Political Theory

Re: Question on whats better or worse.

The Late Andrew Ryan — Thu, 07 Jan 2010 12:52:16 GMT

Well yeah, mob rule makes me angry too

Re: Question on whats better or worse.

JosephBright — Thu, 07 Jan 2010 05:52:42 GMT

Stranger:

scrosley:

I guess what I am asking is, is there anyway to promote politically the 2nd situation and have it be politically viable? If so, how could you frame it to the part of the country that would be in very rough shape for 2 years.

No. It's too late for the system. It will be dead in 2 years. Start planning for what will follow it.

Hoppe looks really angry in the photo at the bottom of that page. Angry at democracy.

Re: Question on whats better or worse.

Stranger — Thu, 07 Jan 2010 05:38:21 GMT

scrosley:

I guess what I am asking is, is there anyway to promote politically the 2nd situation and have it be politically viable? If so, how could you frame it to the part of the country that would be in very rough shape for 2 years.

No. It's too late for the system. It will be dead in 2 years. Start planning for what will follow it.

Re: Question on whats better or worse.

JosephBright — Thu, 07 Jan 2010 05:26:22 GMT

Well, the truth of the matter is that we cannot predict the future and we cannot know for certain how long the correction would last. When the government allowed the correction to occur in the early 1920s, it took a very short period of time for things to return to normal. Perhaps the markets are so much more sophisticated today than they were in 1921 that the correction, if allowed to occur, would take only a few short months. We cannot know for sure, but we can say which course of action will be better for us in the long run: the one that allows the correction to occur and flushes the mal-investments from the economy. As for the viewpoint of the average American, well, I believe the onus is on us Austrians to get out into the public eye and explain to them what is going on. And who knows, maybe this economic crisis is exactly what we need to get back on the map.

Question on whats better or worse.

scrosley — Thu, 07 Jan 2010 05:12:56 GMT

1. Lets say the current economic conditions and policy supply the USA with 10 years of 10% unemployment on average as well as growth of an average of 1%.

2. Lets say if we did what the Austrian's wanted, myself included, and let the banks fail and let the market fix the mal-investment. And the US went into a relatively bad situation of 20% unemployment as well many other problems that go along with such conditions for a year to 2 years but then went on to have normal growth and unemployment went back down to 5 to 7%.

I realize from a economic position, we here would mostly agree that the 2nd is a much better position to be in. Also realize the vagueness of the stats and situation I described entail.

But from a average American persons viewpoint and/or politically which is better 10% unemployment and no growth and really not solved the malinvestment problem (similar to Japans lost decade) or the total chaos that could have occurred in the 2nd situation's first 2 years.

I guess what I am asking is, is there anyway to promote politically the 2nd situation and have it be politically viable? If so, how could you frame it to the part of the country that would be in very rough shape for 2 years.