Cleveland Buck;1012270 wrote:The print and tax and spend Keynesian economic model we have employed over the last 100 years can give the illusion of prosperity until too much damage is done. After that point all they can do is print more and more trying to reflate the bubble, but the hole in it gets bigger and bigger.
There is no means of avoiding the final collapse of a boom brought about by credit expansion.
The alternative is only whether the crisis should come sooner as a result of a voluntary abandonment of further credit expansion, or later as a final and total catastrophe of the currency system involved.
- Ludwig Von Mises
It seems to me that trying to blow up a broken balloon is a lot more "batshit crazy" than going back to the ideas that created the Industrial Revolution and the middle class.
All combustible resources contain phlogiston, a substance without colour, odor, taste or mass, and is liberated in burning. Once burned, the "dephlogisticated" substance is in its true form.
^See, I can write things that have never been true and have no evidence to support them too!
Mises and Hayek's ideas are still around for political reasons rather than economic ones. Nobody would be talking about Hayek or Mises' business cycle ideas if they didn't appear to give credence to preconceived notions against big government. It doesn't matter if it's true as long as it can be used to make government smaller.
The fact that Ron Paul is able to say on live television that the reason for the financial crisis was a credit expansion by the federal reserve as if it's undoubtedly true and these supposedly "liberal elite" moderators can't even stop the debate and say that there is no evidence that such a proposition is even remotely close to true is a travesty.
Thomas Jefferson, (whom you once wrote that you missed him as our president) wrote that whenever people are well-informed they can be trusted with their own government. What are we to do when a primary presidential candidate has unshakable beliefs that are not supported by empirical justification? Jefferson was of course influenced by the great empiricists like Locke, Hobbes and Boyle (who proved the phlogiston theory of fire wrong of course) and believed whole heartedly that being well informed comes from evidence and I'm doubtful he would support a candidate who's beliefs have about as much evidence for them as Unicorns.