Message from @slavecaste
Discord ID: 800107277889306634
Austrians got lucky and only described 1 RECESSION throughout history
and that was the early 20's one
ive also seen empirical evidence to suggest it accurately described the great depression
Usury and Worldwide Austerity caused TGDP
well that may have worsened it under FDRs years but lets not forget it originally started with hoover
It started it
FDR got us out of TGDP
and then did Austerity and got us back in
idk if he got us out do you have any articles on that?
not saying "umm provide a source" im just interested cause ive never head that
Great article debunking Merchant Economics (Austrian) and Marxist economics
Did you not know that?
also Lord Keynes, the guy who runs the blog you linked, literally calls Austrians like Rothbard anticapitalists for being against fractional reserve banking (what I presume you would consider usury)
''…will be sufficient by itself to determine an optimum rate of investment. I conceive, therefore, that a somewhat comprehensive socialisation of investment will prove the only means of securing an approximation to full employment; though this need not exclude all manner of compromises and of devices by which public authority will co-operate with private initiative. But beyond this no obvious case is made out for a system of State Socialism which would embrace most of the economic life of the community. It is not the ownership of the instruments of production which it is important for the State to assume. If the State is able to determine the aggregate amount of resources devoted to augmenting the instruments and the basic rate of reward to those who own them, it will have accomplished all that is necessary…''
rothbard vindicated once again
FRB isn't usury in itself. FRB (Full Reserve Banking) actually causes deflationary monetary policy which leads into usury.
I believe in FRB (Fractional Reserve) with no interest
all that argues is that usury should be done by the state and not private business
:yes: but not by income tax
LVT is based indeed
LVT is the best feudalism
we love our feudalism
every citizen a feudal lord
Personally I have come to believe that interest – or, rather, too high a rate of interest – is the ‘villain of the piece’ in a more far-reaching sense than appears from the above. But to justify this belief would lead me into a longer story than would be appropriate in this place.
Keynes, ‘Saving and Usury’, 1932
well having too high an interest rate is obviously bad but I don't think you can have an economy without interest due to the time value of money
you mean time preference?
you can have time preference without interest
most people care about the expected return on capital (basically the profit businesses make)
not return on savings
well its an implication of time preference, but specifically the time value of money