Keynesian Economics vs. Austrian Economics

[aem945532]

If you view human-beings as manipulable machines that are the property of the collective manifested by the altruistic, collective theory of government, then your a Keynesian. If you respect and honor the individual and the God-given rights upon which the greatest nation in the world was built, then your probably an Austrian. Its that simple

[blastsummit]

@aem945532 loaded language, go die

[aem945532]

@blastsummit simple minded fool, bend over

[blastsummit]

@aem945532 please use lube and a condom

[aem945532]

@blastsummit nah, I take my queers dry and bare

[blastsummit]

@aem945532 so you admit you engage in gay sex w/o protection. i see why you're so angry; you're dying of aids.

[aem945532]

@blastsummit lol. nope, his lordship Hussein Obama was kind enough to slip me the cure. but watch out, its not covered under ObamaCare

[blastsummit]

@aem945532 yep, universal health care is bad, just check out w.h.o's and o.c.e.d's numbers.

[aem945532]

@blastsummit hey, I'm not asking for you or anyone else to give me any services I can pay for on my own. And, if i were to find myself in such a position, I would hope someone would voluntarily provide me with the help I need. But, I would never collude with others to steal a portion of your paycheck to pay for my health care, food or anything else. And don't reference the w.h.o or any other propaganda faucets. "Mah massa say wut best fo me...massa know wut i need n wut i dont"

[blastsummit]

@aem945532 YOUR sources are propaganda machines. and comparing the ones i stated as slave owners shows your true beliefs. you are a racist. stick to fox news; it suits your benighted intellect, kid

[aem945532]

@blastsummit the globalist agenda is true racism. you believe that you can do good with another's money. Which must begin with supporting an act of violence and coercion. Think twice about who holds the moral high ground here, you thieving, parasitic leech. Government, like fire, is a useful tool but a fearful master. We Libertarians understand, fear & respect this axiom. The welfare/warfare state is not only immoral, it is non viable. Soon, you know-nothing, indoctrinated sheeple will soon see.

[aem945532]

@blastsummit and btw, faux is no better than the rest. They are all agents of foreign banking elites who would like to continue churning the working class and scraping the cream off the top while they've still got the majority fooled. But, the days are numbered and we're closing in. So, once we win, you'll have to get a real job and produce what you desire to consume, but you'll finally be free and the temptation to steal from your neighbor by use of the government will no longer exist.

[blastsummit]

@aem945532 i'm not sure how you came about your beliefs, other than being gullible. however, i work and support myself, and understand the necessity of taxation when it helps those less fortunate than i. you have a belief that free markets will solve the countries ailments, which is an intractable position to defend in light of history. i see by your channel that you are fan of glenn beck. hahahaha you have a facile understanding of economics, and unwittingly benefit from government reugulations

[aem945532]

@blastsummit Glenn Beck? I am hardly a "fan" of anyone. My beliefs were not prepared & fed to me by anybody. My belief in free-market economics and disgust with government intervention is completely derived from first principles & coincides with my moral platform. The paternalistic government run by divine, omnipotent statesman simply does not exist. Government does not exist to serve the people. It sells itself to the ignorant masses for the benefit of a few. It is not reason, it is force.

[MrEconomics101]

Constant spending and consumption is a terrible idea. You need to produce and invest, if you want to have a good strong economy. That is why Hayek>Keynes 

[spencersald]

Do you retards realize how far the DOW would plummet if Chairman Bernanke said there is a housing bubble?? Of course he has to say every thing will be alright.

[iTitanium]

US consumption is 70% WHAAAT?! wow you people love to spend.

[doulike2eatporridge]

People make predictions all the time. Normal folk only notice when someone is outstandingly wrong or right about something. I'm sure Paul has made tons of predictions that turned out wrong, this one just turned out right.

[luizcadu]

@doulike2eatporridge Not to mention that the fact he's predicted the crisis doesn't automatically mean he has the best answer on how to get out of it. Nouriel Roubini also predicted the crisis and has a completely different opinion on how government should act.

[Moragauth]

@luizcadu Predicated on nothing but junk theory.

[Moragauth]

@doulike2eatporridge Point out the wrong ones. Paul noticed the foundations of this crisis years before it eventuated. It wasn't a random fluke. He had good reason for it. SO unless you want to point out why he had no credible cause for predicting the recession, I'd suggest conceding that Keynesian economics is garbage.

[jgonz185]

The only good thing about Ben Bernanke is his beard.

[justnotcricket]

Bernanke is a monetarist for fucks sake. Wow, you Schiff drones are fucking retarded. Bernanke is also a republican, and Krugman wasn't talking about the housing bubble in that clip. He actually called the housing bubble.

[Moragauth]

@justnotcricket Nope, he's a Keynesian. His solutions to economic problems are Keynesian through and through, particularly this stimulus debacle. Monetarists are also clueless on monetary theory anyway. Krugman is an apologist for inflationism, and not an economist, no matter how many Nobel prizes he receives for it.

[jjason23296]

This guy should be arrested and executed.

[davidmaren2000]

how has bernake still have the position of fed chairman. he and krugman are always wrong

[FrePuchowy]

hahahahahahahahaah what a joker xD

[ericzum]

Ben Bernanke isn't really a Keynsian economist in my opinion.

[cordrenkin]

I think the reason serious economists have never taken the austrains too seriously is just because of the fact that they refused to ever come up with a workable macro model. I think even Milton Friedman was associated with Hayek at a young age but rejected the lack of a general theory and macroeconomic framework. The Keynesians even with all their weak points were the first ones to really do that in order to give macro some scientific validity.

[Moragauth]

@cordrenkin Because they reject the scientific validit of macroeconomics altogether, with good reason. Austrians have very good "macro" grounded in micro, and are the only economists I know of to properly account for capital structure and entrepreneurship, rather than meaningless aggregates that conceal economically relevant facts.

[sboucher]

Yeah, well, you can't dismiss a whole school of economic thought by pointing out that one of his proponent failed to predict a major correction. Also, Peter Schiff has for many years confidently predicted hyperinflation was just around the corner. It's still not happening.

[primcrew]

@sboucher i believe peter more then benanke, if you can find a clip of benanke being right about something, let me know

[uturniaphobic]

hey! you're not using Kaynesian anything, Mr Ben! you are using "Rob Peter to Pay Paul" economics. Keynesian economics is like the squirrel saving all its nuts during summer for winter preparations. You're a grasshopper, Ben, robbing little unborn children with a line of sh!t!.

[MrKongatthegates]

Even Greenspan (Austrian) would have responded the same way. We are all Keynsians in the face of severe financial crises.

[Mystefystisk]

@MrKongatthegates Greenspan Austrian (in economics) ? Don't think so!

[PonguigPeopinn]

Lick my asshole the OP is a fucking moron. Yes, Keynesian economics is invalid however the "Free Market" is even more invalid.

Erroneous assumptions by free-market faggots:

- That during a depression, stimulus and government employment isn't needed to maintain what little production still exists.

- That the only income source the government has is borrowings and tax receipts.

- That lowering taxes for the rich causes more jobs.

- That unemployment/part-time employment isn't the real problem.

[AustereAustrian]

@PonguigPeopinn do you even know what "free market" means? 1st assertion...wrong. entrepreneurs and innovators make the economy grow...name one thing the gov't innovated or pioneered besides a broke drug war and a broke post office. 2nd assertion...wrong...that's EXACTLY what the gov't "earns" because it doesn't can't create wealth. I won't even bother addressing your other erroneous assertions because I can tell you're a marxist/socialist and by definition..a dumbass

[PonguigPeopinn]

@AustereAustrian You obviously don't know what free market means, otherwise you would not have produced such drivel.

The "free market" means no social security. Enjoy starving if you lose your job as part of the current economic depression.

Government innovation? Try going to the moon. I'd like to see a free marketeer do that.

You obviously don't realise how much the government has, and continues to contribute to your life; you can't destroy something because you don't like one part of it.

[Mystefystisk]

@PonguigPeopinn Many Austrians and libertarians have never wanted to "destroy" government, but reduce it substancially. The parts that are better done away with. Keeping government to a minimum because of its inherent bad sides. Ofc government didn't innovate what was needed for the moonlandings. And going to the Moon meant less efforts and money elsewhere. Some benefits sure, but it cost an enormous amount of money and employees. That could have done great things elsewhere.

[Mystefystisk]

@PonguigPeopinn The free market does NOT mean no social security! Some think it should be private charities like the Red Cross, Doctors Without Borders, aso. Others think a mix, but the free market has to do with competion and choice. Instead of government taking in lots of money, it stays in the populus. The customers, pasients, students etc, being the judges all the time. Instead of every 4 years a miss media charisma pageant, and who is most corrupted by infiltrating special interests.

[benallen12]

@Mystefystisk, disagree with you on social security. Social security involves one group taking money from another group without choice or question. That is not a free market. Personally, I'd love to opt out of social security right now with no expectation of receiving any benefits in the future. I'd literally be willing to forgo the tens of thousands of dollars I've paid the system for the right to keep everything moving forward. That makes social security, by definition, not free.

[Mystefystisk]

Also politicians (and the centralbanksystem the Fed) take upon themselves to know everything about everything. While in private business they specialize. That is trade, and trade is what has created great culture and living standards. Poor countries are kept out of trade w what they have to sell. They would make much more money from their goods than what they receive in development aid. Corupt gov is kept in power. They don't want the masses to be lifted, for then they would be overthrown

[fab006]

With Keynesianism one just has to think of that classic phrase about the definition of insanity...

[leventsl]

we all need to send this video out to all our friends to show them that the talking heads on tv know nothing

[Lengarces]

Why does Benanke still have a job?

[Darrell1019]

@Lengarces He "carry's" the party line.

[aem945532]

@Lengarces Because the bankers still own this country

[MrSaemisch]

@Lengarces Because he has done an incredible job. Unfortunately here in 2005 he was a political appointee in the Bush White House and could not speak freely.... Peter Schiff is in general a fool, but is actually right. But he has been "predicting" an economic collapse for every year for decades. His dad is in jail for refusing to pay income taxes!

[GalaticTG]

@Lengarces Because his job is to create money out of thin air and distribute it to the banks and he does a good job of it.

[marketnavigator]

How many years will it take before Keynsian economics is completely disregarded as total nonsense. John Maynard Keynes developed hogwash formulas in order to make himself important. he's long since dead so it's time to bury his BS right along side him.

[AussieAustrianBlog]

@marketnavigator Keynes regurgitated alot from the mercantalists and mercantalism has been exploded.

[quadcatfly]

@marketnavigator dont hold your breath. Socialism / Marxism have existed for over a century and are gaining momentum. Every time the situation worsens those show up their ugly heads again. And the funny thing is the people themselves demand it !

[AustereAustrian]

@quadcatfly how? socialism and marxism has been thoroughly debunked...socialism can't even work on a small scale (see robert owen's new harmony) and marxism is riddled with internal inconsistencies and dialectic materialism is an over generalization of history and a rip off of hegel's philosophy.