Message from @1brieflife

Discord ID: 800110409998401557

2021-01-16 20:55:49 UTC  

not saying "umm provide a source" im just interested cause ive never head that

2021-01-16 20:56:15 UTC  

lol wut

2021-01-16 20:56:26 UTC  

Great article debunking Merchant Economics (Austrian) and Marxist economics

2021-01-16 20:57:06 UTC  


2021-01-16 20:57:08 UTC  

Did you not know that?

2021-01-16 20:58:45 UTC  


2021-01-16 20:59:51 UTC  

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)

2021-01-16 21:00:40 UTC  

''…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…''

2021-01-16 21:00:44 UTC  

rothbard vindicated once again

2021-01-16 21:01:10 UTC  

FRB isn't usury in itself. FRB (Full Reserve Banking) actually causes deflationary monetary policy which leads into usury.

2021-01-16 21:01:18 UTC  

I believe in FRB (Fractional Reserve) with no interest

2021-01-16 21:01:49 UTC  

all that argues is that usury should be done by the state and not private business

2021-01-16 21:02:02 UTC  

:yes: but not by income tax

2021-01-16 21:02:03 UTC  

by LVT

2021-01-16 21:02:06 UTC  


2021-01-16 21:02:55 UTC  

LVT is based indeed

2021-01-16 21:03:05 UTC  

LVT is the best feudalism

2021-01-16 21:03:12 UTC  

we love our feudalism

2021-01-16 21:03:19 UTC  

every citizen a feudal lord

2021-01-16 21:13:07 UTC  

bad take

2021-01-16 21:13:39 UTC  

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

2021-01-16 21:13:41 UTC  


2021-01-16 21:17:22 UTC  

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

2021-01-16 21:18:08 UTC  

you mean time preference?

2021-01-16 21:18:18 UTC  

you can have time preference without interest

2021-01-16 21:18:34 UTC  

most people care about the expected return on capital (basically the profit businesses make)

2021-01-16 21:18:36 UTC  

not return on savings

2021-01-16 21:22:09 UTC  

well its an implication of time preference, but specifically the time value of money

2021-01-17 02:28:24 UTC  

Fuck Free Tradeeeeee

2021-01-17 02:34:26 UTC  

whats it say

2021-01-17 03:20:47 UTC  

Competitive advantage works up to a point but it doesn't scale to infinity like some people would like you to think

2021-01-17 03:50:13 UTC  

It doesn't work at all really

2021-01-17 03:50:41 UTC  

tl;dr wrong because full employment assumption, industry stripping, etc

2021-01-17 03:50:48 UTC  

@slavecaste What is the concept of "free trade" exactly?

2021-01-17 03:51:05 UTC  

The fact that we can trade globally without any tariffs and it'd be all good

2021-01-17 03:54:08 UTC  

So what is the problem with it?

2021-01-17 04:01:59 UTC  

Yes it does

2021-01-17 04:02:54 UTC  

In principle it works, specialisation and labour division increases efficiency

2021-01-17 04:03:36 UTC  

If there was no cost to transport or sell/buy goods (ie no tax, costs to enter market ect.) Then it would be fine