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Documentary on the financial crisis: The End of the Road


I have just watched a fascinating documentary about the financial crisis by Austrian School thinkers including Peter Schiff, author of the superb book How an Economy Grows and Why It Crashes: Two Tales of the Economy: The End of the Road. It was interesting and easy to follow. It was also pretty accurate apart from some simplifications about the money creation process. Here’s the trailer: The full film is available online for $5. You might also want to look out […]

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This is a crisis of state intervention


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In the past few posts, I reproduced the economist Ludwig von Mises’ 1949 explanation of “the crisis of interventionism”, which insisted that the “third way” is a system of economic organisation which cannot last. We must choose between either state socialism or a free society. State socialism would be chaos but “Nothing suggests the belief that progress toward more satisfactory conditions is inevitable or a relapse into very unsatisfactory conditions impossible.” Many seem to believe we are in a crisis of […]

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The Crisis of Interventionism, part 3: The End of Interventionism


Blogging will be light for a few days for reasons which will become apparent when I return to it. In the meantime, I wanted to offer some prescient writing from Mises’ 1949 masterpiece, Human Action on the crisis of well-intentioned economic intervention. Via Human Action chapter XXXVI: The End of Interventionism, including the “third way”: The interventionist interlude must come to an end because interventionism cannot lead to a permanent system of social organization. The reasons are threefold. First: Restrictive measures […]

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The Crisis of Interventionism, part 2: The Exhaustion of the Reserve Fund


Blogging will be light for a few days for reasons which will become apparent when I return to it. In the meantime, I wanted to offer some prescient writing from Mises’ 1949 masterpiece, Human Action on the crisis of well-intentioned economic intervention. Via Human Action chapter XXXVI: The Exhaustion of the Reserve Fund: The idea underlying all interventionist policies is that the higher income and wealth of the more affluent part of the population is a fund which can be freely […]

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The Crisis of Interventionism, part 1: The Harvest of Interventionism


Blogging will be light for a few days for reasons which will become apparent when I return to it. In the meantime, I wanted to offer some prescient writing from Mises’ 1949 masterpiece, Human Action on the crisis of well-intentioned economic intervention. Via Human Action chapter XXXVI: The Harvest of Interventionism: The interventionist policies as practiced for many decades by all governments of the capitalistic West have brought about all those effects which the economists predicted. There are wars and […]

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