What's wrong with Austrian Economics???

LIKE ONE OF YOU SAID "WITHIN THE AUSTRIAN SCHOOL, THERE ARE THOSE ON LEFTIST POSITION AND THOSE ON THE RIGHT"

Interesting though. Anyways: I think we all agree that FRL is fraud system to keep us under debt. and government is way over its scope of practice.
 
Quote from Martinghoul:


My considered view, without going into too much gory detail, is that to try to abolish fractional-reserve banking in a modern society would be to deny basic human greed. As recent history has demonstrated, you can't suppress, regulate away or otherwise proscribe fundamental human drives.
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Please explain this. You say it is ok for central banks to create money as debt of the people and then spread it around among their cartel, because, they are exercising greed? Hmm, interesting, so why can't I or you or anyone else do the same under the system? Maybe we want to be greedy as well.


As to you last point, I think we have discussed it before. We had all sorts of wonderful things centuries back. Are you equally eager to bring back serfdom and vassalage?
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You're missing the point. There is a legal precedent to fractional reserve banking and it was something that was fraud & embezzlement because when warehouse receipt holders went back to the warehouse and found out that there is not enough there, they would drag the warehouse owner to court where he was stripped of all his assets to pay back what he owes. However all it took was one court decision for the warehouse owner and fractional reserve banking became an accepted practice.

Fractional reserve banking is, in essence, fraud, embezzlement. You're lending money that is not yours. That process has been exacerbated to an absurd level with the central banks & government backing/insurance (aka the people's money).
 
Quote from Anaconda:

Please explain this. You say it is ok for central banks to create money as debt of the people and then spread it around among their cartel, because, they are exercising greed? Hmm, interesting, so why can't I or you or anyone else do the same under the system? Maybe we want to be greedy as well.




You're missing the point. There is a legal precedent to fractional reserve banking and it was something that was fraud & embezzlement because when warehouse receipt holders went back to the warehouse and found out that there is not enough there, they would drag the warehouse owner to court where he was stripped of all his assets to pay back what he owes. However all it took was one court decision for the warehouse owner and fractional reserve banking became an accepted practice.

Fractional reserve banking is, in essence, fraud, embezzlement. You're lending money that is not yours. That process has been exacerbated to an absurd level with the central banks & government backing/insurance (aka the people's money).
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Excellent point. Now............I dont know of a single country which does not use FRL and has central bank.
 
Quote from jueco2005:

LAnyways: I think we all agree that FRL is fraud system to keep us under debt.
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You look at what life was like for the median American the year before the (current) Fed was established, and you look at the life of the median American today, and the only reasonable conclusion is that either 100 years of Fed policy is essentially irrelevant, or FRL is the greatest thing since...well, ever.
 
Quote from SNBthetrue:

again an Errors... ( usual would say most... :D ), it's not the version that I played... it was the III...

:cool:
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III was awesome. And yes, the game is an example of reality. Though people prefer to bicker about the nuances of monetary policy and ignore the obvious truth about the tangible world around us...
 
Quote from Random.Capital:

You look at what life was like for the median American the year before the (current) Fed was established, and you look at the life of the median American today, and the only reasonable conclusion is that either 100 years of Fed policy is essentially irrelevant, or FRL is the greatest thing since...well, ever.
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your point of view is really interresting.

I can see the same subject and see a different answer... it's only a point of view... And my angle would be cost of living... 100years ago condition of life were difficult, but life was free. Today the condition of the planet is on the brink of extinction ( bee population for exemple ) and life is expensive...

So in every balance, you have the more the data the accurater the point of view... but as points of view are exponential... data will always be lagging behind...
 
Quote from Misthos:

III was awesome. And yes, the game is an example of reality. Though people prefer to bicker about the nuances of monetary policy and ignore the obvious truth about the tangible world around us...
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Academic peoples call that a "model"... ( at least it's more accurate than certain weather's models :D ).
 
Quote from SNBthetrue:

100years ago condition of life were difficult, but life was free.
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No it wasn't.

Today the condition of the planet is on the brink of extinction...
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No it isn't (anymore so than usual).
 
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