cut is useless unless you cut taxes aswell
Salvysahagun 6 months ago
Comment removed
StatelessEuphoria 6 months ago
This has been flagged as spam show
@durhamdf
Obama's stimulus package was designed to keep unemployment from going over 8.8%. Unemployment went and stayed over 8.8% during/after the stimulus spending.
StatelessEuphoria 6 months ago
Lame, I thought he was going to explain how he knew the financial collapse was going to occur, not why he knew that the goldilocks economy of the late 90's was going to collapse. I think everyone on the planet realizes now that the tech bubble burst because people overvalued the effect that the internet would have on productivity. And I wonder how austrian economists feel about the impressive jobs numbers that came out this week and the massive jump in the DOW that followed...sounds like (contd)
durhamdf 11 months ago
Their economic model is a deflationary depression. But they insist they're right.Hoover was right Roosevelt was wrong. Why doesn't the world embrace their system if it is so wonderful.It's not much more than a barter system.
kingbacon 11 months ago
Peter Schiff is a self-aggrandizing asshole of course, who's managed to lose 40 to 80% of his investors money in the last 36 months...The Austrian School of Economics he's flogging and it's "the Market is perfect and self correcting" is utter horseshit which directly lead to the S&L crises and the September 2008 meltdown..
bellcord 11 months ago
@bellcord The 2008 meltdown was because of the Austrian school? You have to be kidding me... The crash in 2008 was caused by monetary expansion that followed the bubble of 2001! This recession was caused by purely Keynesian economics. And the next recession will be the same story.
Mistololify 8 months ago
@Mistololify Well here on planet Earth the 2008 meltdown was the direct result of an unregulated Wall Street flogging toxic mortgage-backed securities..and it didn't take 8 years of monetary expansion like on your planet apparently .. it took about 18 months for them to be pumped out to municipalities, pension funds, banks here and abroad,institiutional investors and hedge funds..When these started going tits up the panic hit because no one knew how much of this crap the other guy had=NO LOANS
bellcord 8 months ago
@bellcord Yeah... And the mortgages were created because the FED kept the interest rate low. In other words, monetary expansion. This was the strategy used by the FED to get out of the previous recession.
Mistololify 7 months ago
@Mistololify Christ Mis , I have to make your arguments for you...Low interest rates have nothing to do with monetary expansion...The world had tons of profits from Asia and Europe floating around looking for the best rate of return in a low interest enviornment...So when Wall Street offered Mortgage Backed Securities at slightly higher rate of return and preported to be no more risky then US Government Bonds then the World ate'um up...Sadly, they were crap and when they started to fail panic on
bellcord 7 months ago
@shadowgeyser "Eliminating government control of credit manipulation and fractional reserve banking will cease bubbles"
Oh God. More deregulation. When will you people put down your copy of The Fountainhead, grow up, crawl out of your free market asses and take a look at the real world?
Jesus H. Motherfucking Christ. You all need to be machine-gunned like the proto-fascists you are.
bapyou 1 year ago
That seems quite excessive, sir. May I suggest not proposing mass murder? It's ironic that you promote machine-gunning a massive amount of people down because they are "fascists" even though that seems eerily close to what a famous fascist regime once did. Just saying.
BenLevine16 11 months ago
Free market bullshit. The so-called "free" market is an instrument of working-class oppression, little else.
Karl Marx described the ups and downs of capitalism 150 years ago. Bubbles are capitalism's inalterable feature. Fuck Milton Friedman. Fuck Hayek. Fuck Von Mises. And fuck this clown.
bapyou 1 year ago
@bapyou Though Marx did notice the ups and downs of capitalism, he never gave an argument to demonstrate that the business cycle is an unalterable feature of capitalism. All Marx did was notice that there were no business cycles prior to the onset of capitalism. However, central banks came onto the scene around the same time as capitalism, so this observation does nothing to counter the idea that central bank credit inflation is responsible for business cycles.
AbelianGroup 1 year ago
I'd rather have New Zealand =]
JamoeMills 1 year ago
Schiff is RIGHT ... FED is WRONG. The people have been WARNED and IGNORED so they get everything that's coming to them. You have been warned.
daviddalbylive 1 year ago
As austerity policies roll out across the Western world, markets await the next shock and central bankers’ moves command the headlines, thoughts naturally turn to comparisons with the last great global meltdown. Liaquat Ahamed’s blockbuster, Lords of Finance, is undoubtedly the most engaging narrative of the run-up to the 1929 Crash to have appeared in recent years.
zsylvana 1 year ago
The elements that Ahamed synthesizes here are not especially novel. Like Peter Temin, in Lessons from the Great Depression (1989), and Barry Eichengreen, in Golden Fetters (1992), Ahamed traces the disequilibria of the 1920s and 30s back to the First World War.
zsylvana 1 year ago
As per Milton Friedman’s and Anna Schwartz’s account of the period in their Monetary History of the United States (1963), monetary policy is the crucial determinant: problems of international capitalist production remain distant from the action. And as in Eichengreen, again, the dysfunctional inter-war gold standard plays a central role.
zsylvana 1 year ago
I think we need to have a collapse so that people like bellcord can just get wiped out and we won't have to deal with them anymore.
iflyboats 1 year ago
The Austrian School can be summed up as " Big Dogs eat Little Dogs and God Almighty likes it they way!"...Okay, but remember one thing ..You ain't a Big Dog...You'll never be a Big Dog...You personally will never meet a Big Dog...and when Mommy tells you you're gonna have to move because Daddy lost his job...you've just been eaten..
bellcord 1 year ago
@bellcord bellcord stop trollin
TheBlitz1 1 year ago
@TheBlitz1 Exposing overweening assholes ain't trolling Blitz....and to date there's no sucessful contradiction..
bellcord 1 year ago
@bellcord ah yous trooollin
TheBlitz1 1 year ago
The Austrian School of Economics blew up, broke down and crapped out in September of 2008...it's theory that 'Free Markets' were self correcting and perfect and didn't need government regulation damn near melted down the World's financial markets..and having a shitweasal like Schiff speak to your group is like having the cabin boy on the Titanic speak on Airline Safety..
bellcord 1 year ago
@bellcord Funny. The truth is the market would of corrected itself and Freddie and Fanny would of imploded, AIG would of went bankrupts and Goldman would of failed in a big way. Now they all still exist with bonuses to their CEO for robbing the people of our money. They current system is what failed. The FREE market would never let that happen and would of CLOSED those crooks down instead of get into bed with them as this current government did. You are looking at it completely backwards. *pffft
dmarvin811 1 year ago
@dmarvin811 Sorry Marv but the truth is I set at this very computer on September 18th of 2008 and watched a trillion dollars stampede out of money markets by 10 AM Dallas time headed for 5 trillion when the government stepped in to stop the panic.....Why do you think CEO's are free to rob and AIG's Financial Products Division wrote trillions in default swaps because they were UNREGULATED per the 'Free Market' concepts..if ya don't know that you that you were born last Tuesday or totally wack..
bellcord 1 year ago
@bellcord You are soooo close now. Just think about it. If that cash disappeared and companies folded it would induce an outrage and a panic. The panic would raise the question of who was at fault. That would be a violation of trust which would lead to an investigation that would inevitably lead to arrests and jail and closing of companies. THAT is the free market working!!! INSTEAD Everyone got bonuses and this market (Tyranny) rewarded the criminals!!!! Its not a better system at all.
dmarvin811 1 year ago
@dmarvin811 Thanks for the report Marv, meanwhile back on the planet Earth ; there was one hell've panic in September 2008 as investor's raced for the exits after Lehman Bros. declared bankruptcy. Treasury Sec. Paulson had refused to bail'em out because the 'Free Market' principles didn't allow it..and like other 'Free Markets' before it blew up in a panic...They're not in jail because there were no laws they broke under the 'Free Market' that's why they call it free..Free to Rob..
bellcord 1 year ago
@bellcord If your convoluted logic tells you that free market means free to rob then there is no reason to speak further on this subject. Get some education student. :7)
**A free market is a market without economic intervention and regulation by government except to regulate against force or fraud. This government is doing the FLIP of a free market. They reward robbery Good luck with this economy, my appeal is now an "Appeal to Heaven".
dmarvin811 1 year ago
@dmarvin811 Marv, my logic doesn't have anything to do with what happened in the name of the great Free Market...Left to their own devices the Free Market boys feathered their nest then retreated to their gated mansions leaving the rest of the world to put out the fire and aftermath..Self proclaimed prophets like Peter Schiff here was hoping you wouldn't notice ...Obiviously you didn't..
bellcord 1 year ago
@dmarvin811 bellcord is a troll, he trolls all austrian school and peter schiff videos
TheBlitz1 1 year ago
@TheBlitz1 Thanks Blitz, I can see by his answers that his presuppositions are so firmly in place that he is actually being illogical in his reasoning. Until those presuppositions change there is no need to continue. I just hope he is not promoting this current system of rewarding criminals. With that type of logic he will be doomed to failure for his entire life and the after life. :7)
dmarvin811 1 year ago
@dmarvin811 probably
TheBlitz1 1 year ago
here is an extreme question as I am not sold yet on 100% gold standard: What if the majority of the worlds gold is held by one person and all the gold of the world has been mined by the same person. What incentive do they have to lend out gold when they potentially risk losing it to defaulters? Can I get an intelligent practical(not theoretical)answer to this question? Thanks!
charronfamilyconnect 1 year ago
WOW OF COURSE THEYRE RIGHT! GEORGE SOROS IS GIVING HIM THE INFO!!! SCHIFF IS GORE'S RELATIVE! BEWARE!!!!!!!!!!!!!!!!!! DONT VOTE SCHIFF
josephlathus 1 year ago
@josephlathus Oops Andrew is Peter's brother? Did not know that.
dmarvin811 1 year ago
Obama is dragging us toward a collectivist "One World Government" in which America is enslaved under global rule”.
AnonymousWhitePerson 1 year ago
For Mussolini, the simple resurrection of the symbol of the Roman Standard, was a convenient choice. The Nazis adopted their stylized swastika as a deliberate choice of substitute for the fasces, as a Roman-legion-like standard, to perform exactly the same role played by the fasces in Mussolini's hands.
For Obama, the symbol is more Sinister and deceptive, cloaked in such nuanced phrases as "Hope" and "Change" superimposed over a massive freemasonic Eye of Horus.
AnonymousWhitePerson 1 year ago
Today, the principle of modern fascism is also costumed in such cloaks as those worn by neo-conservative members of the Mont Pelerin Society and American Enterprise Institute.
AnonymousWhitePerson 1 year ago
@AnonymousWhitePerson I think we all can agree to that. But it would be a stretch to say that is is merely the neo-con's. They are all in bed, its not a left and right thing, its a corrupt government thing. Obama is sure doing his part to push the fascism agenda wouldn't you agree?
dmarvin811 1 year ago
@dmarvin811,
The fascism of President Obama is directly congruous to the fascism of New York Mayor, Michael Bloomberg, Arnold Schwarzenegger, Benito Mussolini, Napoleon Bonaparte. Genghis Kahn, and Julius Caesar.
AnonymousWhitePerson 1 year ago
@AnonymousWhitePerson Amen brother. "The people" are certainly not being represented by any stretch of the imagination in this environment. They must want a revolution. bit[dot]ly/deFsnq
dmarvin811 1 year ago
"Under Free Trade the Trader is the Master and the Producer, the Slave. Protection is but the law of nature, the law of self-preservation, of self-development, of securing the highest and best destiny of the race of man."
-William McKinley.
AnonymousWhitePerson 1 year ago
The "Free Market" is my favourite Mythology.
AnonymousWhitePerson 1 year ago
Actually, it was founded in Vienna, Austria of the Austrian Empire, precursor to the Austro-Hungarian Empire.
Earler you said that the Austrian School was not from Austria, and then referred to me as a "Moron."
Perhaps you should reevaluate your statements before you insult others.
AnonymousWhitePerson 1 year ago
@AnonymousWhitePerson Umm, who are to talking to? Who called you a moron?
dmarvin811 1 year ago
No great recession has ever happened without the contraction of the money supply... This is how Rome fell, this is how we had the great depression... Just 2 examples... That being said, there is no one 'truth' as you or Plato would like to believe :) Just like philosophy, where no one knows the exact answer to any of the big questions, is the subject of economy. Economy is shifted and changed by everything from culture to slight human tendencies. Austrian theory would work best so far IMO
Clyaton 1 year ago
austrian school is a bunch of silly bs, it assumes investors are too stupid to understand inflation or they don't know the difference between long term and short term interest rates. Though it probably true that some of them are like that, there is natural selection, the weak lose their money and leave and the strong stay and keep investing.
slurpeeday 1 year ago
@slurpeeday You appear to be a huge proponent of rape also. Am I wrong? You know, the strong gets to spread his seed and the weak die out. Like in nature, the seals get raped daily. Tell me, if you lose your entire fortune to some bank fraud you will just chalk it up as you being weak then? So, according to your worldview, you deserve to be taken and abused if you are weak and helpless? So kicking a handicapped dude in the head to take his cash is perfectly fine?
dmarvin811 1 year ago
@slurpeeday Plus you do understand that our monetary system is a system of debt right? That if everyone paid their bills, including the government, there would be zero money at all. Debt=money. The Government needs money so they print a piece of paper (bond) to pay the criminal FED who in turn prints a piece of paper (Money) to give that government who in turn deposits it into the Fed bank to be loaned out. It is a criminal Enterprise that is for sure. And what happens when the US cannot pay?..
dmarvin811 1 year ago
@dmarvin811 Natural selection in capitalism, has nothing to do with how I think the world should be. It's how I think the world works. People don't continuously make bad investments, either they decide to get out or they lose so much money that they can't continue. If I was losing money because of bad investments I would get out. As for bank fraud, I think thats a very serious problem that undermines the system. Let's hope congress can get a good bill together.
slurpeeday 1 year ago
@slurpeeday A fiat system would be nice if it were backed with something worth value, like gold. If the government cannot, or will not, back the currency at least the people would have something worth value in the end.
Some sort of barter system would be better then this current one. This current system will be dire if this government cannot keep up. By the looks of things that is what will happen.
dmarvin811 1 year ago
@dmarvin811 You obviously don't know what your talking about. If a currency is back by a commodity, then it is not a fiat. It's a commodity currency. There's a big problem with having the value of your currency in the ground. When things like the Gold Rush happen you have unpredictable, uncontrollable inflation. Not to mention the value of your currency fluctuates with the price of gold.
slurpeeday 1 year ago
@dmarvin811 Cont. I sincerely hope you were joking about the barter system.
I agree huge amount of debt can be disastrous to an economy, but are no where near Greece or Portugal levels of debt. I doubt any fed chairmen would support monetizing the debt. Bernanke said that the fed will do no such thing and has criticized the government for not getting their shit together.
slurpeeday 1 year ago
@slurpeeday Look at Greece and Portugal right now, they are downgraded because of their DEBT and are essentially taken out of the market. The US has quadruple the debt and they are not through yet. If we had gold backing it up then the FED could not print money out of thin air. This system was designed to, and will, implode and be worthless. All these wonderful, self sustaining, resources will not be owned by the "people" anymore. We will lose our country because of what the FED has done.
dmarvin811 1 year ago
@dmarvin811 If you disagree with the current monetary policy, i'm open to discuss it with u. But there's no need for the conspiracy theory, hype you're attaching to it.
slurpeeday 1 year ago
@slurpeeday Do you really believe the the dollar being worth about .04 cents is a good thing? Funny how that happened because of the creation of the FED.
dmarvin811 1 year ago
@dmarvin811 As for your rant, it seems like you have a problem with the fiat system. I don't particularly like it, though i think its the best we've got. What system do you think would work better?
slurpeeday 1 year ago
@OneApostate basically the main idea is that central bank monetarism does not work. paper money and inflation is a drain on the common wealth to the people in debt
TheSophist2007 1 year ago
-- dmarvin811 -- You see people who worked in USA in 1960's 70's 80's earned dollars and saved a lot , which made them rich. American tourists were welcomed everywhere --they brought dollars. , I travel, right now in Easten Europe banks and currency exchanges , do not have dollars to break 100 $ bill , they do not even take it for payment.
aviomaster 1 year ago