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[quote] I don't mean overproduction in terms of waste. Just that there is more product than the producer would consume. [/quote] How is that not a waste?
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You dont need a central bank to produce a monetary expansion, which will produce the boom-bust cycle. You can the banking system during the last part of the XIX century in the USA. Lincoln approved the banking act that centralized credit in the big banks of New York. It was not as "powerful" as a central bank, but allowed for credit expansion
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[quote]I don't disagree with what you're saying LS. My position is that there has to be overproduction (more than what the producer is going to consume) for a profit to be made. If I trade an apple that I would have normally ate, for your orange because I wanted something different, I didn't make a profit. at least not materially. The material
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Is money really backed by debt? In a sense, part of it yes. Another part no. I started into libertarianism and monetary policy and history through Mr Still video "The Money Masters". I loved it. I watched three times in one month. But later on studying and researching I became quite decived by the information he is giving. I even went to his
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Another Ferrari here. If you promise me one I will vote for you.
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[quote] And I thought I was the only one thinking that of the poor Europeans. [/quote] As a european that agrees with the sentiment of the paragraph, I fail to see how present USA is any different.
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[quote] Oh, okay. I agree with that. I wasn't sure if the question was whether or not to use the stimulus package at all. If we're forced to, I agree with you. [/quote] Well, it was saying even more. Maybe we should use it even if there was no obligation during a supposed transition to a libertarian society. If you suddenly stop the malfare
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[quote] How would pouring Federal Reserve notes into unemployment and welfare be lettingthe market perform without crutches? [/quote] It certainly is a better option than using that money to save GS and JPM or hiring the politician's friend company to build roads to nowhere. At the end, in a market system the people is supposed to be able to save
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[quote] Given that everyone who has the same purpose does the same stuff Then why is it that some people (Austrians) who have the same purpose as others (neoclassicals) don't do the same things (practice econ. the same)? [/quote] Because not everybody who has the same purpose does the same stuff. People can have different opinions on how to reach
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This is capitalist propaganda! The Revolution will triumph!