http://www.cnbc.com/id/40340227
Wow NBC is finally starting to give Austrian Economics some credit! I am shocked, I am glad people are entertaining the idea, there is hope, maybe we can END THE FED!!
Wow. I'm surprised they actually gave a fair and mostly accurate description of the ABCT. Usually when you see it mentioned in the mainstream media its either blatently misrepresented or way oversimplified...
Although I find it odd that he thinks the Fed can mess up the economy, but still considers it bad that new interest in ABCT could prevent Bernanke from taking further action.
I know! In my opinion is good that the ABCT wants to prevent from Bernanke from taking further action, Central Banking system does not solve problems, it makes things worse, that is why Ending the Fed and stopping Bernanke or anyone like him is a good Idea!
One particular comment posted there in reaction is simply priceless:
This is more right-wing Media non-sense. After all, 1st Austria has near FULL Employment at about 4.5%, here: http://www.indexmundi.com/austria/unemployment_rate.html Compare this to unemployment rate of 9.5% in US as reported by the Government, although the real unemployment rates in US are actually closer to 20%. So what is Austria doing different than US? 1- They have universal nationalized (socialized) health care 2- They have MUCH MORE generous unemployment benefits than in US 3- They have MUCH higher taxes on someone making more than 250K than in US 4- They have MUCH more extensive regulation and a FAR more unionized workforce than the US. 5- Their workers by law get 8 Weeks paid vacation per year, compared to a measly 1 or 2 weeks in US if that. 6- They have Universal child care. 7- They do not waste their People's Taxes on Unnecessary Wars 8- They do not waste their People's Taxes on a Gargantuan Military etc. etc. ALL of which policies Republicans and the right-wing Media in US call "Socialism.." or oppose. More here: http://RealNewsPost.com?n=think.41946
I think the most successful thing Austria is doing is following a non intervension foreign policy and not wasting money in unnecessary wars. However I do not agree with any socialist government program, or high taxes, or any taxation in general. Taxation is theft no matter how rich someone is, is still theft. I think we should follow more of an example of what New Zealand did when they started to privatize all their government public sectors, New Zealand's unemployment is low right now. According to Reason magazine article http://reason.com/archives/2010/10/12/it-can-happen-here of November 2010 issue
This reminds me, I was on a forum a while back and this guy started talking about how Austria (the country) had all sorts of welfare policies and public pensions, because he had assumed that whenever we said 'Austrian economics' we meant economics modeled on the state of Austria. Gigglefest.
I really need to read more closelessy before responding.
http://RealNewsPost.com?n=think.41946 Also this article only blames Republicans, and not Democrats, Democrats are just as guilty as Republicans, Obama Administration has not being doing anything different than the Bush Administration except for the whole Universal Healthcare thing, which is going make things worse, if you want a real change in the Healthcare system, make it 100 percent capitalist and get rid of these bureaucratic health care programs that we have now. You can not blame capitalism for our problems since we have not had capitalism in the past ninety seven years, since 1913 since the FED and The IRS were created, we have not had capitalism, so we can not blame it.
But as long as our Austrian moment lasts, we might be headed to a healthier—if slower—recovery than we would have had if Bernanke could get his way.
Sounds as if the guy is at least sympathetic.
My name is Bob, I am the king of Dobbsonia. There are 100 people in my kingdom. 60 people have their own businesses, or are employees. I employ 5 people to collect taxes, 10 to visit old people and say hello, 10 to dig ditches, and 10 to send letters to other countries. Only Tom the drunk, Jane the junkie and their deformed children are without jobs. Our employment rate is only 5%!!!!
Good point, I do not know why people focus on unemployment, I guess production is more important, I also think production and employment go together, if there is production there is employment, we should focus on how high production is!
I know why you mean by this comment being priceless! he he!!! The guy that posted this in the NBC article still does not know what Austrian economics is about!
Well, if you asked him about the Chicago school, he'd probably think you were referring to organised crime, which is actually not entirely incorrect. :p
The reporter is obviously Keynesian.
One particular comment posted there in reaction is simply priceless: This is more right-wing Media non-sense. After all, 1st Austria has near FULL Employment at about 4.5%, here: http://www.indexmundi.com/austria/unemployment_rate.html Compare this to unemployment rate of 9.5% in US as reported by the Government, although the real unemployment rates in US are actually closer to 20%. So what is Austria doing different than US? 1- They have universal nationalized (socialized) health care 2- They have MUCH MORE generous unemployment benefits than in US 3- They have MUCH higher taxes on someone making more than 250K than in US 4- They have MUCH more extensive regulation and a FAR more unionized workforce than the US. 5- Their workers by law get 8 Weeks paid vacation per year, compared to a measly 1 or 2 weeks in US if that . 6- They have Universal child care. 7- They do not waste their People's Taxes on Unnecessary Wars 8- They do not waste their People's Taxes on a Gargantuan Military etc. etc. ALL of which policies Republicans and the right-wing Media in US call "Socialism.." or oppose. More here: http://RealNewsPost.com?n=think.41946
This is more right-wing Media non-sense.
After all, 1st Austria has near FULL Employment at about 4.5%, here: http://www.indexmundi.com/austria/unemployment_rate.html
Compare this to unemployment rate of 9.5% in US as reported by the Government, although the real unemployment rates in US are actually closer to 20%.
So what is Austria doing different than US?
1- They have universal nationalized (socialized) health care
2- They have MUCH MORE generous unemployment benefits than in US
3- They have MUCH higher taxes on someone making more than 250K than in US
4- They have MUCH more extensive regulation and a FAR more unionized workforce than the US.
5- Their workers by law get 8 Weeks paid vacation per year, compared to a measly 1 or 2 weeks in US if that
. 6- They have Universal child care.
7- They do not waste their People's Taxes on Unnecessary Wars
8- They do not waste their People's Taxes on a Gargantuan Military etc. etc.
ALL of which policies Republicans and the right-wing Media in US call "Socialism.." or oppose.
More here: http://RealNewsPost.com?n=think.41946
This comment above is more left-wing Keynesian non-sense.
After all, 1st Kenya has near FULL (UN)Employment at about 40% (2008 est), here: http://en.wikipedia.org/wiki/Economy_of_Kenya
So what is Kenya doing different than US?
1- They have a market-based economy, with a few state-owned infrastructure enterprises.
2- They have MUCH LESS generous unemployment benefits than in US.
3- They have NO ONE making more than 250K than in US dollars.
4- They have a REAL agriculture economy that employs over 75% of the nation's population.
5- Their workers by law get to eat if there is no drought, compared to the United States population, which has to rely solely on food stamps.
6- They have it takes a village child care.
7- They do not waste their People's Taxes on Unnecessary Guerilla Wars
8- They send their best and brightest to the United States to run your country for you since you are clearly not capable of producing your own leaders.
As OPPOSED to "socialism" policies of the United States that Austrians and the RonPaul Media in US call "failed" or oppose.
More here: http://en.wikipedia.org/wiki/Economy_of_Kenya
You silly, naive Austrians.