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Unfortunately it is just chatter, because with the extent of government
control over money, banking and the economy, there is little chance of
them giving control back to free enterprise.
In any case, your analogy is incorrect. That's like saying borrowing
money to purchase inventory is "fractional reserve" business. It is a
self-liquidating loan that is not inherently inflationary. Fractional
reserve banking, on the other hand, is creating money out of thin air
and is the epitome of inflation.
----- Original Message -----
From: "chrischeatham" <nchrisc@xxxxxxxxxx>
To: <realtraders@xxxxxxxxxxxxxxx>
Sent: Monday, May 05, 2003 12:02 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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