But this time it is likely to be worse!
I suspect that most readers of these postings are not old enough to have first hand recollections of the Great Depression and fewer still have a grasp of its causes and effects. In any event, it will be worth while for those with Mp3 and podcast capabilities to spend the required 15 minutes to listen to THIS.
I will guarantee that the above podcast will generate one of 3 responses:
1. Anger
2. Fear
3. Disbelief
For those whose reaction is #3: I sincerely hope you are correct and enjoy your delusion. Meanwhile, please steal, copy or plagiarize this posting.
4 comments:
"I suspect that most readers of these postings are not old enough to have first hand recollections of the Great Depression and fewer still have a grasp of its causes and effects."
You apparently believe that every opinion that have is correct and that every statement you make is the absolute truth? I listened to the interview of Mr. Schiff and take his comments for what they are - an expression of his personal views
WmSouth: "You apparently believe that every opinion that [you?] have is correct and that every statement you make is the absolute truth?"
Well duhh! After all, that's what blogs are about, no?
So why not put up some of your own opinions on the blog you started only for the purpose of commenting here?
I took your suggestion and posted a response to your article at:
http://wmsouth.blogspot.com/
Check it out.
Sorry Wm but your link to the referenced article is broken. I can find the paragraph you excerpted here and it appears to be an essay written by a high school sophomore which earned a grade of A+.
As you are probably aware, economics is not an exact science and there are several "schools" of economic theory. The two most prevelant schools today are those espoused by John Maynard Keynes and Karl Marx. These are what most undergraduate students in academia are taught.
The article you cite appears to be a mix of the two. It is exactly what I learned as an undergraduate at California State University, Long Beach so I am not unaware of the opinions Mr. Gusmorino posits and they are what today passes for conventional wisdom in most of the media. During later studies I was exposed to the Austrian school of economic theory as espoused by F. A. Hayek, Henry Hazlitt, Ludwig von Mises as well as the late Murray Rothbard and these writers make more sense to me.
As you say economic theory is generally a collection of educated opinions and as the old saw has it "opinions are like assholes. Everyone has at least one."
If you are interested in learning more about Austrian economic theory, you can start here. The books listed at the bottom of the page are especially useful.
Segue:
I was was born and raised during the "great depression" (which incidentally did not begin in 1929 but 1930) and have considerable anecdotal first person experience due to its impact on my family.
I am curious as to how you happened to have read my blog as the readership is rather limited. I also blog at Eternity Road.
Best wishes,
ΛΕΟΝΙΔΑΣ
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