Posts tagged austrian economics
Until God-awful Gadhafi gives in we will be in Lybia
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Although I have profound and limitless respect for our armed forces; and it is incredible to imagine The United States as the Christian saviors of the world it is a logistical impossibility that almost always comes with more problems than benefits long term. Everything I need to know on this topic I learned from Mickey Mouse and his tragic apprenticeship (hint: our arrogance creates monsters we can’t control).
Beyond the horrific reality of war and the cost to our youth’s humanity, mental health and quality of life outside of battle back in the real world; war is an economically devastating event. Prices on common goods like leather, steel and kevlar are increased exponentially, invoices are fudged, defense contractors rake Uncle Sam’s credit card through fire and much more en route to incredible profits for “defense” contractors and mile-high debts for American taxpayers. Not to mention the true lotto winners: the financiers who often finance both sides of a conflict and bankroll entire nation’s war chests.
Although we’re often told that WW2 got us out of the depression imagine what our economy would have been like with the resources spent in war being driven into socially useful goods, businesses and bank accounts.
For an infalliably precise perspective on this check out Austrian (in philosophy, not birth) economist Robert Murphy’s brilliant article on WW2 and our exit from The Depression here.
As Marine Major General Smedley Butler said, “War is a racket!” This same sentiment was echoed by President Eisenhower in his farwell address to America regarding the military-industrial complex, the corporations that run it, and the incredible risk to The American Way that it poses.
If we seek to return to prosperity, peace and passionate pride we must redefine what it means to be a “good American.”
Here’s the article about our involvement in Lybia continuing indefinitely, arg.
“Obama Is Not A Keynesian, He’s An American!”
0This is too funny.
For readers who aren’t geeks of economics, “Keynesian” economics (say CANE ZEE AN) is a school of thought that worships white guys and believes they have scientifically larger brains, scoffs at foolish consumers, and seeks to cage and master an infinitely complex system (read: the economy) that can be tweaked, twisted and turned at the whims of their brilliant, all-knowing, godlike will–and without negative consequences or unexpected side-effects.
Yes I exaggerate (and believe in the unequivocal and complete equality of all mankind) but if you asked a room full of Austrian economists–who in my experience are funny guys–and true free-market pioneers that believe in your freedom to determine your life’s trajectory without the government telling you when, how or why to live your life, they’d probably agree with the above hyperbole.
Ron Paul=Austrian, Ben Bernanke=Keynesian
If this is foreign or domestic to your own knowledge of the world, check out the short film/music video: The Fight of the Century Round Two. Pure genius; funny, true and masterfully produced.
The below video is brilliant–get wise folks or a smart ass with a blog is going to make you look retarded sooner or later!
“How much is a trillion?”
0Fantastic little video.
I want to learn to make graphics like these–so clean, compelling and creative.
Jim Rogers Goes After The Fed
0Another world-class financial mind calling for an end to the foolish entity known as The Federal Reserve. It’s a couple years old, but still rings true to me.
Keynesian Economics vs. Austrian Economics
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Keynesian: Ben Bernanke, July 2007, “The global economy continues to be strong.”
Austrian: Peter Schiff, May 2002, “People are starting to see that Wall Street is conning them.”
Peeved about the bailouts estimated to be as high as $23 TRILLION?
Angry at Wall Street getting a free pass while your student loans, mortgage and credit card bills stay high?
Furious at the massive bonuses on Wall Street paid out of taxpayer bailout money?
Well then my friend you have a choice: you can decide to get angrier and angrier until you spontaneously combust with rage, or you can educate yourself on the alternatives to this type of economic thinking known as Keynesian Economics and take action.
The following video illustrates that the leadership of The Federal Reserve and other major economic leaders like Paul Krugman and Ben Stein are either totally underserving of our economic respect or intentionally crippling this country’s economy.
Now, considering the The Fed has spent trillions in your tax dollars and has bailed out foreign banks while your debt remains dangerously high what do you think about a private bank (yes, The Federal Reserve is a private business) that is supporting foreign nations with YOUR money?
If you’re wondering about alternatives to this system check this out:
End The Fed, by Dr. Ron Paul
And this:
The Case for Liberty: Ron Paul at Indiana University
2In this very well-produced video from Young Americans for Liberty at Indiana University Ron Paul makes the simple and profound case–the same one he’s been delivering for 30 years or so now–that The Federal Reserve, big government, and an aggressive foreign policy are reponsible for the vast majority of our country’s problems right now AND, it is more liberty, smaller government and peace that will get us out of this mess.
If you’re open to Dr. Paul’s message–or you disagree completely–please have a look at the video and discuss in the comments below!
Here’s the Youtube channel for Young Americans Liberty as well.
Ron Paul: The Case for Liberty @ IU Auditorium Bloomington Indiana from Kevin Winkler on Vimeo.
Interview with Larry Reed, President of The Foundation for Economic Education
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No matter what your beliefs may be, in our challenging present day economy it’s a fact that diligent economic education, focused action and self-reliance are dearly needed.
In the attached interview with Lawrence “Larry” Reed we seek to inspire and empower while proving the validity and value of individual rights, personal responsibility and liberty-promoting solutions.
Mr. Reed draws upon his wealth of real-world knowledge with specific and humorous examples that prove it’s never too late for a nation and a people to turn from tyranny and government dependence to peace, prosperity and self-reliant success.
As a freelance journalist for over 20 years, his insights and theories have been forged in the brutal testing ground of the real world not just in college lectures halls–although he does have degrees in economics, history and public administration. In addition to his leadership with FEE, Mr. Reed also serves as President Emeritus of The Mackinac Center for Public Policy.
From living with guerilla fighters during the height of Mozambique’s civil war to being arrested in communist Poland while traveling with illegal resistance groups his knowledge is matched by his courage, character and commitment to liberty.
I hope you enjoy watching the video as much as I did while making it.
ManifestLiberty.com interview with Larry Reed, President of The Foundation for Economic Education from Manifest Liberty on Vimeo.
The Fed… (cue Darth Vader theme song please)
0Jokes aside, this is an interesting conversation with Judge Napolitano and Glenn Beck regarding The Fed and its role in our economy and daily lives as Americans.
Whenever The Judge speaks, I listen. Whenever Beck speaks I pay attention, but with caution. He’s still a little too pro-war for me and I recall a clip of him promoting the bailouts when they were first announced. Perhaps he was just scared, perhaps he was misinformed, perhaps he was paid-off… I don’t promote any of those ideas as truth, but any of them are possible.
This private, run-for-profit bank is the unaccountable finance arm of American wars, European bailouts and the cash (aka debt of our future American children) creation machine of our government whenever they decide that the $2 trillion of tax dollars brought in each year isn’t enough to finance their projects.
For a little back story from a thoroughly biased (and very intriguing) source on the shady beginnings of The Fed, here’s a quick 5 minute video from the author of the classic Fed expose The Creature From Jekyll Island, G. Edward Griffin.
No matter your views on economics, central banking, or Hamilton vs. Jefferson arguments, it seems logical to me that we can all agree to an audit of this institution and an itemized listing of where this money has been spent. Why doesn’t Bernanke want to do this? If it is public funds being allocated to private businesses, we as lawful tax payers (well, most of us anyway) have the Constitutional right to know how that money is being spent. Am I wrong?
Please look into, support and donate to causes and politicians that seek to audit this institution.
Remember, a central bank was on Karl Marx’s Christmas List for government…
A couple interesting books on the topic:
Incandescents Are Illegal, Flouro’s Triple in Price?!
2This is what happens when government gets involved in business; you force one option out of the market place and since Option #2 now has a monopoly on the market, it take charge whatever it likes.
All other angles of this discussion are relevant but it’s an insult to free humanity for us to agree to laws like these.
The more liberty we give away in regulations, the more fascist businesses (see definition) can take advantage of inefficient and monopolizing laws and screw We The People over.
Fluorescent bulbs are also being linked to migraines and epilepsy.
Mercury in our water supplies from the broken bulbs could become an incredible hazard as well.
“Eco-bulb cost to treble: Makers cash in as the ban on old-style bulbs kicks in”
By DAVID DERBYSHIRE at the Daily Mail in The UK.
The price of energy-saving light bulbs will treble as the final supplies of traditional bulbs dry up, industry experts have warned. The Government has ordered energy companies to scrap the subsidies that have kept the price of eco-bulbs artificially low for the last few years. At the same time, manufacturers are increasing wholesale prices to take advantage of the European ban on ‘energy guzzling’ old-style bulbs.
Cash in: With the 100 watt lightbulb axed, manufacturers are set to take advantage and ramp up prices at the same time as subsidies are removed.
Retailers also claim bulbs that currently cost only 33p are expected to sell for more than £1 within three months. Some will cost £3 or more.
The move comes as Britain is gearing up to phase out the last incandescent light bulbs in an effort to meet climate change targets. The EU has already banned shops from buying stocks of 100 watt bulbs and stopped them stocking up on any type of frosted incandescent bulbs.
From September it will prevent retailers buying in 60watt bulbs. By 2012 all incandescent bulbs will be banned – forcing shoppers to buy low-energy alternatives for almost all the light fittings in their homes.
Supermarkets and big DIY chains have already stopped selling bulbs above 40watts under a scheme backed by the Government. James Shortridge, managing director of the independent lighting chain Ryness, said the cost of eco-bulbs would soar in the New Year.
‘Prices will easily rise threefold – if not more,’ he said.
‘Manufacturers put up prices two years ago when the first ban came in and clearly will do the same again. It’s the perfect storm for them.
‘Wholesale prices are already creeping up and when the subsidy ends those big supermarkets will have to increase their prices substantially or run a loss.’
The quality of eco-bulbs has improved in the last two years but critics complain that their light is harsh and flickery.
Medical charities say they can trigger epileptic fits, migraines and skin rashes and have called for an ‘opt out’ for vulnerable people.
Under the Carbon Emissions Reduction Target, big energy suppliers subsidised eco-bulbs. But from March companies will be forced to spend the money on helping consumers improve loft and wall insulation.
Eco-bulbs were at the centre of a health scare in December when a German study showed broken lamps release potentially harmful levels of mercury.
However the UK Health Protection Agency said the bulbs contained too little mercury to be a hazard.