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2nd Great Depression Update

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posted on Apr, 2 2010 @ 04:25 PM

Originally posted by drew hempel
reply to post by mnemeth1

Greenspan did not predict the bubble. The average U.S. citizen does not know about the "Austrians" -- unless they've studied economics. Greenspan though was an "Austrian" economist! I equate Austrian with monetary stimulus versus fiscal stimulus.

I said AUSTRIAN ECONOMISTS predicted the crash.

Not Greenspan, not Bernanke, not Krugman, not anyone other than AUSTRIAN ECONOMISTS

Here's an entire publication on this.


Here's Peter Schiff - an Austrian economist and investor predicting exactly what would happen:

Quoting Prof. DeLong of Berkeley:

Alan Greenspan would certainly not say that he is a Keynesian. He might say that he is a Wicksellian--a believer in equilibrium real interest rates, and in the roleof the central bank in stabilizing the economy by interest rate management.

Of course, in practice there seems to me to be very little difference between a follower of Lord Keynes and a follower of his Swedish contemporary, Knut Wicksell

Whatever Greenspan was, it certainly wasn't Austrian.

His policies of artificially low interest rates were ridiculed without end by the Austrian school.

The Austrian school believes Greenspan's rates suppression is the CAUSE of the current situation.

[edit on 2-4-2010 by mnemeth1]

posted on Apr, 2 2010 @ 05:21 PM
reply to post by mnemeth1

The link you give states:

At the height of the bull market, allies of the Austrian school of economics held a conference at which most participants emphasized the role of the Fed in creating the boom.

"allies of the Austrian school" is the same as Greenspan:

Alan Greenspan's actual policy views may stem from his tryst with Austrian economics about forty years ago, when he was a successful, independent economic consultant and member of Ayn Rand's "inner collective" of Objectivist intellectuals. Austrian School writings were especially emphasized by various members of that group, which at one time included preeminent Mises scholar Murray Rothbard. If Mises's former student Alan Greenspan was influenced by Mises and other Austrian School economists, part of that course may shed some light on the current discussion of Fed policy, especially Greenspan s lectures on "time preference" and "the rate of future discount."

To hide the economic crisis behind the label of "Austrian school" is silly -- it's just semantics.

Greenspan was Austrian as much as any other "monetary stimulus" economist. You got monetary or fiscal -- they're both corporate-state scum.

posted on Apr, 2 2010 @ 05:55 PM
reply to post by drew hempel

Do you even understand what you are reading?

You do realize that Greenspan was the former Fed chairman right?

You do realize that what the Austrians are saying is that Greenspan created the bubble right?

Yet in the same breath your saying Greenspan himself was an Austrian.

This makes absolutely no sense what-so-ever.

If Greenspan was an Austrian he would have taken action to prevent the bubble the Austrians said he was creating!

So how in the hell could Greenspan be an Austrian!?

[edit on 2-4-2010 by mnemeth1]

posted on Apr, 2 2010 @ 06:05 PM
Sorry to burst your bubble -- again it's not disputable that Greenspan is of the Austrian school. Of course the Austrians -- the MONETARY STIMULUS SCHOOL -- are not going to take credit for the worst depression in global history! haha.

I recommend not clinging to an ideology -- so-called "Austrian" -- it's silly. Just say you are of the monetary stimulus school. Think Pinochet and Friedman as genocide. Kill the Commies, etc. Sorry but I would not associate myself with such ilk.

Economics is called the "dismal science" for a reason -- it's really just plunder! There's no mystery about slavery is there!

What do the Austrians say about slavery!

Austrian school -- what a joke -- there's a reason Einstein finished high school in Switzerland.

When two Austrians disagree, they do not shoot it out; rather, each of them tries to come up with a better argument next time, but usually the disagreements remain. Things are not at all different in mainstream economics. It is a grave error to believe that empirical field studies provide something like a final verdict on a contested question. The empirical record shows that disagreements between positivists remain in the face of even the most impressive findings.

[edit on 2-4-2010 by drew hempel]

posted on Apr, 2 2010 @ 06:35 PM

Stiglitz has been recorded saying that Greenspan “didn’t really believe in regulation; when the excesses of the financial system were noted, [he and others] called for self-regulation—an oxymoron.” Unregulated capitalism and sustained growth is another one of those oxymorons. It’s about time the Austrian school of economic thought be buried 6 feet under.

Here you have the same minutiae about whether Greenspan is really an "Austrian" while Friedman was an Austrian when he really wasn't an Austrian -- and so on ad nauseum.

It's all monetary stimulus. Whether you're a "gold bug" or against "fractional reserve banking" or for "low interest rate" lending -- it all comes down to the magic of the free market b.s.

The "free market" is an oxymoron! Even farmer markets have regulations. The commons! No - the West, since Greece, has been based on slavery. Slavery in the free market!

[edit on 2-4-2010 by drew hempel]

posted on Apr, 2 2010 @ 07:13 PM
Dean Baker vs. Greenspan

posted on Apr, 2 2010 @ 07:23 PM

Even within such groups as the Austrian school, at least one thinker has argued that full-reserve banking would impose similar costs of price adjustments in reaction to growth (through a reduction in the overall price level) as would inflation, and hence offer no inherent advantages over fiat currencies and fractional reserve banking.[24]

posted on Apr, 2 2010 @ 07:33 PM
An excellent critique of the Austrian school as just another form of monetarists.

posted on Apr, 2 2010 @ 08:11 PM
reply to post by drew hempel

Your endless torrent of agitprop fails to prove:

1. Greenspan is an Austrian (he's not, and any economist will tell you that, even Greenspan himself)

2. That the Austrian school theory is incorrect, given that it accurately predicted the 2000 stock market bubble and the 2007 housing bubble - and all the previous recessions.

So, you can throw out as many useless and baseless wiki and forum references as you like, they aren't helping your cause any.

posted on Apr, 2 2010 @ 10:13 PM
reply to post by mnemeth1

I'm not even making the claims you think -- I'm stating that both Greenspan and the Austrian school are dip wits. You jiggy?

It's capitalism -- corporate-state imperialism!

Seriously -- Europe is based on slavery -- the West is based on slavery.

Whether a bank uses the gold standard or not really doesn't matter.

As for "predicting" some capitalist bubble? Hello -- anyone can see capitalist bubbles. They're the pink elephants in the room!

But seriously if you need your Austrian fixation then by all means -- grab hold of it like a teddy bear for a child.

Austrian school will save me!


Good luck.

posted on Apr, 3 2010 @ 12:42 AM
reply to post by drew hempel

well then

have fun with your state sanctioned violence

posted on Apr, 3 2010 @ 08:42 AM
reply to post by mnemeth1

I have nothing to do with state-sanctioned violence. I've, on the contrary, organized against it. For example if you want state-sanctioned violence watch this:

John Pilger's award-winning documentary

Burma: Land of Fear.

posted on Apr, 3 2010 @ 04:12 PM
The Money Fix on economists as not being scientists:

Hazel Henderson exposes the Nobel Prize in Economics as FAKE!

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