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Austrian econ is popular chatter from time to time. My question is
how many Austrian advocate futures traders would give up their
fractional reserve futures contracts???
Cheers,
Chris
--- In realtraders@xxxxxxxxxxxxxxx, Glen Wallace <gcwallace@xxxx>
wrote:
> Wow, that's like asking "how do I make money in the markets" in one
paragraph or less, but here are a few distinctions:
>
> 1. government invention worsens business cycles and prolongs
recession and depression
> 2. they advocate sound, non-inflationary money
> 3. fractional reserve banking is imprudent, inflationary and
promotes boom-and-bust cycles
> 4. deflation is not the bogey man Keynesians make it out to be.
It is simply a correction of malinvestment and inflationary excesses
>
> Here's a quote from Rothbard's 1963 "America's Great Depression"
that distinguishes Austrian theory from what we have come to know
as "traditional" economic ideas, and, by parallel, highlights the
current problems in trying to solve the Japanese banking situation:
>
> "If government wishes to alleviate, rather than aggravate, a
depression, its only valid course is laissez-faire -- to leave the
economy alone. Only if there is no interference, direct or
threatened, with prices, wage rates, and business liquidation will
the necessary adjustment proceed with smooth dispatch. Any propping
up of shaky positions postpones liquidation and aggravates unsound
conditions. Propping up wage rates creates mass unemployment, and
bolstering prices perpetuates and creates unsold surpluses."
>
>
>
> ----- Original Message -----
> From: Dan C
> To: realtraders@xxxxxxxxxxxxxxx
> Sent: Monday, May 05, 2003 8:36 AM
> Subject: Re: [RT] VON MISES AND AN ECONOMIC BLUEPRINT?
>
>
> Would you speak to the differences or uniqueness of Austrian
economic theories.
> Dan
>
> Glen Wallace wrote:
>
> If you're interested in learning more about the Austrian
economic theories, read: "The Mystery of Banking" by Murray
Rothbard"America's Great Depression" by Murray Rothbard"The Theory of
Money and Credit" by Ludwig von Mises The first two books give you a
taste of the theories and can be downloaded free from
www.mises.org . The last book is a bit dry, but I think it is
considered the Austrian School bible (or at least a pretty important
hymn book). Regards.
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