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Central Banks: The Pimps of the World Economy
All global economic problems today are rooted in the existence of Central Banks and their commitment to an application of destructive Keynesian economic theories to our global monetary system that simply has not worked for the better part of this century. Within the realm of academics, monetary policy, politics and media, there is a persistent refusal to acknowledge the primary role Central Banks undertake in artificially creating boom-bust cycles that would not occur in such severe fashion were Central Banks simply willing to step out of the way and allow free market forces to operate.
If you ask anyone that graduated from Wharton, Harvard or Oxford, or any number of other Western universities, with a degree in business or economics who Alan Greenspan is, I guarantee you that he or she knows (I myself graduated from the University of Pennsylvania); however, ask them who Friedrich A. Hayek is, and I doubt if anyone knows. Yet those of us that adhere to Austrian economic theories have used our understanding of sound monetary principles to accurately predict all steps of this crisis since 2006. So how did I learn about Austrian economic theories despite never having heard of Friedrich A. Hayek during my entire 18 years of schooling? For the last 15 years, I taught myself what the institutionalized formal educational system refused to teach me. For those of us that continue to analyze this financial global disaster through the lens of the Austrian School of Economics, despite the successful accuracy of our past predictions, even today, we are summarily dismissed as crazy “gloom and doomers”, while those that steadfastly adhere to Keynesian economics principles (all Western Central Banks as well as the governments and politicians they control), upon reflection, are the ones guilty of the predominant body of wildly inaccurate, unsound, and failed predictions over the past 3 years. Need a sample? How about the US housing markets being fine and properly valued? How about the US being on a path to full employment? How about strong future economic growth and a boom in US exports? Though in hindsight, these predictions sound more like the ramblings of a madman, these predictions were all made by our current Federal Reserve Chairman, Ben Bernanke, in 2005 and 2006.
In reality, if we strip away the divisive jargon of politics, gloom and doomers are not perpetual pessimists as we have been inaccurately and unfairly portrayed by the media (for even I told my clients just five months ago that a 1,000 point rise in the DJIA was entirely plausible though the Dow’s climb has admittedly been twice my expectation since). In reality, we are merely strong proponents of the Austrian School of Economics. And in reality, if one strips away the fantasy veneer of "economic recovery" that Central Bank governors and chairmen always spin, these men and women are nothing more than glorified economy pimps. Like a pimp, they pretend to care about their stable (the citizens) yet continue to feed their stable's addiction. The only difference between a pimp and a Central Bank chairman is that a Central Bank's stable is not a bunch of young women but the citizens of a nation; and a Central Bank chairman prefers to dole out cheap credit instead of drugs as a means of manufacturing his stable's obedience. But exactly like a pimp, a Central Bank chairman secretly knows that feeding this addiction to his stable will be disastrous but he will choose to do it anyway while nefariously reassuring his stable that everything is going to be okay. And like a pimp, he gains the trust of his stable. Instead of making his stable feel good by pumping them full of drugs, a Central Bank chairman makes his stable feel good by pumping them full of cheap credit, and telling them that the huge period of malinvestment and distorted asset prices he is creating is "economic recovery". And just like the pimp's stable, who believe anything that their pimp tells them because they are pumped so full of drugs to know any better, a nation's citizens, drunk off of cheap credit and the illusion of a recovery that is in reality a distorted asset bubble just waiting to crash, buys the deceitful story that the Central Bank chairman sells them.
In both cases, the stable should be revolting against the pimp's massive betrayal and abuse of power but they don't because the pimp has learned what he needs to say and do to pacify them and make them obedient even when everything he does is against their best interest. And when the Central Bank chairman's ploy ends up in disaster as he fully knows it will, just like a pimp, he will tells his stable, "I did what I thought was best for you and you gotta believe me, I did everything I could to prevent this from happening and Inever knew that this was going to happen". In doing so, he gains the forgiveness of his stable and gets to engage in another round of the same game all over again. In the Western sphere of academia, the principles advocated by the Austrian School of Economics have been so silenced, that most of us that graduated from Western institutions of education with MBAs never heard the name of Friedrich A. Hayek, a pioneer of the Austrian School of Economics, uttered a single time by any professor. This, despite the fact that his economic principles are so important that he is the most quoted economist in the acceptance speeches of Nobel Prize winners in economics. This is precisely why you will never see an Austrian economist head any Central Bank in the world, for the first step an Austrian economist would take is to audit and shut down a Central Bank. Central Banks despise the Austrian School of Economics because it exposes their missions and actions as fraudulent and against the best interests of the nations in which they operate.
In fact, by cleansing banking history and monetary policy in all textbooks of any honest discourse about the Austrian School of Economics, Central Banks have even shut out nearly all Western educated young women and men from possibly understanding the true roots of this crisis. The reason for this is simple. If people understood Austrian economic principles, there would be instantaneous revolt in the Western hemisphere against the loony monetary principles enforced upon us by Central Banks. Ignorance is the great pacifier. With great irony, those who are ignorant of Austrian economic principles and most hurt by the financial oligarchs that inflict Keynesian economic policies upon the economy often serve as their staunchest defenders and apologists. For example, the retail investor that defends current stock market rallies in China, Europe and the US as “fundamentally sound” and “sustainable” will be the first person to be wiped out when these rallies ultimately and necessarily crash.
It is an absolute lie when the media and financial executives stated last year that no economist foresaw the blowback of decades of loose monetary principles that created the perilous situation the world suffered in 2007 and 2008. And when they tell us that this crisis has bottomed, this is a lie too. It is true that no Keynesian economist forecasted this crisis; however, there were plenty of Austrian economists that forecast nearly every step of this crisis months and even years before this crisis unfolded. I, myself, back in September of 2006 started writing about a “Peak Investment Crisis” on my investment blog, The Underground Investor, and I was hardly the only one that foresaw the depth of this crisis more than 3 years ago.
Furthermore, one could review the very public predictions of self-proclaimed adherents to Austrian economic principles such as Jim Rogers, Max Keiser, Ron Paul, Peter Schiff and many others for the past 3 years as well. I am very confident that you will find that strong proponents of Austrian economics were well accurate in the majority of their predictions while all of our banking and political leaders were atrociously inaccurate in their predictions as a group. Given the huge chasm in the accuracy of predictions between proponents of Austrian and Keynesian economics, were it not for a realization that the media are shills for the financial oligarchs, it would indeed by perplexing to try to understand why they continue to marginalize the accurate predictors as “gloom and doomers” and continue to heap praise upon the atrociously poor predictors. I, for one, refuse to give power or credibility to the term “gloom and doomers” as it surely is a favored discrediting tactic of the financial oligarchs that rule the US Federal Reserve and the world’s other Central Banks.
The US Federal Reserve has always been eager to re-inflate collapsed asset bubbles with cheap credit and ultra-loose monetary policy (just reference the actions of the US Central Bank, post-crash, after the 2000 dot-com stock market crash, and the more recent US housing crash). In the face of a runaway asset bubble, however, Central Banks have always been reluctant to reign in the flood of malinvestment created by their loose (and damaging and foolish) monetary policies by raising interest rates. In fact, the only time that I can recall the US Federal Reserve proactively, instead of reactively, attempting to curb inflationary bubbles was in the late 70’s and early 80’s, when they raised the Fed Funds interest rate to 20.00% in order to serve a larger private agenda and prevent the US dollar from collapsing. But today, eager to reinflate the stock market after the US housing market plunge, they have successfully re-inflated the US S&P 500 to a P/E valuation that, for the last four months, has been 7.5 times higher than its historical average of 17.79. And as usual, the US Central Bank stated yesterday that they have no interest in stopping this runaway malinvestment bubble either as they will leave interest rates near zero for the foreseeable future.
Central Bank policies, as usual, only serve to postpone and exacerbate the problems that their loose monetary problems create by engineering illusory recoveries that are entirely borne out manipulating the monetary system that they control, but that have zero basis in fundamentally sound economic principles. What do I mean by this? It is quite simple. When economies struggle, Central Banks never seek to solve the root of the problem, but instead, choose to artificially cut interest rates due to Keynesian economic theories, even when free market dynamics call for no such actions. Consequently, a flood of cheap credit leads to spikes in investment borrowing solely due to cheap credit and not because of the existence of appealing investment opportunities that offer good growth prospects. The flood of easy money that Central Banks create now needs a home, as investors don’t borrow money to earn less than 1% annual interest in a bank savings account. The home, outside of entrepreneurs that may reinvest this money into their own businesses, is either the real estate market or the stock market. In the case of the stock market, since the stock market was not demanding more new money but has been force-fed new money, it continues to absorb the excess liquidity artificially created by Central Banks even when stocks are already fairly valued and even overvalued. This is Central Bank force-fed malinvestment, not economic recovery, and outside the manipulative powers of Wall Street high frequency computer trading programs, this is precisely how we ended up with an S&P 500 with a P/E greater than 133 for the last four months (Source: Standard & Poor’s Central Inquiry Office). When you have Central Banks artificially slashing and increasing interest rates, free markets cannot reign.
In reality, if free markets were free of Central Bank meddling, and allowed to function and set interest rates, proper interest rates would be set, and the appropriate amount of borrowing and investment or disinvestment would occur in US stock markets to achieve a healthy valuation of stocks. Instead, when Central Bank’s artificially create excess money that free markets do not demand, excess money chases poor investments, distorts asset prices, and creates an extended period of malinvestment. So while periods of malinvestment can last for exceptionally long periods of time as Central Banks keep shoving cheap credit down the throat of the economy, the “economic recoveries” they produce are unsustainable and therefore nothing more than prolonged periods of ill-advised malinvestment. Under these conditions, every higher rise, is in reality, nothing but a greater distortion and move away from fair market values that plants the seeds for a future disastrous and inevitable crash that cannot be prevented.
A recovery under these conditions, commonly and erroneously referred to by the media as a “boom”, is not a “boom” at all, but a mass distortion of prices not set by free market forces of supply and demand, but deliberately engineered by foolish Central Bank monetary policies that successfully “bait” foolish individuals and institutions. History tells us that malinvestments always end up in busts. Not in small corrections and further sustainable growth for the next five years as Keynesian economists would want you to believe, but in spectacular busts. This is why I can be 100% sure that a spectacular bust is in the future of the US stock markets and that the only question that remains is the timing of this bust. And when the bust that is inevitable occurs, you can be 100% sure that the financial shills that are our mass media will once again erroneously describe the “bust” as an “unforeseeable event”. Through the lens of an Austrian economist, this bust is necessary as it is part of the market’s self-healing process whereby it sheds itself of the distorted value caused by prolonged malinvestment and returns assets to their proper fair market valuations. Of course, in the process of the bust, panic often ensues which depresses assets below fair market valuations.
In fact, if one just switches the media’s descriptions for stock market rises and gold and silver market rises, then one would have a correct representation of reality. Stock market rises that are described as sustainable and healthy are more apropros descriptions for the rises in gold and silver markets whereas the speculative bubbles they use to describe gold and silver markets is a more fitting description for the stock markets.
For the reasons described above, I am 100% certain that the reinflation of the US stock market, the Chinese stock markets and the European stock markets will all end up in disastrous busts. People don’t understand that the predictions made by the small handful of us that advocate Austrian economic principles are not driven by a genetic propensity towards pessimism. To the contrary, our predictions are driven by the logic of real world application. For the last century, Central Banks have interfered with free market forces and imposed loose monetary policies that have led to the formation of asset bubbles that were unsustainable in nature. In every single instance, these bubbles did not undergo mild corrections and further periods of sustained growth, but all eventually experienced spectacular crashes. Thus, the continued application of the same strategies by Central Banks today are already predestined to fail in the same manner. To call Austrian economics a “doom and gloom” economic theory is a great miscarriage of justice. If its sound principles were applied by world governments, then sustainable steady growth could be achieved without the cycles of boom and bust we experience every four or five years.
If the media insists on playing the role of financial shills and calling advocates of Austrian economics “gloom and doomers”, the least they could do is reciprocate and label Central Banks and all proponents of their monetary policies as “psychopaths”. Though one may believe such a label to be unduly harsh, the clinical definition of a psychopath is one that regularly engages in antisocial behavior and exhibits a chronic disregard for ethical principles. When Central Banks continually engage in the same loose monetary schemes when they already know that the end result will be massive failure, this behavior embraces the clinical definition of a psychopath. What the people have failed to realize for the better part of this past century is that the private families that own and operate Central Banks have reaped great rewards from creating these massive failures, with the cost being the great destruction of a nation’s wealth.
Henry Ford once allegedly stated, “It is well enough that people of the nation do not understand our banking and monetary system, for if they did, there would be revolution before tomorrow morning.” One thing we have learned today is that Central Banks have insured that the people of our nation still do not understand how our banking and monetary system works. For if they understood, they would not be following the road to destruction that is deliberately being paved for us by the US Federal Reserve, not dissimilar to the behavior of suicidal lemmings that follow one another off the edge of a cliff.
One tenet that all Austrian economic adherents would support that will never receive any acknowledgment from Keynesian economists is the following: Central Banks are a burden upon all humanity, and that until all are banished from this earth, no progress in economic or political freedoms is possible. It is an absolute myth that Central Banks are necessary for sustainable economic growth and that in their absence, anarchy would reign. There is no historic proof of this. In fact, during periods of history when Central Banks did not exist, much greater economic stability and sustainable growth persisted. If humanity were successful in shuttering all Central Banks, this would be the greatest modern day gift to humanity as true “green shoots” - free markets, economic freedom, and a realistic chance to finally end poverty - would blossom. Central Banks are masters at creating illusory economic recovery, and as we know, all illusions must eventually crumble.
About the author: JS Kim is the Chief Investment Strategist for the independent investment research & consulting firm SmartKnowledgeU, LLC. To learn more about how to stop the bane on all humanity known as Central Banks, please visit http://www.endfinancialfraud.org
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Glad to see you making an appearance here, I am one of your biggest fans on seeking alpha. Your piece on GLD & SLV was epic - your crafted logical arguments, article flow, and conclusion reasoning are truly extraordinary.
I appreciated the analogy and would just add another point about the central banks contribution to a failing economy - crony capitalism (friends of the printing press) ensures rent seeking behavior firmly establishing monopolies which strive to stop any new market entrants from their industry that could create a new economically necessary S curve that adds jobs, tax revenue, and can compete internationally.
Credit is collapsing (deflationary depression) as you stated because banks aren't loaning but instead getting credit on their deposits with the fed or speculating in commodities and equities - for their benefit as many of the secondary offering capital raised goes to pay off the same banks loans.
I agree, I absolutely agree. Now I have a single question since you're an Austrian.
How does the Austrian economic theory integrate with the current state of financial mathematics, econometric modeling and accounting?
Until you can provide a framework for that, wax poetic all you want man, but I gotta let you know....
You're not saying anything we don't know.
Even Menger told Fisher that the final work would be done by the mathematicians, unfortunately too few of us in the business world dig into theory and look past the numbers.
Er what? Central bankers are Keynesians? I'm sorry but the Austrian School's preoccupation with, and downright disinformation of Keynes (and the frankly weird "socialism" link) is just plain wrong.
Neoliberalism has been the order since Bretton Woods collapsed. Full employment has been an evil to, not an aim of the banksters.
Excellent work, as always, Mr. Kim. Shots grouped in the bullseye -> central banking. Great to see you here as well as S.A.
The old whore isn't as young and pretty any more or making him as much money, so the pimp uses her up, kicks her to the curb and goes after fresh meat.
Let's stop sugar coating it: Overthrew your republic. Looted your gold. Enslaved your children. Left you homeless on the continent your fathers conquered.
http://www.ropewarehouse.com/
Keynes states that where monopolies interfer with supply and demand that his platform will be impaired. We have both domestic and global monopolies all over the world including energy; labor and capital. These were his three cornerstones of his economic theory. With the advent of these monopolies there is no government intrevention or central bank intrevention that will have a long term impact as long as they anticompetetive faults remain.
The more interference the larger the "bust." All of the excesses will be washed from the system. I dont know when this will begin but its my opinion that the "games will begin" as they say in Rome. There will be no system standing intact when it is over because all that we have built is on a pyramid whose base has been eroded over a long time.
I'm so very delighted to see the good Mr Kim now posting to ZH!!!!
+1mm
This is excellent and should be widely distributed to kids that are in school now learning that the Fed is the all benevolent force as it has been taught for decades so that hopefully in another 20 years we can finally get rid of these PIMPS once and for all.
David vs. Goliath. Guess who's who? Starve the Beast.
Bravo. Bravo. Bravo. Great piece Mr. Kim!
I guess I was lucky enough to go to school where the Ludwig von Mises institute was headquartered. Studied everything, but a very strong dose of the Austrian school. When you study the Austrian school of economics side by side with the others, it becomes pretty obvious that the others struggle with logic and reality.
Nice article. Might need another level, unless I missed it.
The Central Banks, rather the Rothschild ilk that own them, do not use Keynesian Economics because they believe it works to the benefit of society.
Rather, they use it to promote socialism, which allows them to gain near total control over entire populations. Communism, Socialism, whatever. Central Governments are the goal of Central Banks.
The Central Banks basically own the government, so why not centralize them as well.
They love "bubbles" and capitalism as long as they generate wealth. They use "crashes" and socialism to bring large chunks of that wealth back into their coffers...or gain ownership of land & real estate.
Just like a giant game of Monopoly. If you know how they play, you can do well in the game.
Marx's Communist Manifesto, subsidized by
Nathan Rothschild, included central banks and
income tax withholding, which Princeton Academic WW institutionalized for the money trust he ran against
while secretly supporting it, and FDR ramped up,
turning a several year correction into a 25 year Great Depression...
http://www.tribwatch.com/redshield.htm
JubileeProsperity.com
Yep. We seem to be following a similar pattern as WWI through WWII. War, Bubble/Excess liquidity, Stock Market Correction. Well, several Bubbles & Corrections.
Same formula. Different order.
Expect the Fed to pull the rug out from under everybody at some point. They don't like all this attention, so it might be sooner, rather than later.
well said 83871
the Monopoly game does not come with paper money anymore. Glad I have an older (less inflated) version
I keep meaning to log in before posting.
Been reading up on the Fed, all the way back to the Rothschild days.
They have a well documented history of this. The pattern in the U.S. is pretty clear.
As long as I know this, I can be in the game. (My font looks funny.)
and speaking of central banking fraud who let all of the money out of the bag? gold and oil are on a tear although the dollar is a bit soft along with stocks....i am sure stocks will end up today but it is strange to see them down....
Great Post! Possibly the best argument I've ever read about the folly of the Central Banks.
What I would like to ask now is why? You touch on this briefly and are correct in stating that the central banks are owned by rich families with centuries of history.
Simply, why would they want to completely bankrupt our country along with most of the western world? Is it merely to further increase their own wealth? They are already the richest people in the world ... so I would suggest another motive. Something they've been after for almost a century now. A one world government, with a one world currency, designed to fully enslave the world within their system.
A system which keeps the people in ignorance as the state asserts total control over the people. Something not to distant from that described in Orwell's 1984.
We are about to face a major problem: world-wide economic collapse (which of course they are in the process of bringing about). The Central Banks are in a position to offer us their grand solution: A "stable" world currency with a new need for world "regulation" and governance. This is what the "conspiracy theorists" have been talking about for decades. The so called New World Order.
Hopefully enough of us can realize this is not something to be laughed at and ridiculed, but is now being implemented; And when the time comes, stand up and offer viable alternatives like that of returning to a sound monetary policy described by the Austrian economists in an effort to unmask these criminals before the world and stop them before we've completely lost control.
That's exactly it. The times when america was free from the european dominated central banking scam were very difficult on them. The knew that if it was allowed to be left alone too long it would expose the problems of the system. I mean think about how much of your life you lived before you knew just how godawful this system was and how much undue suffering it creates. You literally feel cheated at EVERY level. Why was it necessary to put so much damn effort into figuring out the real history of things. Why is this system so unnecesarilly complicated. Why did it take me so long to figure out the inherent underlying lies of it. By maintaining it's pervasiveness it makes it so difficult and so much trouble to actually get to the bottom of it that FEW people put forth the effort. And those who do are not rewarded at all for the effort other than I get to do a few Iching readings and laugh my ass off.
Returning without respect
changing to... blahblah blah
Heh. They don't know how hard it is to change me these days.
83843, how did you get the schedule of discussions from the last Bilderberg conference?
http://www.endfinancialfraud.org
this website is sensational....even though it displays poorly in my browser it more than makes up for the bad rendering with absolutely truthful and liberating information.....
to the publisher: I LOVE YOU MAN!!!!
now go after the evil fucks behind the central banks - the rockefeller / rothschild axis of evil......
I once mentioned to an undergrad prof that I was reading Hayek for pleasure. He winced in visible pain. This same prof was enamored with Reinhold Niebuhr which, I believe, Obama has cited as his favorite intellectual. I never understood the cult status of either intellectual, but I didn't go to Harvard or major in econ.
Good luck on the prognostications.
In their defense, Central bankers would argue that once a nation (the US) has committed itself to "free trade" with others that condone slave labor and have currency pegs, you have effectively signed the death warrant of your own "real" economy.
As a result, it is necessary to create a fake, "financialized" economy to take its place. This is accomplished by the Central Bank and the Government through implementation of assymetric (hyper-loose) monetary and fiscal policies that create and sustain serial asset bubbles.
The fact that we can trace the origins of these assymetric policies to the exact beginning (early 1990's) of the "free trade era" is not a co-incidence.
The resurgence in logic and reason is only the moral compass anyway. If the public ever takes the time understand the central issues the issue today by percentages would not be problematic. Since it appears they cannot we have to prepare for the next predicated malinvestment cycle as we always have to. To be to the point the Keynesians even in Keynes treatise was gradualism over time to socialism and Mises warned of the middle of the road solutions also so we have deal with it as a minority as always. Some understand as we know, the consumer is the ultimate arbiter good or bad. We have to understand that the majority will never get it anyway until failure and they cannot spend your money since indeed it is gone or pacify with another animal spirit sacrifice. Capital will find a way to leave until reason prevails or another foot note in history. The Senate is reckless and the Voter is just as much the problem as the election cycle so plan as it is and do not dismiss this as a typical bubble. Laissez-faire as Mises defined in Human Action let the common man decide. The next 2 to 4 years in North America? Preserve Capital but taxes do make you property of the state so indeed percentages of change will tell. You vote what you deserve.
END THE FED - Ron Paul on the daily show with Jon Stewart
http://www.youtube.com/watch?v=jrsWXlSzyF0
Very well put Mr. Kim. Central banks are pariahs that must be taken down! They serve no one but themselves.
Great piece. You don't mince words. Pimps? Psychopaths? You made some new "pals" today.
i was thinking more along the lines of satan's
asshole but psychopath will do....
Great article, as usual. Always love your stuff Mr. Kim. It's great that you are posting on ZH now (which BTW seems to be fast becoming a hub for all the great intellect on the web).
And me too...
And I guess that's three in a row. Love your writing Mr. Kim.
Come on now. The central banks are not being "Keynesian" in their bubble-blowing policies. It is the government that has to be Keynesian in cleaning up the aftermath of the Central Banks' bubble blowing.
You got the whole thing backwards.
You might be right. Maybe they're just the "dealers" of the crack trade.
"Keynsian" central bankers and their eternal demand stimulation. Keynes loved central banks - He wanted permanently slammed interest rates.
One of the core tenents of Keynes' economic theory is advocating permanently (i.e stable) low long term interest rates.
Keynes was worried about short-term, counter cyclical monetary policy causing an expectation that interest rates would be raised in the future, leading to a liquidity trap where investors hoard cash during periods of lowered short term rates because they expect rates to rise in the future.
Discretionary countercyclical monetary policy can be ineffective, Keynes believed, not because it is monetary policy, but because it generates uncertainty as to long term rates.
“A low enough long-term rate of interest cannot be achieved if we allow it to be believed that better terms will be obtainable from time to time by those who keep their resources liquid. The long-term rate of interest must be kept continuously as near as possible to what we believe to be the long-term optimum. It is not suitable to be used as a short-period weapon.” (“How to Avoid a Slump,” The Times, Jan. 13, 1937, p.13).
News flash: the central bank is the de facto government. McCain, Obama, Romney, Clinton - it matters not.
Which means that what you know today as "democracy" is an illusion.
so what then? corporate governance... worker/citizen rights... "a country that claims to be free when 95% of the people's time is spent in totalitarian control"
so what then? corporate governance... worker/citizen rights... "a country that claims to be free when 95% of the people's time is spent in totalitarian control"
excellent but i would not limit myself to austrian economics....austrian economics draws from a deeper reservoir of academic knowledge known as classical economics starting with adam smith and moving through a galaxy of stars of the 19th and early 20th century....
central banking must result in bubbles especially if it bases its currency on debt, future income streams, and other obligations which cannot extinguish debt....
the statist formula of central planning has failed in every respect which it claimed superior knowledge...all fascist solutions fail and are an affront to the people....
fuck central banking.
This is just a rant, and a long one at that. How about telling us why the Austrian school (and not any of the other alternative economics schools) got it so right?
Example: One tenet that all Austrian economic adherents would support ... is the following: Central Banks are a burden upon all humanity, and that until all are banished from this earth, no progress in economic or political freedoms is possible.
Where will be look for economic truth next, the Book of Revelations? I'm sure the Four Horsemen are Ben Bernanke, Alan Greenspan, Tim Geithner and... well, I guess the woman will have to be Shiela Bair.
Educate yourself, it may just help you.
Indeed, don't let a college education get in the way of your learning.
You are more than welcome to read the hundreds of books and thousands of FREE articles written over the past 130 years written by scholars in Austrians Economics. I don't think it's the writers responsibility to go over the 13 decades worth of theory so that it can be easily digested in a blog.
It's not difficult to access this information.
What are you? A moron?
I think he meant for us to find the answer in the "Book of Moron.. errr... Mormon"
actually the book of revelation would be indeed
a worthwhile read....
it's easier to hate than to read, learn and educate.
The Road to Serfdom is a worthy read for those so inclined. Hayek was by no means a pure laissez-faire capitalism supporter. He beleived that the State had a role in the economy. People need to understand that we have a mixed economy. Suggesting that a rigid adherence to some singular philosophy is not practical nor attainable.
Very well said!!
I was stunned by this article.Take a bow.BUT, we have to make a living by being a mute spectator to the loot.
"Loot by the Pimps" - excellent movie.