Wall Street Protests and the Economics of Ignorance

An analysis of a proposed platform for the Wall Street protesters.

It is no crime to be ignorant of economics, which is, after all, a specialized discipline and one that most people consider to be a 'dismal science.' But it is totally irresponsible to have a loud and vociferous opinion on economic subjects while remaining in this state of ignorance.

Dr Murray Rothbard - Making Economic Sense (1995)


(thanks to Greg for the idea and inspiration!)

Category:

Nonprofits & Activism

Tags:

• Fiat
• currency
• wall
• Street
• protest
• bankers
• financial
• services
• mortgage
• backed
• securities
• economy
• economics
• Goldman
• Sachs
• economic
• collapse
• Federal
• Reserve
• gold
• silver
• Greece

[nurbSoldier]

@freecs5adobe funny how none of you people offer anything to back up this claim, or actually have anything to address Stef.

[not2tees]

A beautiful cello - what composition is it playing?

[MrBeanbag72]

The one that made this video is the ignorant one. To say that all unions are corrupt and is controlled by organized crime. Hey dumb ass jimmy hoffa has been dead for years.

[MyDormantSoul]

when were these demands made, I never heard of them except from this youtube show

[passerby26]

@EdwardMarshall1982 I'm one of the people and I don't consider myself part of the State. I don't waive guns at people to solve problems, or kidnap and lock them in a cell if they don't obey. So what exactly is the plan here for ending the Fed, eliminating minimum wages, etc.? How will this be achieved without using violence?

[EdwardMarshall1982]

@passerby26 Nothing. The power of the people consist in the state. I don't understand why that is such a bad thing.

[passerby26]

@EdwardMarshall1982 Ok, so what does the "power of the people" consist of? What is the solution here for sweeping change that doesn't involve using the power of the State?

[EdwardMarshall1982]

@passerby26 The FED prints money causing inflation. It then loans this money with interest to the government. The government then misspends this money on bailouts and corporate lobbyists, and pays back this money through income tax. So no we should use the power of the people to reign in the government and it's corporate behavior. People will stand even when they're unsure of the cause, but the people who are sure won't get any media coverage.

[passerby26]

@betolimoun I love when no one can actually give an answer, but instead implore you to "go research it." I understand it's difficult to summarize an argument in 500 characters, but how is a "sensible transition" to come about by using State violence? What is the proposal for implementing all these lofty goals if not for the State?

Things aren't free in this world. Where is all the money going to come from to hand out to everyone? Resources are scarce, desires are infinite. It's not a free ride

[passerby26]

@EdwardMarshall1982 The protesters are protesting peacefully, yes. My gripe isn't with that. But, what is the end goal of their protesting? What are their solutions? I have yet to hear one idea that doesn't involve using the power of the government to reign in corporate behavior. People, of course, are making all kinds of ridiculous demands to be brought about only through government violence. Molyneux is right, people should learn some economics before taking to the streets in protest.

[passerby26]

@EdwardMarshall1982 The State is the term referring to the government at large. State or Federal makes no difference, it's laws passed and enforced at the point of a gun.

Eliminate minimum wages will not decrease outsourcing. The overwhelming reasons for outsourcing are excessive government regulation and taxes (and inflation could be thrown in there).

What about those who don't have one uniform, monopolized currency? Will violence be used against us?

[betolimoun]

@passerby26 How to achieve it? cant tell in 500 words, better research. loads of material on the net. You cant go cold turkey to a stateless society. hence, the basic rev. is a sensible transition towards that goal (my opinion). it would apply to all: employed, unemployed, priests, saints, sinners, children... BR isnt wealth like abundance, that why it's called *basic* revenue, with which pple can live without having to look for a job to make a living. Trust is *everywhere* u dont trust u die.