Comments on: Some insights from my visit to the ECB

By: Leroy

Leroy — Tue, 28 Feb 2012 23:40:45 +0000

I think you don’t know much about Austrian economics past ABCT. Mainstream economic theory is completely opposite to Austrian theory.

By: Keith

Keith — Mon, 20 Feb 2012 14:12:36 +0000

and praise be for that!

If Scotland gets independance, it’ll need some. Just imagine the chaos of two governments competing to each print more than the other of the same fiat currency.

thinking about it, we have an empirical example; the Dodo…

By: integral

integral — Mon, 20 Feb 2012 12:37:27 +0000

I don’t think there are that many central bankers in scotland.

By: bill wald

bill wald — Thu, 16 Feb 2012 18:53:42 +0000

“The money view is the liabilities view that argues that the creation of money in the form of bank deposits pushes prices higher. The credit view is the asset view (or loanable funds theory) that argues that the creation of credit in the form of bank loans is responsible for rising prices.”

The old “to much money chasing to few goods” is ancient history? So much for “supply side.”

By: Justin

Justin — Wed, 15 Feb 2012 21:51:05 +0000

Hm, it seems you’re assuming Austrian theory is somehow way different than mainstream economic theory. There isn’t anything too unique about Austrian economics other than the ABCT and the ridiculous methodological squabbles. I would suspect that these economists would have more in common with people like Scott Sumner than any Austrian. I could easily take what he writes out of context and spin it to sound ‘Austrian’.

By: discrete

discrete — Wed, 15 Feb 2012 11:15:35 +0000

Channelling Kevin MacDonald, per chance?

By: Inquisitor

Inquisitor — Tue, 14 Feb 2012 22:37:57 +0000

Why not?

By: Kel Kelly

Kel Kelly — Tue, 14 Feb 2012 22:27:22 +0000

Jrgen: yes, perhaps I did assume too much. I would certainly argue the statement, but perhaps not everyone in the free market world would. To be clear, though, I should have written “sole driver of RISING/INCREASING asset prices, GDP, and consumption”

By: Kel Kelly

Kel Kelly — Tue, 14 Feb 2012 22:24:46 +0000

Thanks Bjorn. You are right – I should have proofed it. I was in such a hurry.

By: Jrgen

Jrgen — Tue, 14 Feb 2012 17:57:34 +0000

“The group also discussed that monetary policy has both a supporting and a destabilizing effect on the economy and financial system (we, of course would argue that it is the sole driver of asset prices and of GDP and consumption in the long run).”

Who are “we” here? I certainly wouldn’t make that argument.

By: Keith

Keith — Mon, 13 Feb 2012 20:44:52 +0000

Bill,
It looks like the only union members close to the source will be in raw materials producing industries, like mining, petroleum, and corporate farming.

The bidding up of raw materials can only squeeze those in the lower stages of production (closer to the consumers).

Although what I’m writing would appear to recommend getting a job in one of those areas, in order to be closer to the point which the money is being injected into the economy, I would advise against it on the basis of painful experience.

- if you’re chasing the band wagon; that means it has already left you behind.

By: Daniel

Daniel — Mon, 13 Feb 2012 18:10:15 +0000

Actually, it’s more like they get it at the very end of the “chain”, where it’s worth less, but hey, it’s not like you will ever learn anything, am I right?

By: Walt D.

Walt D. — Mon, 13 Feb 2012 17:25:28 +0000

Or perhaps they are just waiting for somebody to turn water into wine walk on water, raise the dead, or feed the PIIGS?

By: bill wald

bill wald — Mon, 13 Feb 2012 16:22:25 +0000

If the trillions invented by the Fed is being spent into retail sales and causing price inflation of consumer goods . . . who is spending it? NOT union members!

By: integral

integral — Mon, 13 Feb 2012 10:02:57 +0000

Are you saying that central bankers are Crypto-jews? (Which I think is my favourite term for a religious group ever)

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bond jeny — Mon, 13 Feb 2012 09:24:04 +0000

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By: Matthew

Matthew — Mon, 13 Feb 2012 04:02:16 +0000

Or maybe they’re like Christians who secretly didn’t believe in Jesus for fear of the inquisition.

By: Björn Larsson

Björn Larsson — Mon, 13 Feb 2012 01:05:51 +0000

Very good post!
(You should proof read it once, it deserves that)

It’s too easy and common to dismiss state bureaucrats as evil or stupid. But they are often quite reasonable as individuals. They’ve simply chosen comfortable careers. The minds of these individuals are much more important for the future of the state, than the views of most other people. They are interested. They are informed. They do influence the policies actually implemented by the state. They should be the primary target for organizations such as the Mises Institute! Subversion is the business model here.

By: Capn Mike

Capn Mike — Mon, 13 Feb 2012 01:04:47 +0000

Hmmm. Maybe like a visit to the factory floor, where the “real” workers make it happen and are confronted with real problems everyday, and they give you an earful about the MBA punks (and punkettes) up front who are completely clueless…

By: Tom E. Snyder

Tom E. Snyder — Sun, 12 Feb 2012 23:12:40 +0000

In the New Testament you read about Jews who secretly believed in Jesus for fear of being put out of the synagogue. Maybe something similar is going on here–secret Austrians.