People like Ron Paul and Peter Schiff have correctly predicted this financial disaster years ago. Here is a youtube video for evidence. http://www.youtube.com/watch?v=IU6PamCQ6zw I am getting very interested in its theories. Can you recommend me a good book on this topic?
The best ones are quite long: Human Action by von Mises and Man, Economy, and State by Murray Rothbard. For some more recent books and shorter, try Rizzo and O’Driscoll’s the Economics of Time and Igonorance or Time and Money by Roger Garrison.
DonYuan Wrote: ------------------------------------------------------- > People like Ron Paul and Peter Schiff have > correctly predicted this financial disaster years > ago. Here is a youtube video for evidence. > http://www.youtube.com/watch?v=IU6PamCQ6zw > > I am getting very interested in its theories. Can > you recommend me a good book on this topic? Ron Paul has been predicting this for 30 years. Hey, I predict that I am going to die, eventually. I predict I am going to have gray hairs. (spiece checks his head) HOLY CRAP! GRAY HAIRS! (my mom started turning gray at 15). Prognostications without timelines are the equivalent to nostradamus’ ramblings.
Geez, if the guy wants to read about Austrian Economics, that’s a good thing, right?
JoeyDVivre Wrote: ------------------------------------------------------- > Geez, if the guy wants to read about Austrian > Economics, that’s a good thing, right? only if he reads it with the mindset of a comedy.
Capitalism, Socialism, and Democracy by Joseph Schumpeter is a good read–maybe not as techincal as you’d like. Ron Paul may spin out of the solar system.
spierce, yep you got that right. This happens all the time, someone keeps predicting something until it eventually happens…like, stock X is overvalued. I know of a stock message board with a few thousand posters predicting all kinds of things. When a major event occurs, lo and behold, a posting is pulled out of these posts predicting the exact event! The guy becomes an instant celebrity.
So I know someone who sent out newsletters to hedge funds. We sent out 8 different ones with different predictions. After a year, he called up all the funds he sent the newsletter to that turned out to be most accurate and asked for a job. It didn’t work, but it’s a good story.
That’s a great one JDV, but hey I will try it with a larger sample size.
stop your ignorant rants @spierce and JDV et al. schiff or jim rogers are not idiots. while predicting the disaster of the credit bubble, they also made money in commodities including gold and oil and aisan markets way before others found them attractive.since only the negative comments of gloom seem to attract attention,people like you would like to focus only on that. strawman fallacy,as usual -you guys are masters at that.
Ignorant rants? Did I make any ignorant rants on this thread? I would also never make an ignorant rant about Jim Rogers except to say that he is the man.
sorry, i should say taunts and barbs to discredit austrian views
My comments weren’t about Austrian Economics, which I have been reading about last 2 or 3 years (actually I get their daily articles from here: ). I also respect Jim rogers for his views and astute entries and exits. My comments are about instant celebrities due to random outliers.
Dsylexic Wrote: ------------------------------------------------------- > sorry, i should say taunts and barbs to discredit > austrian views They discredit themselves. No need for any effort on my part.
Economics in One Lesson - Hazlitt This is a classic, and should be considered a foundational text for free markets and the Austrian school of thought. Also, you can google the Mises institute for a lot of articles and insight.
It’s not that the Austrian school is necessarily bad or wrong, I think for smaller countries it is a phenomenal model to follow. However, I do believe that suggesting the mega economies such as the UK, US, or China follow the gold standard is impractical and moronic as it ignores the basic limitations of that school of thought, and the gold standard in specific. The gold standard would not be a viable option for an economy with the scale, leverage and velocity of the US and would cause an immediate catacalysmic implosion when the first bubble inevitably bursts.
I’ll second Hazlitt as a great intro, but not just Austrian Economics, to all Economics. While Schumpeter is Austrian, most of his work wouldn’t be categorized as “Austrian Economics.” BTW, not all Austrian Economists believe in the Gold Standard. What generally they agree on is that state-run central banking is bad. Some believe in Free Banking that allows fractional reserve banks, some believe in commodity standards, and some only support a classical gold standard. Austrian Economics is more than just Gold Standard is good and if you’re talking about it without reading MES or Human Action, then your opinion is basically naive and ignorant.
Enjoy: http://video.google.com/videoplay?docid=6507136891691870450&ei=SRnXSNvSBIfy-wGxyOjHAg&q=bailout
Black Swan Wrote: ------------------------------------------------------- > It’s not that the Austrian school is necessarily > bad or wrong, I think for smaller countries it is > a phenomenal model to follow. However, I do > believe that suggesting the mega economies such as > the UK, US, or China follow the gold standard is > impractical and moronic as it ignores the basic > limitations of that school of thought, and the > gold standard in specific. The gold standard > would not be a viable option for an economy with > the scale, leverage and velocity of the US and > would cause an immediate catacalysmic implosion > when the first bubble inevitably bursts. is it because of the commodity gold that you are against it or is it because you inherently think big economies dont require stable money?
jmh530 Wrote: ------------------------------------------------------- > I’ll second Hazlitt as a great intro, but not just > Austrian Economics, to all Economics. > While Schumpeter is Austrian, most of his work > wouldn’t be categorized as “Austrian Economics.” \ why I recommend Schumpeter.