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Mises and Austrian Economics: A Personal View
Professor Floy Lilley reads Ron Paul's important work, "Mises and Austrian Economics: A Personal View." Want to know the great economist and economic school that helped form Dr. Paul's own outlook,...
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Analogous to that of Nostradamus, the Austrians simply make vague predictions about the economy, claim a collapse is eminent, and wait for a fluctuation to claim that they were vilified, despite the numerous farces.
The reasonable schools of economic thought are then burdened with the eccentric diatribes of the misguided Austrians for their "failure" to predict economic fluctuation.
If all the dollars disappear, then those who have invested heavily in these dollars are going to lose a lot. Most of the wealth in this country is not on paper, it is in the real capital that exists in our society.
A dollar collapse would be tragic, but it cannot destroy wealth, because money is only symbolic.
Creating a gold standard would be better, but abolishing the standards and requiring capital backing for any "money" is all that is truly necessary.
It is my hope that we are doing it by educating ourselves and spreading ideas that may be new to some people.