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I'm currently reading Rothbard's The Panic of 1819 , which so far refers to the war of 1812, but doesn't explain much about how or why the United States entered this, "the first war of the new nation". Anyone know of a good (likely revisionist) account of the War of 1812? Btw, I recommend Rothbard's work, as it is fascinating
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"The FBI documents newly released to The Associated Press reveal the bureau's sprawling and ultimately vain attempt to stop the spread of a movie some saw as the victory of a cultural and sexual revolution and others saw as simply decadent." (Un)believable. Article.
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It is accurate to say that nominal wealth is being created out of thin air. Nominal vs. real. Nominal vs. real. Nominal vs. real.
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[quote user="bbnet"]For example, today an ounce of gold will buy say 100 ten dollar bags of dog food, when product price hyperinflation hits hard that same ounce of gold will buy 100 thousand dollar bags of the same dog food. [/quote] Thanks. Well put. With this in mind, something which occurs to me: Assuming an imminent hyperinflation, the
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[quote user="nazgulnarsil"]How can an austrian say that such a contract isn't valuable?[/quote] A loan made in a 100% reserve system is the transfer of property rights to real savings - it represents real goods and services: real wealth. A loan made in a fractional reserve system represents fictional, nominal wealth: "wealth"
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If one invests in gold now and a Weimar-scale hyperinflation occurs later, why does gold become so valuable? Suppose, for example, that the price of gold climbs to $500K per ounce. Obviously, if one purchases gold at $1K per ounce, and the price climbs to $500K per ounce, massive nominal profit results. However, what good is this nominal profit if most
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mash, Lots of good ideas in your post. [quote user="mash"]On that last point, a cursory reading of the book I only found three mentions of uncertainty so I am unclear as to how Hazlitt has defined it. [/quote] EDIT: Austrian theory doesn't explicitly place specific emphasis upon "certainty" and "uncertainty". However
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[quote user="JonBostwick"]Whats so great about his position is he's attempting to create a new justification for Keynes' original conclusion; that a general over production can destroy the economy.[/quote] This is indeed the essence of it. The bulk of the argument is spent in dressing it in Marxian garb. Appropriately.
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[quote user="SteveKeen"] You asked for clarification on my side remark on Schumpeter Astroglide, and I was simply replying to your queries. Then you suddenly decide that I am throwing in "a constant stream of new arguments for you to analyse in a process of infinite regress".[/quote] My critique was based upon the following three
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================================================================ [quote user="SteveKeen"]At no point in that paper did I even refer to the labour theory of value: you simply leapt to the conclusion that, because I had quoted Marx, my argument had to depend on his theory of value.[/quote] Well, now we finally discuss something substantive.