Political Crossfire Forums

[Nathyn]

And I was thinking that I should write a book on Austrian economics.

I'll call it, "Money Grows On Trees."

I decided on that title after someone there argued that eliminating currency "just means we all have more goods." Another person there argued for a $100,000 poll tax. And virtually all of them there support the gold standard -- apparently, hyperinflation isn't a large enough incentive for central banks to not overexpand money supply, neither inflation nor deflation are economically harmful, and the money supply never actually needs to increase, to keep pace with economic growth and population growth.

Austrian economics isn't a school of economics. It's a Capitalist cult.

[LeopardPM]

Nathyn wrote: And I was thinking that I should write a book on Austrian economics.

I'll call it, "Money Grows On Trees."

I decided on that title after someone there argued that eliminating currency "just means we all have more goods." Another person there argued for a $100,000 poll tax. And virtually all of them there support the gold standard -- apparently, hyperinflation isn't a large enough incentive for central banks to not overexpand money supply, neither inflation nor deflation are economically harmful, and the money supply never actually needs to increase, to keep pace with economic growth and population growth.

Austrian economics isn't a school of economics. It's a Capitalist cult.
who said 'eliminating currency' just means we will just all have more goods? This isn't any sort of Austrian viewpoint - in fact the elimination of money isn't even a possibility. As to the rest:
poll tax = taxes in general are not supported
hyperinflation as a dissincentive = not if you believe that you can somehow control it (as central bankers believe)... and what definition is 'overexpand'?
inflation and deflation are not necessarily harmful, depends if they are brought about through counterfeiting or by natural changes in the money supply (money being a commodity)
and yes, the money supply does never need to increase - this has nothing to do with economic 'growth'

[Free Thinkr]

You've also been posting on the Austrian forum. ;)

[Nathyn]

Free Thinkr wrote: You've also been posting on the Austrian forum. ;)
They're the same thing, actually.

[Free Thinkr]

Nathyn wrote: Free Thinkr wrote: You've also been posting on the Austrian forum. ;)
They're the same thing, actually.
LOL, so they are. In that case, "I know." :lol:

[Varyag]

All good Mises followers know that fiat currency is the work of the devil.

[gavnook]

Nathyn wrote: And I was thinking that I should write a book on Austrian economics.

I'll call it, "Money Grows On Trees."

I decided on that title after someone there argued that eliminating currency "just means we all have more goods."

What a strange thing to say. Either you or the person who said that is confused. Or maybe both.

Nathyn wrote: Another person there argued for a $100,000 poll tax.

When you ask a market anarchist for his ideal tax, you're bound to get answers like this.

Nathyn wrote:
And virtually all of them there support the gold standard

You should distinguish between favoring gold as money from support for the Gold Standard as that which previously existed in the US. Now, Austrians generally favor hard currency, so this should not be a suprise.

Nathyn wrote: -- apparently, hyperinflation isn't a large enough incentive for central banks to not overexpand money supply

The threat of hyperinflation has certainly failed to prevent some central banks from inducing it.

Nathyn wrote: , neither inflation nor deflation are economically harmful

The Austrian position is that monetary inflation is harmful. Monetary deflation doesn't really happen except through a contraction of inflationary credit. This is a result of inflation through credit expansion. It is not harmful itself, but the result of harmful inflation. Price inflation or deflation, ceteris paribus, isn't harmful, but generally means the economy is shrinking or growing, respectively.

Nathyn wrote:
, and the money supply never actually needs to increase, to keep pace with economic growth and population growth.

Nope, sure doesn't. I've explained why before.

Nathyn wrote:
Austrian economics isn't a school of economics. It's a Capitalist cult.

If you say so.


Stick around on that board for a while, but try not to be too obnoxious. You might learn some things. Understand that some of the folks there are pretty green and don't always understand what they're talking about as well as they think they do. Then again, I have that some problem sometimes. I think a lot of these guys are the type of college nerds whose company neither you nor I would enjoy. Often, when answering a questiong, they're intent is more to give the correct Austrian answer, rather than actually say what they think. They think like some damn students.