Thursday, December 18, 2008

Financial crisis: Free money coming your way!

The increasingly ridiculous Edmund Conway, argues that hyperinflation is good for us.

Maturin Towers Comment:

Jack Maturin on December 18, 2008 at 11:01 AM

Edmund, please stop reading Paul Krugman and start reading Peter Schiff instead. You will feel much better afterwards.

Alternatively, please let us know why these policies that you advocate have been so successful in Japan in the last two decades.

4 comments:

not an economist said...

"Alternatively, please let us know why these policies that you advocate have been so successful in Japan in the last two decades."

The usual excuse given in response to this one is that without the govt intervention and ever lower interest rates Japan would have sunk even deeper into the mire with economic growth figures being far worse than they have actually been.

Jack Maturin said...

Yes, unfalsifiable assertion after unfalsifiable assertion. No matter how badly Keynesianism affects an economy, the excuse is always that "we should have done it even more", or "it would have been even worse if we hadn't done anything".

And this from people who have no model of the business cycle which explains its operation, who did not predict how or why the current recession would happen, and who have no solutions to the crisis except to use the same tools which caused the crisis in the first place (e.g. artificially low interest rates, plus government borrowing and subsequent consumption spending).

No matter. We Austrians must just keep plugging away with our worldwide propaganda campaign to get people to listen to Lew Rockwell, Peter Schiff, Jim Rogers, and Ron Paul. Hopefully the penny will eventually drop! :-)

Perhaps it really will take martial law, petrol rationing, empty shop shelves, and unemployment over 10 million to bring it home. Though I fear capitalism will STILL get the blame from the anti-market idiots who have caused this crisis.

Where is the next Margaret Thatcher coming from to get us out of this mess? She used Hayek.

Is there someone out there who is bold enough to use Hayek's teacher, Mises, instead?

I suppose we shall just have to wait and see.

The Mekon said...

Jack - It seems that your comments don't appear in either of the Torygraph articles. What's up?

Jack Maturin said...

I don't know what's going on, as now both comments have appeared, the Gordon Brown one several hours after I posted it. I suspect Christmas holidays may be to blame, with moderators being on their skiing holidays.

I did think for a while I had been placed on a 'no-fly' list after my comments on the Barclay brother imposition of democracy onto Sark, but fortunately not.

Bit slack though. You'd expect more from the Telegraph, even though they do seem to have a pink tinge these days, with the dreadful Mary Riddell somehow still being allowed to post Guardian pieces on their comment page.