Fascism or Socialism - take your pick

[magicdust]

Every time there is market turmoil, the US federal government arrogates more power to itself. The people do not know that the very reason their money is in trouble is the constant inflation caused by the Fed and the moral hazard caused by US government intervention. Once again they will swallow the lies that it is all the fault of the evil men on Wall St, and only the government can pull us out of the mess. Like in the 1930s, we are entering an era when to all but a tiny minority, government control of the economy seems the only option. Socialism or Fascism, a command economy wedded to nationalism and complete obedience to our masters.

I wasn't fully convinced of the veracity of Austrian economics before, but every day I can see that events are unfolding precisely as its proponents predicted. In a better world, people would be turning to Ron Paul. Here he is in 2003 warning about Fannie and Freddie:

http://www.lewrockwell.com/paul/paul128.html

And for the real deal on economics start here:

http://mises.org/

 

[simon1080]

As of today i've decided to not give a rats ass.

Just going to enjoy life whatever it brings.

No point of me sitting behind my desk stressing about the fact that the world is going to hell.

especially when its completely out of my power we have a bunch of morons running the country and controlling our futures. It is what it is. People have had to put up with it for centuries, and I don't expect us to be any different.


I know its not related to your topic.. but just felt like saying it!

 

[vv111y]

I'm with you on this one. Since I've started learning about this, so often it's the Austrians who were right. But, not being an expert in the area, I'm not totally sure. (Is anyone an expert?).
Here is another take on it

» SBS Dateline tonight with George Negus Steve Keen’s Oz Debtwatch: Analysing Australia’s 45 Year
www.debtdeflation.com/blogs/2008/09/10/sbs-date...9/15/08
Steve Keen said, in September 13th, 2008 at 12:04 pm
That’s true Contrarian,

But there are analytic ways in which Austrians and (some) Post Keynesians differ too, in addition to differing on policy recommendations.

On that front by the way, I’d now describe myself as a somewhat Austrian Post Keynesian! I am much more sceptical about the benefits of regulation and government intervention than I was before analysing this crisis. But I certainly don’t believe in “handing it over to the free market”, as Peter does, because that begs the question of what the “free market” is. All markets are determined by legal structures and laws to some extent–they can’t be otherwise–and therefore we can design the laws surrounding those markets more intelligently than we have in the past.

The key redefinitions I’d like to see relate to ownership of capital assets–changing the nature of shares and the valuation of houses. But that’s a topic for a future blog.

Here I’ll just emphasise the ways in which Peter and I differed analytically on the night. The key point is the attitude to how money is created. Notice the time that Peter began to argue that for every debt there had to be a saver somewhere? That’s where I differ: that is a “fractional banking, deposits create loans” analysis. As I have intimated, I have a “credit market, loans create deposits” analysis that argues that this innate balance Peter (and other Austrians) perceive doesn’t exist.

There were other analytic differences as well–it doesn’t all come down to differing degrees of scepticism about the benefits of government. And as I concede, there’s much less difference between me and the Austrian position on that than there once was.

 

[The Swordsman]

Good post Simon, I agree.

Quote from simon1080:

As of today i've decided to not give a rats ass.

Just going to enjoy life whatever it brings.

No point of me sitting behind my desk stressing about the fact that the world is going to hell.

especially when its completely out of my power we have a bunch of morons running the country and controlling our futures. It is what it is. People have had to put up with it for centuries, and I don't expect us to be any different.


I know its not related to your topic.. but just felt like saying it!

 

[GermanTrader]

Quote from simon1080:

As of today i've decided to not give a rats ass. Just going to enjoy life whatever it brings. No point of me sitting behind my desk stressing about the fact that the world is going to hell.

If you are educated and experienced as a trader, and then come to this conclusion, you have just grown into a better trader by conquering emotion. Congratulations.

Success.

 

[libertad]

The more things change.....

The more things seem to repeating themselves....

ie Severe emotions.....

It does not matter what caused them....

Just know that they are there.....

And true....it does not matter what impositions are placed on the exchange....

At the end of the day....

It is just people making decisions on labels creating supply demand driven price movements.....

And creating trading opportunities....

It does not matter what the labels are in the news.....

Prices are going to change.....and people are the cause.....