This was nice, a rare moment when Austrian economics is cited on mainstream TV and championed in name, without apology or without qualification.
He also nicely positioned the 1929 stock market crash as the result of socialist policies.

Until the libertarians are more vocal in identifying the policies of the right and left as Keynesian and monetarily socialist, the argumentation shall continue – “the Republicans got us into this mess.”
Until the libertarians with a consistent voice can cite Reagan’s term as a failing, then the red herring will be waved by the left – lack of regulation got us into this mess, and besides, “Bush was a Republican too!”

The right glorifies Reagan as he ran a monumental welfare transfer scheme with defense contractors, expanded the deficit and the debt. How many Republicans out there would think of themselves as socialists? But in effect, they are.

Anyway, the headlines today are about the dip in unemployment and the 117,000 new jobs. Obama’s groupies and MSNBC will tout this as proof of the stimulus: “Turning a cruise ship takes a bit of time, so hang on.”
Reagan was mired in recession only 18 months before the 1984 election. How did that turn out?

Not meaning to burst the congratulatory balloon, as this was a very nice piece by the judge. Further, when someone is employed vs. unemployed in the so-called private sector, I see that generally as a good thing. Every number in the 117,000 is positive news.
It’s the political rationale that I can’t stand.

Yes, I love when AE is used flippantly as a tacked on adjective. It have become an ideological brand name that is conflated with austro-libertarianism. The Republican party in Maine claims to “return to the principles of Austrian Economics” (along side mentioning investigating the “global warming myth”). Now what one earth do they mean by that? How are people going to react when they read that? Oh yes, they’re referring to Hayek’s Prices and Production. People are going to bonk themselves on the head and shout “Of course! value of output increases as the structure of production become more roundabout, which requires a continuous accumulation of capital. How could I have gone so astray!”.

Just wait until the Judge start calling politicians, like Michelle Bachmann, Austrian veterans for carrying a copy of Human Action to beach. It’s absolutely no surprise that Boettke and Horwitz changed the name of their blog to Coordination Problem.

Wow! This video is short but it definitely draws a strong conclusion of U.S. economy today. If i were asked how would i treat my personal wealth during difficult time, the first thing comes to mind is to cut back spendings on shopping, fancy dinners, ect. This is a fundamental strategy that has worked for individuals, households, companies, everybody. U.S. government just raised the ceiling debts to 3.7 trillions, but the tax revenues collected is only 2.2 trillions. That is a huge huge difference. Personally, those numbers tell me that this country is be in very very deep debts because the borrowing is too large. Mainstream American economists recommend that raising debt ceiling is a good idea that could help American economy. However, Austrian economists think American should reduce spending and improve the monetary value. I think that the American economists strategy might a better idea in the short run because more borrowing can help current economic crisis. However, this will harm the future generation. Why? Because if the young generation right now are raised in an environment with too much benefits, too much materialistic things, they will get used to it. Therefore, it will be even harder, if not impossible, for them to help pay the debts in the future.
We all should reduce spending and we should do it now.