nolife-likelowlife asked: I can tell from your vehemence for fractional reserve banking that you don't really understand it or the economy, similar to Ron Paul which I suppose is why you support him. Anyway what are your views on the national debt, currency, and our current economic situation and what should and can be done to fix it?
You criticize my views on the economy, and then you ask about my views on the economy. Isn’t this a lot like saying to someone, “I can tell by your vehemence for soda that you don’t understand how beverages work. Anyway what do you recommend I drink with my lunch today?”
Here’s what I usually provide to rude people.
1. A meme.
2. A straw man.
3. A half-assed answer.
Pertaining to whether I think “we” should do anything about the economy I have two spectacular recommendations: (1) we tell the government to stop inflating the money supply for projects that do nothing but misallocate important resources, and (2) we focus on savings in order to save the future economy.
Individuals who believe that governments need to stimulate economies in order to pop them out of recessions rarely answer the question that Austrians introduce, namely, why economic downturns affect producer-goods industries considerably more than consumer-goods industries. The mere fact is that the problem is a lack of steady capital, not the existence of underconsumption.
“You can’t fill a half-empty pool with its own water,” so the saying goes.
