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September 25, 2012 at 5:11 pm in reply to: Why You've Never Heard of the Great Depression of 1920 #15812
woods
ParticipantBob Murphy provided nine examples of successful austerity: http://mises.org/daily/4648.
ParticipantProf. Herbener is correct. A popular overview of the subject is Marvin Olasky’s The Tragedy of American Compassion.
September 13, 2012 at 11:07 am in reply to: Why You've Never Heard of the Great Depression of 1920 #15810ParticipantAt some point I’ll post something about the Kuehn paper. I don’t think the tariffs play a role one way or the other, except to hurt the recovery, but by the time they went into effect the recovery was already underway.
ParticipantI would recommend the chapters on Bosnia and Kosovo in my book 33 Questions About American History You’re Not Supposed to Ask, and if you want to read further, you can refer to my endnotes. As for Desert Storm, there’s a lengthy interview with Jude Wanniski on the subject in one of the two Neo-Conned volumes, and it really challenges the way you think about that subject.
ParticipantI don’t think anyone denies this. If the money isn’t lent out, no money multiplier will be activated.
As for hyperinflation, I am with Gary North on this. The Fed exists to benefit the big banks. Hyperinflation would wipe out the big banks, Hence, no hyperinflation.
ParticipantThere was a very good piece on Glass-Steagall in (of all places) the Washington Post not long ago: http://www.washingtonpost.com/lets-shatter-the-myth-on-glass-steagall/2012/07/27/gJQASaOAGX_story.html
ParticipantJamie, I also recommend this article by Joe, which gets to the heart of your question #2: http://mises.org/daily/1583
And Guido Hulsmann is very good on deflation, as has already been noted in this thread; you might enjoy his lecture on the subject: http://www.youtube.com/watch?v=U9w0S9bEXIw
ParticipantThe formula is 1 – [reserve requirement]. So in this case it could increase credit by 90%. Rothbard discusses this, and explains why your second option is incorrect, in chapter XI of The Mystery of Banking, online here: http://library.mises.org/books/Murray%20N%20Rothbard/Mystery%20of%20Banking.pdf
ParticipantIt could, but it seems unlikely. The political class seems happy with the way things are, and an express invocation of concurrent review would upset the apple cart in ways they can’t predict.
ParticipantPosting links is great; no problem.
This question is a matter of opinion, of course. And you’re right: these people try to have it both ways. If you don’t vote you can’t complain; if you do vote and your guy loses, you still can’t complain — your vote supposedly indicated your consent to the system.
ParticipantIt does make the notion of enumerated powers moot, which is one of the ways we can know that no constitutional clause was actually intended to be an “elastic clause.”
ParticipantOn the courts thing, I would add that private arbitration has boomed because hardly anyone wants to use the supposedly awesome government courts that we’re supposed to be so grateful for.
On limited liability, this is a principle that could and would exist in the absence of government. Creditors would agree contractually that in case of bankruptcy, etc., they would have access to the firm’s assets but not to the shareholders’ assets. The company would have to borrow at a premium in exchange for this provision. That’s how the market would sort it out.
This, by the way, is how church congregations work. If the pastor breaks the law, no one would think an individual congregant ought to be at risk of losing his house.
ParticipantIn addition to the above recommendations, the relevant sections of Walter LaFeber’s book The New Empire are useful; for the Philippine aspect of the story, see Stuart Creighton Miller, “Benevolent Assimilation”: The American Conquest of the Philippines, 1899–1903 (1982) and Daniel B. Schirmer, Republic or Empire: American Resistance to the Philippine War (1972).
ParticipantThe growth of radical Islam in the second half of the twentieth century had numerous causes, but this particular factor may have accelerated the process in Iran.
ParticipantThis is not disputed by anyone. There’s even an episode of The Simpsons in which Lisa (in a dream, perhaps?) meets John F. Kennedy and says, “Wow! The man who wrote Profiles in Courage!” An uneasy JFK replies, “Um, yeah, wrote….”
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