bcarso
Well-known member
Greg said:I also agree with your thoughts on the dot com pop earlier this decade. We should have experienced a severe recession after the dot com bubble burst, but the money injected into the "system" to stave off recession was mal-invested (to use a Mises word) into all things housing. In my spare time, I like to read Austrian economic books and I'm sure you can sense some of that by what I say.
It's nice to see Ludwig von Mises mentioned here.
During a period of hyperinflation---was it in Austria in fact?---von Mises was asked by the government to give them advice on how to deal with the situation. He reluctantly agreed, but said he would meet with them to discuss at his specified time and place. IIRC this was 3AM on a certain streetcorner.
The meeting occurred on schedule, but it was difficult for them to talk because of very loud noises coming from the nearest building. The government officials were yelling, asking him to give them his advice, and complaining that they couldn't hear him.
Von Mises said, shouting to be heard: "First, you must silence this"---and gestured towards the building. It was of course full of running printing presses, printing currency as fast as possible.