Keynesian Economics vs. Austrian Economics

http://austrianomics.com/

Keynesian Economics vs. Austrian Economics

Featuring Ben Bernanke, Paul Krugman, Peter Schiff, and Ron Paul

Keep up with Jim Rogers latest project to create a system that will hold politicians feet to the fire, and to put shackles on lobbiers so that they can no longer control the system. One day we might have a system that controled by the people and is for the people.

http://www.govathome.com/

Gonzalo Lira on Krugman's dishonesty and manipulations of facts.(116% reality compared to 250% fudged!)
http://gonzalolira.blogspot.com/2010/09/why-paul-krugman-is-imbecileor-fraud....

http://gonzalolira.blogspot.com/2010/09/why-i-hate-krugman.html#more

john maynard keynes monetarist milton friedman crisis long term capital management nasdaq .com bubble housing boom george bush bill clinto glass steagall act 9/11 fannie mae freddie mac tech bubble

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[bootiack]

shows princeton econ dept si hunk fo shit that knows nothing

[52000rightwing]

I learned one very important lesson from this video.

When Peter Schiff talks, people should listen.

[lesnla]

Libertarianism is on the opposite side of the coin as socialism- both require a utopian society to function. They are at this point nothing but theoretical models, and academically are treated as such for this very reason- today's complexity renders both of them unfeasable.

[lesnla]

It is so highly irritating when austrian economic fans talk about how private property laws "self-regulate" monopolistic/pollution/destruc­tive behavior. It's a premise upon which property owners whose interests are at stake have EQUAL access to the ways and means by which they can protect their property. This is a false assumption, and history has proven it false over and over again.

[rizalATmarcos]

I wonder if he paid peter that penny...damn no wonder us is in trouble..they've too many clouns working in finance...these guys laughing shld consider getting a ttl facelift when that bubble popped.

[NicosMind]

-2->>> that ratio. Then adjust the ratio though a stepping progress up to 1918 to match the new ratio of paper to gold in the system.

But the thing i most dislike is how K/M never look at the boom as the problem and only the crash. Low interest rates and pumping money into the system doesnt get rid of the problem it just creates a zombie recovery of which theres no end. Just look at Japan.

I could go on but since Steve Keen talks like a Keynesian heres a vid from him ?v=xfXimjtz4GA

[NicosMind]

(cont2) when the UK(had the word reserve currency at the time) went back on it they reverted to the old exchange rate meaning there was well more currency in circulation than gold to back it up. Meaning there had to be deflation. Which they then tried to counter with various central banks doing market operations.

This was needless. It was said Churchill wanted to go back on the old standard to honour debts. All he had to do was say deals made in 1914 should be honoured at -2-2-2>>>>

[NicosMind]

--->>> Plus dont get me started on the great depression. Im reading Herbert Hoovers Memoirs as we speak. The Great Depression years. The "Do nothing" president did a shit load. He spend more in his 4 years than the previous 30 combined. He kept the price of wages high which, with the fall of prices meant an actual real wage increase faster than the roaring 20s which(i forget the names) attributed a lot of the unemployment to. The "gold standard" wasnt followed and (continued2)

[NicosMind]

(cont). How did he get that right? He seen the absurd debt and the Disequalibrium in the economy(malinvestment to austrians). Ie a housewent from twice a persons wage to up to 10x a persons wage. Thats an obvious unsustainable bubble. And trying to prop it up is stupid. You have to recognise that theres many different sectors and they dont all rise at once. Thats why the workers couldnt keep up with the bubble cause the sector they were in, building cars or tvs etc hadnt kept up -->>

[NicosMind]

@electro089 Dude you might be interested in Steven Keynes. He makes a lot of great points, which were made before him such as the absurdly simple IS/DM attitude to the economy. How ZERO of the keynesians and monetarists had models which predicted it. And HELLO. Paul Krugman here right on the verge of the economic collapse? Lets not forget Schifts predictions after the crash when he saw what government policies have been. That were now due a much greater recession (continued)

[electro089]

@NicosMind And sorry for messy writing, I'm tired :)

[electro089]

@NicosMind And don't tell me that you don't realize nebulosity of Austrian school xD? I dedicated my thesis to disallowing and showing absurdity of that fairy tale. I've spent 7 months on reading Hayek, Mises,Hazlit,Menger and others. I used to be free market admirer until i start thinking and learned something about economics. And one more thing, i'm not Keynesian, I'm a New Keynesian (if you realize the difference :P)