Saturday, September 4, 2010

Austrian Economic Doomsaying

  • "Everyone is still shopping, still living high on the hog, still going out to eat, still spending lavishly," notes Lew Rockwell, crediting "consumer credit, which is down but not nearly in proportion to the fall in economic prospects" — Reality Economics. "Such opportunities didn't exist in the 1930s," he continues. "People had to live within their means. Today we can all just go on fooling ourselves for as long as possible."

  • Gonzalo Lira "argue[s] that the next step down in this world-historical Global Depression which we are experiencing will be hyperinflation" — How Hyperinflation Will Happen. "Prices rise in a hyperinflationary environment just like in an inflationary environment, but they rise not because people want more money for their labor or for commodities, but because people are trying to get out of the currency."

  • "Your own stupid government has destroyed you by letting the foul, fetid, festering Federal Reserve create too much money that they stupidly, stupidly, stupidly did as part of the stupid neo-Keynesian econometric theoretical lunacy that has mesmerized them, so that a shiny computer in front of a neo-Keynesian econometric economist is like a shiny toy in front of a monkey, and which has mesmerized the Fed and the government for similar reasons, and with similar results, in that the toy is now broken, the monkey cut its hand on the broken toy, the cut is infected, and there is a good chance that the monkey will die a horrible, painful death!" shouts Richard Daughty, a.k.a. The Mogambo Guru, to passersby — Signs of an Evil Economy

  • The Economic Collapse reports that "the freedom to use cash is being slowly stripped away from us in an increasingly large number of countries" — The Death of Cash? All Over the World Governments Are Banning Large Cash Transactions
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