30 Jun 2009

Austrians: Our Victory Is Complete, Part II

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In an earlier post, I quoted Scott Sumner who (jokingly) said that ABCT had captured the hearts and minds of the intelligentsia. Today I impulsively followed a Google Ad (from my inbox, not from this blog, which would violate all sorts of contractual provisions) to this in-your-face site, which declares:

At the end of the day, we are not dependent on the wealthy. We are not dependent on the lawmakers, the banks, or the government to turn the tide. We are dependent on ourselves. We are the only ones who are going to save us from this “recession.”

So already you can see the Austrian influence. Notice that they contrast “lawmakers” with “the government,” showing that they are aware of Hayek’s distinction between law and legislation.

Perhaps you are not convinced? Okay, check out this money quote: “Compared to the Great Depression of the 1920’s, sometimes, it seems that little has changed.”

Beautiful! They realize with the Austrians that it was the unsustainable credit expansion of the 1920s that was the true disaster. Other observers try to figure out what went wrong, starting with the 1929 crash, and then focusing on the 1930s. Not these guys. Bravo!

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