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Tuesday, October 21, 2008

Economics in one post

Not this post, this one.

Mish Shedlock says of it:
It's a sad state of affairs that Bernanke who fashions himself an "expert" on the great depression knows less about the cause and cure of it than anyone who reads and understands the above article.
Mish's blog is, by the way, must reading for anyone who wants to hear about the economic outlook from a very sharp economist. (The current outlook in one word? Unemployment.)

A couple other good recent articles: one explaining that our Keynesian banking system is guaranteed to melt down regularly, just as it has done every few years or decades; and another which soberly explained the dire situation back in March and what must be done about it. This last is by the brilliant Objectivist George Reisman, who was voraciously reading economic treatises at age 14 before coming to study under both von Mises and Ayn Rand. Read his magnum opus online here.

The common theme of all the above? Shut down the Federal Reserve, cut government spending, and replace fiat money (which is, increasingly, just a bunch of IOU's taken against future tax receipts, i.e, against ourselves) with gold -- that is: get the government out of the economy or risk another depression.

Objectivists Ed Cline and C. August consider just how bad things are about to get, given that the statist deck of cards is stacked against us. Indeed, since Obama and Pelosi and Bernanke and Paulson (and governments around the world) will soon be running the show in unison according to the Marxist-Keynesian script of economic destruction -- the popular contempt for capitalism having reached a new crescendo -- we can no longer rule out as far-fetched that we may experience an economic-political disaster of epic scope in the next few years. Of course, neither can one predict that such is very likely to happen: even if you are an economist and this is your area of expertise, everything still hinges on the unpredictable, arbitrary actions of those in power.

But it is at least time to face the fact that a government-generated wave of unemployment is already on it's way.



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