Still No Crash: Were Austrian Economists Wrong about the Dollar? – Robert Murphy

[angelatc]

“It’s tough to make predictions, especially about the future.” -- Yogi Berra

Yes, but Ron Paul has always said that the field tends to make long term predictions, and not actually forecast timelines. There's either some merit to that or it's akin to Jeanne Dixon predicting the assassination of JFK, in that she predicted a presidential calamity every election cycle for a couple of decades.

 

[NorthCarolinaLiberty]

Yes, but Ron Paul has always said that the field tends to make long term predictions, and not actually forecast timelines. There's either some merit to that or it's akin to Jeanne Dixon predicting the assassination of JFK, in that she predicted a presidential calamity every election cycle for a couple of decades.

It gets late early out there.

 

[Vanguard101]

Mark Spitznagel is rarely wrong

 

[kfarnan]

All currencies fail. Currency is not money. Fiat currency is not money.

 

[Paul Or Nothing II]

All currencies fail. Currency is not money. Fiat currency is not money.

"Money" is anything that is the "most marketable commodity" in a given economy. So if people used toilet-paper in their exchanges to the extent that it becomes the most marketable commodity in an economy then that toilet-paper IS money.

https://mises.org/library/carl-mengers-theory-origin-money

 

[wizardwatson]

Austrians I think underestimate the Feds ability to monitor and mitigate catastrophic bubble damage. There is a finite number of accounts and numbers. It is not hard for a computer to "see" the model when every FRN account is wired into the central bank.

Currency death will be slow and painful if they do it properly. Crack up booms I think aren't as much of a risk as they were in the days of Mises.

 

[Ronin Truth]

A 98% loss of purchasing power in 100 years and $200+ TRILLIONS in government debt, how much more of a crash do you need?

 

[wizardwatson]

A 98% loss of purchasing power in 100 years and $200+ TRILLIONS in government debt, how much more of a crash do you need?

Well, everyone secretly yearns for the apocalypse, but God ain't gonna let no "event" steal His thunder.

 

[Ronin Truth]

Well, everyone secretly yearns for the apocalypse, but God ain't gonna let no "event" steal His thunder.

"The range of what we think and do is limited by what we fail to notice. And because we fail to notice that we fail to notice there is little we can do to change until we notice how failing to notice shapes our thoughts and deeds." -- R.D. Laing

 

[TaftFan]

I think Mike "Mish" Shedlock was right and Schiff was wrong.

 

[kfarnan]

"Money" is anything that is the "most marketable commodity" in a given economy. So if people used toilet-paper in their exchanges to the extent that it becomes the most marketable commodity in an economy then that toilet-paper IS money.

https://mises.org/library/carl-mengers-theory-origin-money

Classicaly currency is not the same as money.

TP isn't: a store of value, fungible, durable or divisible.

http://www.preservearticles.com/201012271798/qualities-of-good-money-material.html

 

[TheTexan]

Maybe there won't ever be another crash, because the Fed has mastered how to print shitloads of money while keeping it out of the economy.

Seems like a sustainable solution to me.

 

[TheTexan]

sloganeering

I dunno, 'Stand with Rand' is pretty clever tho

 

[TheTexan]

A 98% loss of purchasing power in 100 years and $200+ TRILLIONS in government debt, how much more of a crash do you need?

Yes but look how much our economy has grown, clearly and correlatedly as a result of that

 

[kfarnan]

Yes but look how much our economy has grown, clearly and correlatedly as a result of that

Actually we were more prosperous before the fed was created and destroyed the economy.

 

[Zippyjuan]

How do you determine "prosperous"?

 

[Danke]

How do you determine "prosperous"?

Able to keep what I earned/produced. I know, a foreign concept for you. Why are you here again?

 

[Paul Or Nothing II]

Classicaly currency is not the same as money.

TP isn't: a store of value, fungible, durable or divisible.

http://www.preservearticles.com/201012271798/qualities-of-good-money-material.html

"Classically", money hasn't always been what you're proposing it to be either! Things like salt, tobacco, coffee beans, seashells & what not have all been used as "money", given the primary function of "money" is to facilitate exchange of non-fungible products. Today, nearly everywhere, government-paper is most frequently used to facilitate exchange of non-fungible products so they are "money".

It goes without saying that gold & silver might serve better as money but as things stand right now, government paper IS money.