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Veteran Advisor

faith based economics

http://ragingdebate.com/economy/the-myopic-worlds-of-faith-based-economics

 

He (appropriately, I think) skewers other denominations of the church but for example, and I recommend reading the whole thing:

 

"Austrians think a gold money economy is self regulating and part of the regulatory process is the occasional salutary depression to "squeeze out the malinvestment".  But ask an Austrian, Okay, let's have a depression.  What do you do with the millions of armed angry former citizens whose livelihoods turned out to be malinvestments and who are now bankrupt and homeless and jobless and flat broke?  Austrians won't answer that question, or they give you some bull**bleep** about finding "even better livelihoods" in the new more sound economy that emerges from the depression.  Maybe in a "pure economy" where there are no human beings, only capital seeking returns,  Austrianism appears feasible.  But in a real economy, a political economy, you have to look at the human consequences of your ideologically bounded economic policies.  

Actually, no, that's not necessarily true.  I am assuming "democracy" as the context, a political system that ideally tries to serve the needs of everyone.  In a feudal context or a plutocracy or aristocracy or an outright tyranny it is only the needs of the lords or the rich or the sovereigns or the tyrant that need to be considered, and quite a few Americans today believe that democracy is an impossible mistake and our best bet is a large die-off of the non-elite masses to make way for a new feudalism like Chicago school policies have created in South American countries.  Friends of Mammon are happy to sacrifice human lives to benefit the returns on capital, and the "human consequences" are of no consequence to people of this interest group.  "

3 Replies
Advisor

Re: faith based economics

Haven't read the whole thing but there is a quite a bit of strawman construction in your snip.

 

The Austrian would answer, don't have a keynsian economy in the first place and rather than a depression you will have smaller corrections along the way.  

 

How many people died ending the last Keynsian depression?   Not a very pleasant solution either.  

 

Why do people think they have some god given right to pleasant solutions to massive problems?  Maybe there just isn't a pleasant solution, beware the easy road it might lead to slavery.

Veteran Advisor

Re: faith based economics

WTF? Are you saying that the rise of Japanese, Italian and German fascist totalitarianism that was responsible for the deaths of 10s of millions was the result of the application of ill advised monetary policy in those nations? And that those fascist movements that drove those regimes didn't really come into play until after the West was defined to be in a depression and the U.S. public overwhelmingly approved of the Roosevetl administration's approach ot dealing with it? i know that you are somoehow convinced that all teh depression would have been was waiting for a couple of weeks until the market corrected itself and that there shoul have been no bank holidays or TVA or foolines or Glass-Stegal act or WPA or CCC or

 

No strawman sam...that's a huge straw pile.

 

I was looking for the Denver spin on last nights Vikings-Broncos game and came across this profile of a fellow Hayek disciple that I though you might be intersted in. You might want to drop in and pay a call on her if you are ever out that way:

 

http://www.denverpost.com/entertainment/ci_15571341?source=pophome

 

And FWIW, if you are going to be making silly accusations like that, the wars (1939 attack on Poland and 1941 attack on the U.S. territory of Hawaii) didn't come until AFTER the failed attempt to MOVE AWAY from fiscal stimulous that was in the disasterous 1937 budget and policy and huge dip in the steadily recovering economy. I suppose it would be just as credilbe for me to say THAT was why Hitler invaded Poland as for you to link Keynes, the Depression and the 2nd World War through some creepy strawpile setup. Heck, maybe old Adolph was p-o'ed because his Ford Motor Co. stock wasn't performing as he'd have liked and he thought that maybe  blowing up a bunch of s%!t might help it go up?  Which of course it did significantly, but not until after he'd blown his brains out. But then no principled national leader (cough, cough....**bleep** Cheney) would be that cynical, now would they?

 

"The oil will pay for the war". Paul Wolfowitz 2002.

 

From one of your "peeps":

 

http://www.lewrockwell.com/rockwell/warforoil.html

 

 

Advisor

Re: faith based economics

that is not what i said.  ww2 ended the depression not keynsian economics.   ask japan about curing deflation with keynsian economics.