The first entry in this series was an Internet sensation. Now you can enjoy Part II.
The Long-Awaited Second Installment of the Hayek v Keynes Rap Video
April 28, 2011 by Dan Mitchell
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Why must one be either for monetary tightness or looseness? Why can’t we have a system where money supply and money demand meet at the clearing purchasing power? The Depression was started by loose money causing a stock market bubble, and then turned into a Depression by tight money. It was both!
Dan, when are you going to do those free banking videos you promised?
Austrian theory is nonsense. It is obvious that money was tighter in the second part of the 1920s than in other periods, supply sider Robert Mundell and others clearly showed that and an examination of the facts shows the same. If “loose” money caused the Great Depression then we should have had the Great Depression and then, every other decade, a Super-Great Depression. But that never happened, so it is clear that austrian theory is nonsense.
Austrian theory demonizes investment when it talks about “malinvestments” which in fact were mostly perfectly good investments that were destroyed by criminally tight money and by the enormous new taxes and regulations implemented in part to “solve” the Great Depression.
While Keynes, based on his pseudoscience, recommended beneficial lower interest rates during the Great Depression, Hayek recommended pouring gasoline into the fire with even more exorbitant interest rates. Keynesianism got mainstream because classical liberals -austrians- gave so cataclysmical bad recommendations. Austrians do not understand Great Depression and their bad theories continue to do great damage to libertarianism
Austrian notion of savings is nonsense, savings is the net worth of a society and not those “loanable funds” on which austrians base their edifice of falsehood.
Austrians did ENORMOUS damage to classical liberalism/libertarianism with their so bad economics theories.
It is pretty clear how very tight money in 2008 triggered this crisis -read supply sider Robert Mundell- and is pretty clear how there was tight money -crazy high short term interest rates- before every recession since Great Depression, so there is a crystal clear correlation between tight money and crisis: Tight money triggers recesions! When you see tight money before every recession that becomes obvious! The people from finance are pretty aware of such an obvious fact, but it seems that many economists have not noticed such an obvious fact.
There was too in this crisis the housing bubble, the Community Reinvestment Act, the government taking private risk in its hands, but the thing that triggered the wild crisis was tight money in 2008, read Robert Mundell who is a Nobel Prize winner and he is too THE nobel prize winner that solved stagflation and that helped to end, with the euro, the floating exchange rate chaos in most of Europe while Friedman was crucial in creating stagflation with his bad monetary theories and Friedman was crucial in creating the worldwide explosion of exchange rate chaos and junk garbage money.
Austrians, by satanizing investment, gave reason to the Krugmans and the Keynesians because austrians too demonize private investment. And we know that demonizing the ownership of capital is essential to the lefts power, and control and opression goals.
Okay, I may well be the first Libertarian to say anything negative about these videos, but I hate them.
Why?
Well for basically the same reason Bart and Lisa tell Homer to “never do that again” when he does his Mr. Plow rap:
So help me Dan, if I ever catch you ‘rappin’ to make economics “hip for the kids”, I’m gonna make you eat your own tie.
[…] via Dan Mitchell […]