Are you frustrated by the economic downturn that began in 2008 and still continues to this day? While the majority of the major news networks will claim that economists are clueless about why it began, a smaller group know the exact causes. Keynesian economists, such as the popular Paul Krugman, who now writes for the New York Times, often trump the Austrian economists in the news even though they have everything backwards. Outspoken economists and political figures like Peter Schiff and Ron Paul, who subscribe to the Austrian economic model, predicted the recent downturn years ago. Dr. Paul even warned of it extensively during his presidential campaign but was largely ignored and mocked as an outcast by Rupert & Co. et al.
If you’re wondering what this Austrian model is all about, I have something fantastic to show you. And trust me, as boring as learning economic models sounds, the following video by Thomas E. Woods Jr. is just an amazing introduction that makes everything so clear. Woods is a historian and an author who’s most recent work is titled Meltdown: A Free-Market Look at Why the Stock Market Collapsed, the Economy Tanked, and Government Bailouts Will Make Things Worse, which I just finished reading about a month ago and highly recommend; especially if you like the video. Not only is the video very interesting, it’s also humorous as well. You do have to make a bit of a time commitment, the full thing is 50min., but I would almost beg you to watch it.
Are you really going to trust a guy who states in his latest article that adding to the deficit is good for the economy? "So don’t fret about this year’s deficit; we actually need to run up federal debt right now and need to keep doing it until the economy is on a solid path to recovery." How is that even logical?