WA Delegate (non-executive): The Republic of HUFS (elected 80 days ago)
Founder: The Commonwealth of Whipjangle
Regional Power: Moderate
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Libertarian Regional Message Board
Hey man, Australian-Bahamian libertarian here ^_^
@The Republic of Claramas: welcome aboard!
Thanks, I hope I am not denigrated for my position. Granted I am not the archetype libertarian, but at the foundation on my political philosophy is a Libertarian core. I was a member of LvMI but these days I find strands of Keynesian economics explains the modern economy today. You might find that oxymoronic, however Minsky, and Paul Davidson has stated that the economy is non-ergodic. Paul Davidson even criticised economists like Krugman and co who think they can predict what's in store for us.
So I am a moderate Libertarian, but I'm always for a small government and fiscal conservatism. :)
Support for limited government (let alone libertarianism) is not compatible with Keynesianism. As for the latest refutations of J. M. Keynes - see Hunter Lewis ""Where Keynes Went Wrong".
Lending should be from REAL SAVINGS - not credit-money expansion.
Claramas so you have Post Keynesian leanings
If you weren't aware, the final installment of Atlas Shrugged opens next month - I think on 9/12
Are you talking about the movie, it's terrible.
got to say, there is a simple fact revealed by history, that when a recession/depression occurs, a govt issuing a capital investment infrastrucure project does a lot more for economic growth than lowering the interest rate of the fiat money supply.
Did you know Carl Member was for intervention into the marketplace. Crazy huh.
Carl Menger was an interventionist in some ways (for example he was in favour of government schools - which had existed in Austria for a century by his time), however he was free market by modern standards (no more an interventionist than Barry Goldwater or Ronald Reagan).
Carl Menger was really about theoretical economics (methodology) taking those principles to their logical conclusions was undertaken by the next generation - principally by Ludwig Von Mises (1881- 1973 - he was active to an unusually advanced age, still doing good work as late as 1966).
FJK - your "simple fact" is PARTLY counter factual.
I agree that government interest rate cuts are crazy (hair-of-the-dog economics - like trying to cure a hang over by drinking).
But government infrastructure spending is ALSO crazy.
Warren Harding (the most smeared American President in history) did not launch infrastructure schemes (as Commerce Sec Herbert Hoover wanted) when the World War One credit bubble burst in 1921 - he (Harding) cut government spending in half (from six billion Dollars to three billion Dollars) and the economy was in recovery in six months.
In the 1930s (both under Franklin Roosevelt - and under Herbert "The Forgotten Progressive" Hoover) there was endless "infrastructure" spending - and mass unemployment continued. It was only broken by the disguised WAGE CUTTING of World War II - the government pretended that wages were not being cut, because it measured them against official prices (not REAL "black market" prices) - in reality REAL wages were hammered during World War II (and unemployment vanished). In the late 1940s there was real wage growth and still (basically) full employment - because the economy was finally really improving (thanks to the so called "Do Nothing Congress" elected in 1946).
This "infrastructure" government spending obsession really depresses me - even the constant paving over of Japan does not seem to have removed it from the minds of people.
Of course an "infrastructure bank" would mix both forms of insanity - fiscal insanity and monetary (credit bubble) insanity.