Friday, November 14, 2008

The experts laughed at Libertarian economic predictions but.... one is laughing now. The following video is very telling about how Libertarians who believe in laissez-faire economics via the Austrian School of economics are generally laughed at by so called money experts.
You see, it was people like Peter Schiff and Ron Paul who follow the Austrian approach who predicted exactly what happened with our economy while everyone around them actually laughed at them.
Furthermore, Austrian economists didn't just warn of the coming bust, they offered solutions and ways to avoid the credit disaster entirely, but no one would listen to them.

I am sad to report that they are still not listening, despite the evidence all around them. Instead, they are taking steps that will ensure our economy recovers as slow as possible, introducing corporatism and corporate welfare on a scale never seen before. They are trying to remove the penalty for poor economic policy in an effort to prop up that bad policy and keep it chugging along, draining this nations economic wealth. What they are doing is removing moral hazards from the scene, ensuring that this bad business model continues.
And if President Elect Obama is wise, he will hire Peter Schiff into his administration and listen to his advice.

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