We are educating ourselves with every action we make. Today I found with my actions a comment that fully describes my journey past 6 years: When I studied Keynsian economics it never made sense. It was tortured logic warped by mathematical formulas in an equilibrium universe that doesnt exist. There were truths, but the truths were always imperfect because the world was imperfect, information was imperfect and so models were used that could never represent real effects. People complain about economists for good reason. They are incapable of making predictions. If the foundation for an argument is sand, it will be washed away by the first wave. When you start with fantasy, it is difficult to measure reality. Once I realized that keynsianism was a theory propagated for the purposes of the central bankers and even then, only used in parts to encourage the use of debt and creation of greater and greater interest payments- it became clearer. Once I studied Austrian theory and Classical Liberalism(Bastiat, Say, Contillion) economics began to make sense. It became predictive, the models were useful and the effects of monetarism were simple to comprehend. Economics stopped being a mystery and quickly became a force in all my decision making. I realize there are millions of people heavily invested in Keynsian/Ricardo/Mills et al economic theory and it is unfortunate they have been mislead by the institutions we trust to educate us. Still, we have the opportunity to explore and educate ourselves. If you havent read Austrian theory, may I suggest any title by Rothbard, The Road to Serfdom by Hayek and Von Mises Theory of Money and Credit. There is a reason their theories were ignored during the Great Depression- they exposed the FED and would have led to a real correction in a shorter time with no debt creation. Unions would have been weakened, producers would have been forced to sell at market and government would have been marginalized. Everything we have today follows from the actions of the central bankers and government acting in collusion to transfer all wealth from America. This is why we should know Austrian theory- it is our only alternative to the status quo Sean7K. Our Keynesian, debt for growth model will not work much longer.
Posted on: Sun, 23 Mar 2014 13:06:22 +0000
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