Sunday, January 11, 2009

Bring In The Austrians, Kick Out The Clowns!

From Kevin Depew of Minyanville:

While it may be true that "all economists" at the annual meeting of the American Economic Association favor drastic public spending measures to end a "bad recession," it is hardly true that "all economists" everywhere favor this kind of spending.

Not ALL Economists Agree

The Times article completely ignores an entire school of economic thought:

All attempts to emerge from the crisis by new interventionist measures are completely misguided. There is only one way out of the crisis: Forgo every attempt to prevent the impact of market prices on production.
- Ludwig von Mises, The Causes of the Economic Crisis

Of course, ignoring the Austrian school makes sense in this day and age. Ludwig von Mises certainly discovered there is no popularity gained from being right about economic doom. Being "right" about doom is the quickest way to create more enemies than you can shake a stick at.

That really is the only way to explain why, today, the very people in charge of driving the global economy over the cliff - global central banks and Keynesian economists - are now charged with "rescuing" it from its death dive.

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