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Source link: http://archive.mises.org/11075/john-mackey-on-mises/

John Mackey on Mises

November 20, 2009 by

“Also, I don’t think von Mises and Hayek and the other Austrian economists have gotten enough credit for.. . their theory of the business cycle. I really do think we are experiencing. .. what Austrian business cycle predicts. If you print a lot of money and you send it through the economy you’ll have certain bubbles and those create market distortions and if the bubble’s big enough and it goes on long enough when it pops, it creates great harm in the society. I think that’s what we’re living through right now. That kind of bubble in the stock market and the real estate market.”


Abhinandan Mallick November 21, 2009 at 12:16 am

That was a wonderful interview, and reminded me of the following quote by Alexander Zinoviev:
“Where there are problems there is life.”

Arek Arechiga November 21, 2009 at 2:06 am

I agree – wonderful interview. His optimism for capitalism is infectious – hopefully he can infect many! I don’t agree on everything, but I may have a new hero! :)

Indiana dirt farmer November 21, 2009 at 11:33 am

I was nodding my head in agreement till the part about needing a law to protect the rights of MY livestock.

RSDallas November 21, 2009 at 11:37 am

Solid & Sound thoughts. Where could we be as a Nation if more of our Society demonstrated more of Mr. Mackeys beliefs?

Brad November 21, 2009 at 2:25 pm

Fantastic interview. Pass this video on.

HL November 21, 2009 at 5:06 pm

I shop at Wholefoods almost daily. It’s staffed by mostly hippie or emo looking kids who cater to mostly limpwristed pinko elitist customers. But I like it. Spot a Ron Paul bumper sticker in the parking lot once in a while.

Anyway, he’s a thoughtful fellow. I am mindful of the Misesian concept of entrepreneurial activity. Guys like this lift us up, and I look up to him. The bureaucrats that slap him around are cockaroaches and should be squashed.

Bruce Koerber November 22, 2009 at 12:04 am

Hearing the thoughts of an entrepreneur is always valuable.

Mel November 23, 2009 at 10:08 pm

I love that the earth-mother, tree-hugging, hippie types are exposed to this guy. I don’t remember where I heard it, but I’ve heard it said that “if you can convince the pot-smokers that the gun-nuts are okay, and the gun-nuts that the pot-smokers are okay, then everyone’s a libertarian.” Here’s praying that this guy can help that come about.

Cebes November 26, 2009 at 9:29 am

I dunno. I think there’s a middle ground between libertarian and liberal, conservative and neo-liberal. I look at how the “free market” operated on Wall Street. I see the “free market” operating in trade, and I just can’t find much good to say about these systems given our current economic and financial plight.

I don’t trust the Federal Government either.

Maybe we need to look at the State government arrangement developed in North Dakota. Here’s a state that will have a $1.3 billion surplus in 2010. It has 700,000 citizens, extremely low tax burdens, and only 3.4% unemployment.

What makes ND anamolous? Why can’t the other 48 states be like N. Dakota. (Montana will also have a surplus, all other states are in, or will be in violation of their Constitutions.)

I think the answer is that North Dakota owns its own bank. They chartered the BND in 1919 because the national system sucked. The BND uses the same principles as commercial banks, except there are no bondholders, risky loans, or indulgences in derivatives, etc. It uses fractional reserve lending to secure all the capital and human resources the state needs to provide for the commons.

If Cal. with its billions in state owned assets used just $200 million to capitalize a state owned bank, it could finance refinance its debt, and all state programs without incurring additional debt.

The BND works collaboratively with commercial banks, buying down interest rates and partnering on statewide and local capital projects. For a detailed discussion please visit:


newson November 27, 2009 at 9:44 pm

good interview, but what is it with this adulation with yunus and grameen bank? tucker has more work to do.

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