원문 보기
yeah well first of all i might agree that the way this system is currently operating is what is making mmt popular but the problem is the system is not working i mean it's it's working for the government but it's not working for the economy it's not working for the people and that's the problem that austrian economists understand and just you know kind of to give you a cliff notes of you know what austrian school is versus other schools of economic thought you know keynesianism being you know probably the most popular right now austrians put the emphasis for economic growth on savings and production uh not uh spending and consumption and so they look at all fiscal and monetary policy that is trying to stimulate demand as being misguided and actually counterproductive because they put the cart before the horse now a lot of that stimulus comes in the form of money hey let's just print up money so that people can spend it and that's going to grow the economy but the austrians don't see any value added by just printing fiat currency because when you print money you don't increase the supply of goods and services to buy with that money so all that really you have is inflation you just have more money chasing whatever supply of goods and services exists and so prices go up what money really is is a way to facilitate trade it is that improvement on barter see before money was invented you know if you were a chair maker and you wanted a pair of shoes you had to find a guy that made shoes that you liked who also wanted your chairs so it was a very inefficient way to transact business but when somebody realized hey wait a minute you know gold is a very good commodity that we can trade in because it's easily divisible it's portable its value is stored all gold is the same you don't have to worry about your chair being different or your shoes being different every ounce of gold is exactly the same and even if you yourself don't need the gold because you're not a jeweler you know you're not making anything with gold somebody will and of course gold was a luxury good most people like to have things made out of gold whether it was jewelry or other ways they were adorning uh you know their their houses with it or you know whatever they had i mean gold was inlaid in a lot of goods and so everybody would want gold whether you needed it or not so using money as opposed to barter was a big improvement and of course since austrians look at economic growth as a function of capital investment which is only financed out of savings you want to have money that you can save and it will store its value so when you're using gold as money it's an ideal mechanism for saving and so if you have more savings in an economy you have more capital investment and then you have more economic growth there's an old saying or if it's an old saying i think it was thomas jefferson maybe i'm wrong but the government that governs best governs least and that's pretty much the success of singapore or any country uh that has limited government is the less involvement the government has in the economy the more prosperity the economy enjoys so that is the secret of places like singapore or like hong kong in that government was small and that was also the reason that the u.s prospered during the 19th century and in fact and this is a point where i take exception i think that you know you can't even argue but i think the the most prosperous period in u.s history right where living standards for the average american rose the most was probably the period between the end of the civil war and let's say the beginning of the first world war you know around that time period and and during that time period you had phenomenal economic growth right you had the whole transformation of the us economy through the industrial revolution from a largely farm-based economy to a manufacturing economy you had the invention of all sorts of goods that previously never even existed and so people's lives really got transformed in their living standards um and that was also the purest gold standard up until the beginning of the federal reserve that was the purest gold standard the u.s ever enjoyed and that was the most prosperous period in u.s history and so having gold as money was not an impediment to economic growth in fact it helped foster economic growth and despite all that rapid economic growth and also at the same time america was absorbing millions and millions of immigrants including all four of my grandparents who came to america during that period from eastern europe lots of people were coming here and the gold standard worked beautifully more people coming more goods and services being produced and consumer prices declined during that period with all that economic growth we didn't see consumer prices going up we saw consumer prices going down we saw the value of savings going up so i don't see how you can say that it would be a step backwards to return to a monetary system that enjoyed so much success i mean compared to what we have now i mean the complete collapse and we have the we go from boom the bus to boom the bus but we we've basically hollowed out the entire u.s economy under this fiat system we've gone from the world's biggest creditor to the world's biggest debtor i mean the standard of living of average americans has been destroyed by government i mean now a middle-class family you have two people barely making a living whereas prior to that you know one person could have a job and support an entire family and have savings so i think that we it's not it's not a step backwards it's progress to go back to what used to work rather than continue what's failed the thing is why did america succeed so much more than the rest of the world and it was because we succeeded in limiting government we had more economic freedom in the united states and that's why people came here it was to escape bigger governments in their own countries to enjoy the freedom and the prosperity that went along with it here in the united states it was it was a combination of limited government i mean if you have big government it doesn't matter how much land you have you need freedom freedom is the key ingredient and that's what people are wanted and that was the source of our prosperity you know we didn't have taxes back then we didn't have income taxes we didn't have social security taxes we didn't have a federal reserve we didn't have minimum wage we didn't have any of the labor laws we had a free economy and that's what produced our prosperity not the fact that we had land there's land all over the world uh it's kind of ironic that you have people like aoc and the left complaining about the problems that they themselves created i mean college tuition would not be so expensive but for government aid to uh education both subsidized guaranteed student loans and direct student loans that's why the prices have gone up the same thing with health care i mean the free market would bring health care costs down it's government involvement that is the reason health care is so expensive but you know the biggest problem with the us economy is all of the malinvestment which is a keynesian term uh but it's the result of the artificial suppression of interest rates that has you know screwed up our capital structure to the point where the us is not really manufacturing because we don't have the savings and investment to sustain that of course we have excess regulation uh that helps make our manufacturing less competitive but these artificial interest rates and government spending have created a bubble economy that is based on consumption and spending but in order to run a consumption-based economy somebody has to produce all the goods that we're consuming and that is falling largely on the rest the world a lot of the emerging market economies like china so we run these enormous trade deficits so that we can consume things that we did not produce and everybody has these service sector jobs and we have this enormous government and it's this giant bubble economy that's sustained by the artificial suppression of interest rates which continues to exacerbate these underlying economic imbalances that ultimately are going to need to be corrected with a major economic collapse you know part of the austrian school is understanding that a lot of these economic booms are the problem they are created by government when they bust that is the free market trying to fix the problems that were created during the artificial booms but then the government steps up and tries to mitigate the recessions even though the recession is the cure that we need but we never really cure the problems because we get government intervention to try to make the problems worse and we've been doing that for so long that the problems are now so big that i think the next downturn from a monetary perspective could be a fatal one and we end up with a hyperinflation situation which will be catastrophic
Comments 0