Here's a great video of Peter Schiff vs some Professor. Austrian Economics vs Keynesian Economics. Naturally, Peter steam-rolled the Prof. The prof was reduced to small, pitiful comments (Don't get me wrong, I have great respect for profs. One of my great teachers, Jim Rogers, is a prof too). I've been watching such long videos a lot, and although I've absorbed and understood much of the stuff in these videos, there're still new things to learn each time!
I would venture to say that > 99% of the population somehow believe in or support Keynesian Economics. That's what the media, politicians, and schools (refer to the video above) have taught us for the past few decades. Every time I go to a bookshop, I'll take a look at the econs textbooks, and I will not find any mention of Austrian Economics in the glossary pages, only Keynesian Economics.
Of course the politicians love it. It gave them control over the nation's money, over people's money. They can create money out of thin air to fund their agenda, and it gives them good GDP figures. But there's no such thing as a free lunch, the public will have to pay for it in the form of taxes or inflation (devaluation of the currency). Short-term phony gain, long-term real pain.
Austrian Economics will eventually triumph, as history has shown repeatedly. Keynesian Economics will most likely lead politicians to print money and cause hyperinflation. They are too afraid to sit by idly and let deflation set in (this will be healthy for the economy in the long run). Hyperinflation around the globe in the recent past: Argentina, Mexico, Taiwan, Germany, Zimbabwe, Zaire, Ukraine, Iceland, Austria, Bolivia, China, Brazil, France, Japan, Vietnam, Yugoslavia, England, Greece, Angola, and many, many, many more.
I've recently studied some history. I've watched documentaries on the French Revolution, the Roman Empire, the Byzantine Empire, the Persian Empire, the Mongol Empire. All of them have hyperinflationary periods where the rulers debase their currencies.
History will repeat itself. No nation is exempt from this universal economic law. That's why it's a LAW. In the next few years, we can expect a very tough economic time, equal and very likely worse in magnitude to that of the Great Depression in 1930.
Unless the US creates some kind of a miracle during this Obama's term, equal in magnitude to the phenomenon of the internet revolution, it has no bullet left in its armoury to fight the inevitable doomsday. It needs a real big boom in productive capacity. The internet revolution back then created real jobs, real products that are demanded by the whole world. The US may try to push their luck in green energy, but it has to be something really revolutionary, it has to be something more than wind power, solar power, nuclear power.
Unfortunately, the current administration are only interested in making people spend. and taxing them more. Cash-for-clunkers, housing rebates, the Health Bill, the likes! It's common sense that if we're in debt, we should start saving, and produce more. Instead, the govt is encouraging people to spend more, take on more debts, and consume more. The US people are up to their eyes in debt, and their revolt is only going to intensify. The govt has taxed the people through various channels. In fact a few months back, 700 demonstrations erupted nationwide against taxation without representation. The media simply dismiss this ominous sign as just some group of dissidents creating trouble. But be warned! The American revolution has already started!
The world has become police states. The govt try to control everything that people do, from drugs to flu vaccinations to money. They do this with the pretext of looking out for terrorists and ensuring public safety. There is no more liberty now. Fascism is beginning to spread.
Anyway, here's a good place to start understanding Austrian Economics: http://mises.org/money.asp
Start with understanding the Austrian Economics. In the past 3-4 months, I've been studying this, clarifying my doubts and questions. I've learned much more during these months than what I've learned in the 4 years in university x 100. The revelation is nothing short of phenomenal. It's like attaining Nirvana :)
What's the use of all this knowledge? It will translate to $$$, and protection of wealth, of course!
Jin ~ We live for the joy of learning
I would venture to say that > 99% of the population somehow believe in or support Keynesian Economics. That's what the media, politicians, and schools (refer to the video above) have taught us for the past few decades. Every time I go to a bookshop, I'll take a look at the econs textbooks, and I will not find any mention of Austrian Economics in the glossary pages, only Keynesian Economics.
Of course the politicians love it. It gave them control over the nation's money, over people's money. They can create money out of thin air to fund their agenda, and it gives them good GDP figures. But there's no such thing as a free lunch, the public will have to pay for it in the form of taxes or inflation (devaluation of the currency). Short-term phony gain, long-term real pain.
Austrian Economics will eventually triumph, as history has shown repeatedly. Keynesian Economics will most likely lead politicians to print money and cause hyperinflation. They are too afraid to sit by idly and let deflation set in (this will be healthy for the economy in the long run). Hyperinflation around the globe in the recent past: Argentina, Mexico, Taiwan, Germany, Zimbabwe, Zaire, Ukraine, Iceland, Austria, Bolivia, China, Brazil, France, Japan, Vietnam, Yugoslavia, England, Greece, Angola, and many, many, many more.
I've recently studied some history. I've watched documentaries on the French Revolution, the Roman Empire, the Byzantine Empire, the Persian Empire, the Mongol Empire. All of them have hyperinflationary periods where the rulers debase their currencies.
History will repeat itself. No nation is exempt from this universal economic law. That's why it's a LAW. In the next few years, we can expect a very tough economic time, equal and very likely worse in magnitude to that of the Great Depression in 1930.
Unless the US creates some kind of a miracle during this Obama's term, equal in magnitude to the phenomenon of the internet revolution, it has no bullet left in its armoury to fight the inevitable doomsday. It needs a real big boom in productive capacity. The internet revolution back then created real jobs, real products that are demanded by the whole world. The US may try to push their luck in green energy, but it has to be something really revolutionary, it has to be something more than wind power, solar power, nuclear power.
Unfortunately, the current administration are only interested in making people spend. and taxing them more. Cash-for-clunkers, housing rebates, the Health Bill, the likes! It's common sense that if we're in debt, we should start saving, and produce more. Instead, the govt is encouraging people to spend more, take on more debts, and consume more. The US people are up to their eyes in debt, and their revolt is only going to intensify. The govt has taxed the people through various channels. In fact a few months back, 700 demonstrations erupted nationwide against taxation without representation. The media simply dismiss this ominous sign as just some group of dissidents creating trouble. But be warned! The American revolution has already started!
The world has become police states. The govt try to control everything that people do, from drugs to flu vaccinations to money. They do this with the pretext of looking out for terrorists and ensuring public safety. There is no more liberty now. Fascism is beginning to spread.
Anyway, here's a good place to start understanding Austrian Economics: http://mises.org/money.asp
Start with understanding the Austrian Economics. In the past 3-4 months, I've been studying this, clarifying my doubts and questions. I've learned much more during these months than what I've learned in the 4 years in university x 100. The revelation is nothing short of phenomenal. It's like attaining Nirvana :)
What's the use of all this knowledge? It will translate to $$$, and protection of wealth, of course!
Jin ~ We live for the joy of learning
No comments:
Post a Comment