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| Everything You Need to Know About The Econ. Crisis; An Austrian Perspective | |
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| Tweet Topic Started: Oct 6 2008, 10:38 PM (53 Views) | |
| Old_School | Oct 6 2008, 10:38 PM Post #1 |
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Defender of Mars, Kicker of Ass
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So by now you should all know my economic and political slant very well. I'm an ardent supporter of the Austrian School of Economics (basic overviews of this school of economic thought can be found here and here) and I consider myself a classical liberal (as opposed to a social liberal). In this day and age in which government is looked upon to solve or at least intervene in nearly every social, economic, and foreign problem, and the "free market" is demonized for inevitably leading to countless woes, inequality, and class warfare, my views may sound alien, nonsensical, fallacious, unsound, reactionary, or even completely absurd to those who have been conditioned through their upbringing to never strike at the root of the tree that is status quo, instead having been encouraged to do nothing more than pick at the leaves or snap a few branches. Damned are those souls who ask questions regarding the structure of the status quo, beloved are those whose inquiries seldom ruffle any feathers, or blow the leaves from the tree if you will. I want you guys to know where I'm coming from. I've spent countless hours debating, ranting to (which some may more accurately describe as "lecturing"), persuading, and professing my beliefs to those that are close to me. Hell, tomorrow I have a debate lined up with some "hardcore Democrat" guy I've never met. It's being set up by one of my managers. I've never turned down a debate, even on short or no notice, as I am confident in the accuracy and veracity of my leanings. The way I see it is that truth needs no advocate, just the right spokesperson to convey its message. I figure the best way to let you guys in on the secret that is the Austrian School of Economics (not to mention the nearly forgotten philosophical belief of classical liberalism) is to relate today's financial crisis to what Austrian Scholars have been saying from day one. I'm certain that if you give the following readings a fair amount of time, you'll realize that just maybe that loon Old_School is on to something. I hope at least a few of you will give this post some thought and give the articles a look. Of course I'd be more than happy to answer any questions. Happy trails! :cheers: http://mises.org/story/3128 The Bailout Reader Daily Article by Mises.org | Posted on 9/26/2008 The events taking place in the financial market offer an illustration of the soundness of the Austrian theory of money, banking, and credit cycles, and Mises.org, which has long warned of precisely the scenario playing itself out today, is your source not only for analysis of these events but also the economic theory that helps explain what is happening and what to do about it. There are many thousands of articles available, and also the full text of thousands of books as well as journal articles. It is impossible to draw attention to the full range of literature one can use to understand the crisis. However, below we offer a brief look into the topics most discussed in these times, with extended treatments of each in the sidebar. Mises.org also offers both a blog and a community forum for reading and discussing them all. It's never been more important to spread a sound view of money and banking, not only as a protection against the fallacies of "stabilization" and "reflation" but also as way to see what kind of reforms are essential now. Fannie Mae and Freddie Mac * Freddie Mac: A Mercantilist Enterprise, by Paul Cleveland, March 14, 2005 * Fannie Mae: Another New Deal Monstrosity, by Karen De Coster, July 2, 2007 * How Fannie and Freddie Made Me a Grumpy Economist, by Christopher Westley, July 21, 2008 * Who Made the Fannie and Freddie Threat? By Frank Shostak, March 5, 2004 * Are Fannie and Freddie Too Big to Fail? By Frank Shostak, September 17, 2008 * Fannie Mae Distorts Markets, by Robert Blumen, June 17, 2002 The Housing Bubble * The Housing Bubble in Four Easy Steps, by Mark Thornton, September 27, 2008 * The Real Cost of a Full Bailout, by Don Rich, August 22, 2008 * The Subprime Mortgage "Crisis" Will Fix Itself, by Steve Berger, May 30, 2007 * Did the Fed Cause the Housing Bubble? By Robert Murphy, April 14, 2008 * The Mortgage Market Mess, by Christopher Westley, May 17, 2007 * Housing Bubble: Myth or Reality? By Frank Shostak, March 4, 2003 Inflationary Finance * What's Behind the Financial Market Crisis? by Antony Mueller, September 18, 2008 * Our Financial House of Cards, by George Reisman, March 25, 2008 * Will Central Bankers Become Central Planners? by Robert Blumen, July 31, 2008 * Inflation is a Policy that Cannot Last, by Thorsten Polleit, March 14, 2008 * The Widening Safety Net, by Christopher Mayer, March 19, 2004 * The Fed's New Tricks Are Creating Disaster, Frank Shostak, March 18, 2008 * The Fed's War on the Middle Class, by Mark Thornton, June 4, 2008. * Austrian Economics and Financial Markets conference at The Venetian Hotel Resort Casino, Las Vegas, 02-18-2005 Community Reinvestment Act * The CRA Scam and its Defenders, by Thomas DiLorenzo, April 30, 2008 * Regulatory Sneak Attack, by Thomas DiLorenzo, September 16, 1999 Short Selling * Short-Sale Restrictions Are an Exercise in Naked Power, by Robert Murphy, August 11, 2008 * The Social Function of Futures Markets, by Robert Murphy, November 29, 2006 * Don't Sell Short Selling Short, by Gary Galles, April 6, 2007 The Austrian Theory of the Business Cycle * Financial Crisis and Recession, by Jesus Huerta de Soto, October 6, 2008 * The Idiocy of Wall Street, by Don Rich, September 24, 2008 * The Fed is Culpable, by Hans F. Sennholz, November 11, 2002 * Skyscrapers and Business Cycles, by Mark Thornton, August 23, 2008 * Economic Outlook 2008: Darkening Clouds, Dominick Armentano, January 2, 2008 * Business Cycle Primer, Llewellyn H. Rockwell, Jr. February 8, 2001 * Economic Depressions: Their Cause and Cure, by Murray Rothbard Who Predicted This? * The Financial Apocalyptics are Back, Robert Blumen, July 25, 2007 * Sowing the Seeds of the Next Crisis, Thorsten Polleit, April 25, 2006 * Credit Crisis: Precursor of Great Inflation, by Thorsten Polleit, February 7, 2008 * Mr. Bailout, by Anton Mueller, September 30, 2004 * America's Unsustainable Boom, by Stefan Karlsson, November 8, 2004 * Who Predicted the Bubble? Who Predicted the Crash? By Mark Thornton, July 14, 2003 What To Do * The Rescue Package Will Delay Recovery, September 29, 2008 * Don't Bail Them Out, by Llewellyn H. Rockwell, Jr., September 10, 2008 * How to Avoid Another Depression, by Mark Thornton, September 10, 2008 * Taking Money Back, By Murray N. Rothbard, June 14, 2008 * Beware the Alchemists, by Ludwig von Mises, February 3, 2006 * Reflation in American History, by H.A. Scott Trask, October 31, 2003 * Money and Freedom, by Joseph Salerno, February 2, 2002 * The Case for a Genuine Gold Dollar, by Murray Rothbard * Interview with Frank Shostak, September 30, 2008 Books to Distribute * The Theory of Money and Credit, by Ludwig von Mises * America's Great Depression, by Murray Rothbard * The Mystery of Banking, by Murray Rothbard * Prices and Production, by F.A. Hayek * Causes of the Economic Crisis, by Ludwig von Mises * Austrian Theory of the Trade Cycle and Other Essays, by Ludwig von Mises, et al. * Understanding the Dollar Crisis, by Percy Greaves * The Case Against the Fed, by Murray Rothbard * Money, Bank Credit, and Economic Cycles, by Jesus Huerta de Soto * History of American Currency, by William Graham Sumner * Banking and the Business Cycle, by C.A. Phillips * The Roosevelt Myth, by John T. Flynn * Fiat Money Inflation in France, by Andrew Dickson White You can receive the Mises Daily Article in your inbox. Go here to subscribe or unsubscribe. |
The poster formerly known as mybracketownsyou.
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| thePhilosopher | Oct 7 2008, 09:47 AM Post #2 |
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All-Star
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This is a treasure chest of information. Much thanks, Old School! |
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| HoosierLars | Oct 7 2008, 10:07 AM Post #3 |
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3 in a row
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http://mises.org/story/2936 Shows a great example of how the Fed can be very helpful. Look at Fig 2, and how the Fed pumped up the money supply to get us through the Y2K panic. Without the fed's short-term help, that artificial event could have sent the world into a depression. The creation of MBS's allowed foreign money to pour into the U.S. real estate market, and when fueled by the sub-prime loans pushed by Democrats, the system inflated excessively. Notice how money was easier to come by in the 70's, but there wasn't a big housing bubble. |
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2:34 PM Jul 11