Paul Volcker asked about the Austrian school of Economics.

"I literally took my first course in Economic theory from an Austrian."

From the 2008 lecture "Reflections on the world economy" (National University of Singapore)

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• Keynes
• Austrian
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• Inflation
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• Mises
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• Paul

[TheClosestcontinuer]

@Odysseus087

I guess that's why we are in such a shitty condition. You're laughable.

[strawspulled]

@Odysseus087 cool story bro

[aviomaster]

USA financial system is in deep shit , IT can not continue without NEW DEBT

When USA stops borrowing whole USA financial system would collapse and dollar go to it's intrinsic  value of 0. Biggest threat to the USA is New Financial system based on some other currency which is believe it or not Chinese YUAN

[BroodjeEend]

this guy makes a lot of sense

[daobagua]

@jeffiek Your comment was that rich people spending their money on consumer goods creates jobs and thus is beneficial for the poor. Jobs is not the goal of any economy, the goal is to create goods that people want and that are affordable. When rich people (or anyone) spend all their money on goods, they put more money into the economy which drives the prices of the goods up. This hurts other people. When they save the reverse is done. This is why you should tax consumption (which is not good).

[Zakdayak]

@jeffiek There were plenty people who saw what was coming and were certainly not Austrians. And Austrians are shouting warnings every year (the Ron Paul newsletters are filled with that crap, I've been reading other articles forever about the "upcoming" collapse, the Austrians are a broken clock). Also, the Austrians have nothing to say about liars loans (like Fletchforfreedom here on YT who flat out doesn't believe in them). I'm not sure why you would take a fact as an insult. It IS a criticism

[jeffiek]

@Zakdayak Well then, you contradict yourself. WE (as you use it) did NOT predict the results of the liar loans ...... WE ( as you use it ) predicted that life would be happy all day long.

The Austrian economists were shouting warnings at the top of their lungs. No one listened.

FYI - No one has ever used "No scientific method" as anything other than an insult.

Go yank someone else's crank.

[Zakdayak]

@jeffiek It wasn't an insult, at least when I insult I make the case first. Sorry if you missed it. It's there. As for who we is supposed to be, I meant human beings, or if you'd like, educated persons. There are many studies that cover all sorts of things in society.

[jeffiek]

@Zakdayak "The existence of stagflation in the 70's negates everything we've learned about econ?"

Nice deception. selfrealizedexile wrote "is astronomically off", NOT "negates everything".

Try some honesty. It won't hurt much.

[jeffiek]

@Zakdayak "We live in the real world and we can predict what will happen when "

Who is WE? Who predicted that BEFORE it happened. Certainly not Greenspan or Bernanke. Who is WE?

YOU began with the insult - No Scientific method. Then you complain Austrians won't listen to an argument. Well - MAKE ONE.