No, the ultimate answer is "we need a greater injection of liquidity". Check out these questions, as asked of Ben Bernanke recently, and let's see what his answers were:
(Q1) What do you do if the economy slows down? (A1) We need a greater injection of liquidity
(Q2) What do you do if the economy overheats? (A2) We need a greater injection of liquidity
(Q5) What do you do, Mr Bernanke, if the cerebrospinal fluid in your brain cavity is beginning to decrease in pressure due to your lack of sleep caused by your utter incompetence and fecklessness? (A5) We need a greater injection of liquidity
You see, the answer always fits. No matter what the problem, the answer is always to counterfeit a few billion dollars more. And so, when we are in the middle of the greatest financial crisis since 1929, which even Mrs Miggins in her pie shop knows was caused by too much "liquidity" (a.k.a. counterfeiting) created by "The Undertaker", Alan Greenspan, the answer is to "increase liquidity".
The gangsters and banksters who run the nascent socialist/fascist world state must think we're a bunch of muppets if they think we're going to fall for this ongoing nonsense. I think even Mrs Miggins is beginning to realise that the Emperor really is wearing no clothes.
But where are the American revolutionaries to kick the Emperor off his throne? Alas, I fear a decade or two of state centralisation and increasing repression will be needed before such men and women are driven forward. However, in the meantime, I think it is fairly clear that the intellectual high ground occupied for nearly a century by the Keynesians and the central bankers, has at last been ceded. They are all obviously a bunch of panicking idiots who have no clue what they're doing, no idea of the unforeseen consequences they are stimulating, and absolutely no Plan B to fall back on, aside from the gun and the gulag, if Plan A fails (as it surely will).
And so now it is the time for the Austrians to take that ceded ideological ground. Our ultimate victory will then simply be a matter of time, and the number of professors the Ludwig von Mises institute can massage into the economics chairs of the world's major universities, to help destroy the breeding grounds of the Keynesian socialists. Yes, it's a long play. But ultimately I think the only play that can work. Let's take on the Gramscian/Fabian marxists at their own game. The truth will out. Eventually.
2 comments:
'The gangsters and banksters who run the nascent socialist/fascist world state must think we're a bunch of muppets if they think we're going to fall for this ongoing nonsense'.
Jack, they DO think we're a bunch of muppets, and, for the most part, they are absolutely right to believe so. Only thing is, they're a bunch of muppets too, it's just that they won't or can't recognise(perhaps not unnaturally) their own stupidity.
Until the meaning of money and its purpose is better understood - even, or perhaps particularly by, those claiming to be 'economists' - we're up against it. In any case, while 'political' money continues to be issued by, government any constructive reform will ultimately fail. My best guess is a continuation of 'Boom & Bust' for generations to come.
Just where is Thomas Jefferson or Andrew Jackson, when you need them?
Yes, I suppose most of us are muppets. As a muppet socialist myself for many years I used to believe all of the rubbish spouted by the state, and the rub of it is that I bet that most of the state leaders themselves believe it,even when they lie to us and cajole us into their self-motivated policies. Ah, the joys of state education! :-)
But with just two Austrians around in the 1930s, both a long way from home, the mafia could get away with their power grabs and idiotic policies, such as ploughing under fields to keep food prices up.
These days, however, there are tens of thousands of Austrians around, and although small as a percentage of the population, I think this is a large enough hard-core intellectual cadre to at least form a much stronger focus of opposition against the Bildeberg elites, and their plans for a single world bank and a single world currency.
The Fabian socialists took over the world with just a few thousand members. It is not numbers that matter, but the occupation of intellectual high grounds. The Fabian Keynesians have been blown away from this high ground. It is now ours to take.
The seeds for the destruction for the current levianthanesque arrangement are even contained within the Bilderberg plan, for once they achieve their plan's aim of a single central world bank, the monetary chaos that will ensue will be simply unbelievable, a sort of world-wide Zimbabwe.
And if the Austrian cadre is widely enough dispersed, we will then be in a position to offer an alternative.
Yes, I think you are right about the ongoing booms and busts. I think these will be accompanied by a much greater level of intellectual repression and state intrusion into the lives of ordinary people (if such a thing is possible), particularly with the growth of surveillance and genetics technology, but in this crisis we almost reached a total bust in the "state capitalist" fractional reserve system.
The next bust may finally deal leviathan the fatal blow that many pray for. If we're lucky, the current fiduciary crisis could still deal leviathan a fatal blow. It may do yet if the shops start running out of food, and we get the full-blown world-wide Zimbabwe effect.
Like Murray Rothbard, and I suspect like you, I think the immediate future is going to be terrible. However, just like the great bespectacled one, I am very hopeful for the long term future. Leviathan is beginning to thrash in the wind. I am hoping it is merely a matter of time before it collapses entirely.
If only we had Murray around now, to guide us in what we should do to help put it out of its misery.
Walter Block may be a great man too, but up against Uncle Murray, he just doesn't do it for me! :-)
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