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Chris-
It's NOT the same thing. Nobody but the FED has the monopoly to create
money out of
thin air.
chas
----- Original Message -----
From: chrischeatham <nchrisc@xxxxxxxxxx>
To: <realtraders@xxxxxxxxxxxxxxx>
Sent: Monday, May 05, 2003 2:02 PM
Subject: Re: [RT] VON MISES AND AN ECONOMIC BLUEPRINT?
> 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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>
>
>
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>
>
>
>
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