Austrian predictions: Difference between revisions
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==Dot-com bubble== | ==Dot-com bubble== | ||
The [[Dot-com bubble]] and its bust was | The [[Dot-com bubble]] and its bust was foreseen by several Austrian economists.<ref name="Thornton_Bubble">Mark Thornton. [http://www.independent.org/pdf/tir/tir_09_1_1_thornton.pdf "Who Predicted the Bubble? Who Predicted the Crash?"] (pdf), ''The Independent Review'', v. IX, n. 1, Summer 2004, ISSN 1086-1653, Copyright © 2004, pp. 5–30. Referenced 2011-12-13.</ref> In October, 1999, [[Sean Corrigan]] pointed out a massive bubble and implied it will burst. He compared the conditions to those during the late summer of [[Black Monday (1987)|1987]], the [[Japanese asset price bubble|Japanese bubble]] of the late 1980s, and the "[[roaring Twenties]]" in the United States. <ref name="Corrigan_Pop">Sean Corrigan. [http://mises.org/daily/317 "Will the Bubble Pop?"], ''Mises Daily'', October 18, 1999. Referenced 2012-01-08.</ref> In March, 2000, [[Christopher Mayer]] noted that all the ingredients of a bubble - fundamental (i.e., a technological revolution), financial (i.e., a surge in money and credit) and psychological (i.e., a suspension of belief in traditional valuation measures) - appear to exist in the current bull market and predicted it will end with a bust.<ref name="Mayer_Over-Valued">Christopher Mayer. [http://mises.org/daily/405 "The Meaning of 'Over-Valued'"], ''Mises Daily'', March 30, 2000. Referenced 2011-12-13.</ref> In August, 2000, [[William Anderson]] pointed to the bubble in the high-technology sector, mentioned the negative consequences of a regulatory attack at Microsoft<ref name="Anderson_Delusion">William L. Anderson. [http://mises.org/freemarket_detail.aspx?control=316 "New Economy, Old Delusion"], ''The Free market'', August 2000, Volume 18, Number 8. Referenced 2012-01-08. Quote: "''As things stand currently, the once-vaunted bull market is in flux. This is partly due to the government’s arrogance in believing it could attack Microsoft without harming other high-technology firms that have been the most visible in the current economic expansion. | ||
But even without the DOJ’s Microsoft follies, the high-technology sector of the economy faces real problems. First, the bubble that pushed so many of the "dot.com" initial offerings into the stratosphere had burst even before Reno’s pyrrhic victory. Second, the malinvestments as described by Ludwig von Mises and Murray Rothbard that occur as the result of wildly expansive monetary policies by the Fed have been centered in the high-technology sector. The growth of new money that is the signature of inflation can come only through the fractional-reserve banking system in the form of loans, which, as noted earlier, have found their way into high technologies, real estate, and the stock market.''"</ref> (which was analyzed a year earlier by [[Thomas DiLorenzo]]<ref name="DiLorenzo_Sneak">DiLorenzo, Thomas J. [http://mises.org/daily/297 "Regulatory Sneak Attack."], ''Mises Daily'', September 16, 1999. Referenced 2012-01-08.</ref>). There were others. | |||
<small>Anderson, 2000; Corrigan, 1999; Deden, 1999; DiLorenzo, 1999; Grant, 1996A, 1996B; Hülsmann, 2000; Mayer, 2000; Reisman, 1999; Sennholz, 2000; Shostak, 1999; Thornton, 2000.</small> | <small>Anderson, 2000; Corrigan, 1999; Deden, 1999; DiLorenzo, 1999; Grant, 1996A, 1996B; Hülsmann, 2000; Mayer, 2000; Reisman, 1999; Sennholz, 2000; Shostak, 1999; Thornton, 2000.</small> | ||
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* Anderson, William. 2000. "[http://mises.org/freemarket_detail.aspx?control=316 New Economy, Old Delusion.]" The Free Market, August <!-- "As things stand currently, the once-vaunted bull market is in flux. This is partly due to the government’s arrogance in believing it could attack Microsoft without harming other high-technology firms that have been the most visible in the current economic expansion. | * Anderson, William. 2000. "[http://mises.org/freemarket_detail.aspx?control=316 New Economy, Old Delusion.]" The Free Market, August <!-- "As things stand currently, the once-vaunted bull market is in flux. This is partly due to the government’s arrogance in believing it could attack Microsoft without harming other high-technology firms that have been the most visible in the current economic expansion. | ||
But even without the DOJ’s Microsoft follies, the high-technology sector of the economy faces real problems. First, the bubble that pushed so many of the | But even without the DOJ’s Microsoft follies, the high-technology sector of the economy faces real problems. First, the bubble that pushed so many of the "dot.com" initial offerings into the stratosphere had burst even before Reno’s pyrrhic victory. Second, the malinvestments as described by Ludwig von Mises and Murray Rothbard that occur as the result of wildly expansive monetary policies by the Fed have been centered in the high-technology sector. The growth of new money that is the signature of inflation can come only through the fractional-reserve banking system in the form of loans, which, as noted earlier, have found their way into high technologies, real estate, and the stock market." --> | ||
* Corrigan, Sean. 1999. "[http://mises.org/daily/317 Will the Bubble Pop?]", October 18 <!-- compared conditions | * Corrigan, Sean. 1999. "[http://mises.org/daily/317 Will the Bubble Pop?]", October 18 <!-- compared conditions | ||
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Dec 29, 1999 --> | Dec 29, 1999 --> | ||
* DiLorenzo, Thomas J. 1999. "[http://mises.org/daily/297 Regulatory Sneak Attack.]" September 16 <!-- about the effects of sudden regulatory changes --> | * DiLorenzo, Thomas J. 1999. "[http://mises.org/daily/297 Regulatory Sneak Attack.]" September 16 <!-- about the effects of sudden regulatory changes, hinting to Microsoft --> | ||
* Grant, James. 1996A. The Trouble with Prosperity, May <!-- Grant, in his book The Trouble with Prosperity, written in May 1996, says: "Predictably, the risks to saving are the greatest just when they appear to be the smallest. By suppressing crises, the modern financial welfare state has inadvertently promoted speculation. Never before has a boom ended except in crisis." Grant continued to warn investors about the stock-market bubble in his investment newsletter, to provide detailed explanations of the cause of the bubble, and to chronicle the relevant statistics.<ref name="Thornton_Bubble" /> - anything more about that? Can't check the book; should check out the newsletter - Grant’s Interest Rate Observer. --> | * Grant, James. 1996A. The Trouble with Prosperity, May <!-- Grant, in his book The Trouble with Prosperity, written in May 1996, says: "Predictably, the risks to saving are the greatest just when they appear to be the smallest. By suppressing crises, the modern financial welfare state has inadvertently promoted speculation. Never before has a boom ended except in crisis." Grant continued to warn investors about the stock-market bubble in his investment newsletter, to provide detailed explanations of the cause of the bubble, and to chronicle the relevant statistics.<ref name="Thornton_Bubble" /> - anything more about that? Can't check the book; should check out the newsletter - Grant’s Interest Rate Observer. --> | ||
* Grant, James. 1996B [http://mises.org/journals/aen/aen16_4_1.asp The Trouble with Prosperity], Winter 1996, Interview <!-- | * Grant, James. 1996B [http://mises.org/journals/aen/aen16_4_1.asp The Trouble with Prosperity], Winter 1996, Interview <!-- general prediction with a little extra: "Before this is all over, there will be a big speculative upset, a loss of faith in financial assets, and a loss of faith in the steward of financial markets: Greenspan himself." --> | ||
* Hülsmann, Jörg G. 2000. Schöne neue Zeichengeldwelt <!-- can't verify <ref name="Thornton_Bubble" /> --> | * Hülsmann, Jörg G. 2000. Schöne neue Zeichengeldwelt <!-- can't verify <ref name="Thornton_Bubble" /> --> | ||
* Mayer, Christopher. 2000. "[http://mises.org/daily/405 The Meaning of 'Over-Valued']", March 30. <!-- Mayer noted that all the ingredients of a bubble - fundamental (i.e., a technological revolution), financial (i.e., a surge in money and credit) and psychological (i.e., a suspension of belief in traditional valuation measures) - appear to exist in the current bull market and predicted it will end with a bust.<ref name="Mayer_Over-Valued">Christopher Mayer. [http://mises.org/daily/405 "The Meaning of 'Over-Valued'"], ''Mises Daily'', March 30, 2000. Referenced 2011-12-13.</ref> --> | * Mayer, Christopher. 2000. "[http://mises.org/daily/405 The Meaning of 'Over-Valued']", March 30. <!-- Mayer noted that all the ingredients of a bubble - fundamental (i.e., a technological revolution), financial (i.e., a surge in money and credit) and psychological (i.e., a suspension of belief in traditional valuation measures) - appear to exist in the current bull market and predicted it will end with a bust.<ref name="Mayer_Over-Valued">Christopher Mayer. [http://mises.org/daily/405 "The Meaning of 'Over-Valued'"], ''Mises Daily'', March 30, 2000. Referenced 2011-12-13.</ref> --> | ||
* Paul, Ron. 2000. "[http://ronpaulforcongress.com/html/republic.html A Republic, If You Can Keep It]" January 31 <!-- | |||
"Greater computer speed, which has helped to stimulate the boom of the 1990s, will work in the opposite direction as all the speculative positions unwind, and that includes the tens of trillion of dollars in derivatives. There was a good reason the Federal Reserve rushed in to rescue Long-Term Capital Management with a multi-billion dollar bailout. It was unadulterated fear that the big correction was about to begin. Up until now, feeding the credit bubble with even more credit has worked and is the only tool they have to fight the business cycle, but eventually control will be lost." | |||
--> | |||
* Reisman, George. 1999. "[http://mises.org/daily/284 When Will the Bubble Burst?]", August 18 <!-- "It simply cannot be that we can have a society in which everybody lives by day trading in the stock market. While the stock market does make an important contribution to capital accumulation and the production of wealth, it is far from an unlimited one, and its contribution is not enlarged by hordes of essentially ignorant people dabbling in it on the basis of tips and hunches. Yet such an absurd outcome of practically everyone being able to live by means of buying stocks cheap and selling them dear is what is implied by an indefinite continuation of the bull market. As a result, it is inescapable that the bull market must end." ... "The bubble must break. It would almost certainly have ended in the Fall of 1998 with the failure of Long- Term Capital Management, had the Federal Reserve not arranged for its rescue and quickly re-accelerated its own policy of money creation." --> | * Reisman, George. 1999. "[http://mises.org/daily/284 When Will the Bubble Burst?]", August 18 <!-- "It simply cannot be that we can have a society in which everybody lives by day trading in the stock market. While the stock market does make an important contribution to capital accumulation and the production of wealth, it is far from an unlimited one, and its contribution is not enlarged by hordes of essentially ignorant people dabbling in it on the basis of tips and hunches. Yet such an absurd outcome of practically everyone being able to live by means of buying stocks cheap and selling them dear is what is implied by an indefinite continuation of the bull market. As a result, it is inescapable that the bull market must end." ... "The bubble must break. It would almost certainly have ended in the Fall of 1998 with the failure of Long- Term Capital Management, had the Federal Reserve not arranged for its rescue and quickly re-accelerated its own policy of money creation." --> | ||
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<!-- | <!-- | ||
About the Fed seeing the bubble but denying it: http://www.freerepublic.com/focus/f-news/1362529/posts (full article hard to find) | About the Fed seeing the bubble but denying it: http://www.freerepublic.com/focus/f-news/1362529/posts (full article hard to find) | ||
--> | --> | ||
Revision as of 12:23, 8 January 2012
This page attempts to list various predictions made by Austrian economists about important economic and other developments. UNDER CONSTRUCTION.
Important note: Austrian economists, as Austrian economists, or praxeologists, do not predict. They can predict not as formal economists, or praxeologists, but, rather, in their role as thymologists, or economic historians. In praxeology, A causes B, other things remaining the same. But, in the real world, other things cannot be relied upon to always remain constant. Therefore, predictions of the "A will necessarily lead to B" type are strictly prohibited. Instead, praxeologists, but not thymologists, must limit themselves to statements of the if-A then-B variety.[1]
The Great Depression
The Great Depression was predicted by several Austrian economists:
- In Austria, economist Ludwig von Mises saw the problem developing in its early stages and predicted to his colleagues in 1924 that the large Austrian bank, Credit Anstalt, would eventually crash. He wrote a full analysis of Irving Fisher’s monetary views, published in 1928, where he targeted Fisher’s reliance on price indexes as a key vulnerability that would bring about the Great Depression, concluding: "because of the imperfection of the index number, these calculations would necessarily lead in time to errors of very considerable proportions."
- F. A. Hayek published several articles in early 1929 in which he predicted the collapse of the American boom. Felix Somary, who like Mises was a student at the University of Vienna, issued several dire warnings in the late 1920s, and in America economists Benjamin Anderson and E.C. Harwood also warned that the Federal Reserve policies would cause a crisis, and like Somary, they were largely ignored.[2]
End of the Bretton Woods system
The collapse of the Bretton Woods System and the following rise of the gold price has been predicted by several Austrian economists and is covered in the following:
- Rothbard, Murray. 1962. The Case for a 100 Percent Gold Dollar
- Hazlitt, Henry. 1934 until 1946 From Bretton Woods to World Inflation: A Study of Causes and Consequences (editorials for New York Times)
Dot-com bubble
The Dot-com bubble and its bust was foreseen by several Austrian economists.[3] In October, 1999, Sean Corrigan pointed out a massive bubble and implied it will burst. He compared the conditions to those during the late summer of 1987, the Japanese bubble of the late 1980s, and the "roaring Twenties" in the United States. [4] In March, 2000, Christopher Mayer noted that all the ingredients of a bubble - fundamental (i.e., a technological revolution), financial (i.e., a surge in money and credit) and psychological (i.e., a suspension of belief in traditional valuation measures) - appear to exist in the current bull market and predicted it will end with a bust.[5] In August, 2000, William Anderson pointed to the bubble in the high-technology sector, mentioned the negative consequences of a regulatory attack at Microsoft[6] (which was analyzed a year earlier by Thomas DiLorenzo[7]). There were others.
Anderson, 2000; Corrigan, 1999; Deden, 1999; DiLorenzo, 1999; Grant, 1996A, 1996B; Hülsmann, 2000; Mayer, 2000; Reisman, 1999; Sennholz, 2000; Shostak, 1999; Thornton, 2000.
- Anderson, William. 2000. "New Economy, Old Delusion." The Free Market, August
- Corrigan, Sean. 1999. "Will the Bubble Pop?", October 18
- Deden, Anthony. 1999. "Reflections On Prosperity" December 29
- DiLorenzo, Thomas J. 1999. "Regulatory Sneak Attack." September 16
- Grant, James. 1996A. The Trouble with Prosperity, May
- Grant, James. 1996B The Trouble with Prosperity, Winter 1996, Interview
- Hülsmann, Jörg G. 2000. Schöne neue Zeichengeldwelt
- Mayer, Christopher. 2000. "The Meaning of 'Over-Valued'", March 30.
- Paul, Ron. 2000. "A Republic, If You Can Keep It" January 31
- Reisman, George. 1999. "When Will the Bubble Burst?", August 18
- Sennholz, Hans. 2000. "Can the Boom Last?", July 31
- Shostak, Frank. 1999. "Inflation, Deflation, and the Future". October 7
- Thornton, Mark. 2000. "Who Predicted the Bubble? Who Predicted the Crash?" (pdf), The Independent Review, Summer 2004
Housing bubble
During and after the burst of the Dot-com bubble, these economists predicted the 2000s housing bubble that culminated in the Great Recession from 2008 onward.
Anderson, 2001, 2003, 2007; Armentano, 2004; Beale, 2009; Blumen, 2002, 2004, 2005; Corrigan, 2002; Crovelli, 2006; DeCoster, 2003; Duffy, 2005A, 2005B, 2005C, 2005D, 2006, 2007A, 2007B, 2007C, 2007D; Economics of contempt, 2008; Englund, 2004, 2005A, 2005B, 2005C, 2005D, 2006, 2007, 2008; French, 2005; Grant, 2001; Karlsson, 2004; Mayer, 2003; Murphy, 2007, 2008; North, 2002, 2005; Paul, 2000, 2002; Polleit, 2006; Ptak, 2003; Rockwell, 2008; Rogers, 2005; Schiff, Undated A, Undated B, Undated C, Undated D, 2003A, 2003B, 2003C, 2004A, 2004B, 2005A, 2005B, 2005C, 2005D, 2006A, 2006B, 2006C, 2007A, 2007B; Sennholz, 2002; Shostak, 2003, 2005; Thornton, 2004A, 2004B, 2005, 2006; Trask, 2003; Wenzel, 2004; See also Woods (2009, p. 188 for further bibliography).
Anderson, William L. 2001. "The Party is Over," February 20
Anderson, William L. 2003. "Recovery or Boomlet?" July 07
Anderson, William L. 2007. "The Party is Over – Again," August 30
Armentano, Dominick. 2004. "Memo to Federal Reserve: Increase Interest Rates Now!"
Beale, Theodore. 2009. "The Return of the Great Depression"
Blumen, Robert. 2002. "Fannie Mae Distorts Markets." Mises Daily, June 17
Blumen, Robert. 2004. "All Real Estate, All the Time". March 8
Blumen, Robert. 2005. "Housing Bubble: Are We There Yet?" May 8
Corrigan, Sean. 2002. "The Trouble with Debt". July 01
Crovelli, Mark R. 2006. "Gold, Inflation, And... Austria?" May 31
De Coster, Karen. 2003. "The House that Greenspan Built: Irrationally Exuberant Wall Street Welfare Parasites and Their Fed-God." September 12
Duffy, Kevin. 2005A "The Super Bowl Indicator," February 5
Duffy, Kevin. 2005B. "Honey, I Shrunk the Net Worth," March 3
Duffy, Kevin. 2005C. "Alan, We Have a Problem," August 2
Duffy, Kevin. 2005D. "Panic Now and Beat the Rush," September 24
Duffy, Kevin. 2006. "Are Mortgage Borrowers Rational?" June 24
Duffy, Kevin. 2007A. "It’s a Mad, Mad, Mad, Mad World," May 22
Duffy, Kevin. 2007B. "For Whom Do the Bells Toll?" Barron’s, June 18
Duffy, Kevin. 2007C. "Financial Markets on Crack," August 22
Duffy, Kevin. 2007D. "Mr. Mozilo Goes to Washington," September 15
Economics of contempt. 2008. "The Unofficial List of Pundits/Experts Who Were Wrong on the Housing Bubble." July 16
Englund, Eric. 2004. "Monetizing Envy and America’s Housing Bubble". July 19
Englund, Eric. 2005A. "Houses Are Consumer Durables, Not Investments," June 8
Englund, Eric. 2005B. "Diminishing Property Rights Will Lead to a Higher Rate of Mortgage Defaults." June 28
Englund, Eric. 2005C. "When the Housing Bubble Bursts, Will President Bush Practice Mugabenomics?" July, 19
Englund, Eric. 2005D. "When Will America's Housing Bubble Burst?" November 4
Englund, Eric. 2006. "The Federal Reserve and Housing: A Cluster of Errors?" April 22
Englund, Eric. 2007. "From Prime to Subprime, America's Home-Mortgage Meltdown Has Just Begun." September 24
Englund, Eric. 2008. "Countrywide Financial Corporation and the Failure of Mortgage Socialism." January 28
French, Doug. 2005. "Condo-mania." July 11
Grant, James. 2001. "Sometimes the Economy Needs a Setback." New York Times. September 9
Karlsson, Stefan. 2004. "America's Unsustainable Boom." November 8
Mayer, Chris. 2003. "The Housing Bubble." The Free Market. Volume 23, Number 8 August
Murphy, Robert P. 2007 "The Fed’s Role in the Housing Bubble." December 28
Murphy, Robert P. 2008. "Did the Fed, or Asian Saving, Cause the Housing Bubble?" November 19
North, Gary. 2002. "How the FED Inflated the Real Estate Bubble by Pushing Down Mortgage Rates: Report As of 2002," Reality Check, March 4
North, Gary. 2005. "Surreal Estate on the San Andreas Fault." November 25, 2005
Paul, Ron. 2000. "A Republic, If You Can Keep It" January 31
Paul, Ron, 2002. "Testimony to U.S. House of Representatives", July 16
Polleit, Thorsten. 2006. "Sowing the Seeds of the Next Crisis." April 25
Ptak, Justin. 2003. "Government Employees, Go Home!" November 12
Rockwell, Llewellyn H, Jr. 2008. The Left, the Right, and the State. Auburn, AL: The Mises Institute, 2008
Rogers, Jim. 2005. "Interview with Jim Rogers on the housing bubble." April 22
Schiff, Peter. "Peter Schiff predictions" (video) Undated A.
Schiff, Peter. "Peter Schiff Was Right" (video). Undated B.
Schiff, Peter. "Peter Schiff was right 2006-2007 - CNBC edition" (video). Undated C.
Schiff, Peter. "Peter Schiff Was Right Again " (video). Undated D.
Schiff, Peter. 2003A. Commentary, March
Schiff, Peter. 2003B. Commentary, April
Schiff, Peter. 2003C. Commentary, June
Schiff, Peter. 2004A. Commentary, May
Schiff, Peter. 2004B. Commentary, June
Schiff, Peter. 2005A. Commentary, April
Schiff, Peter. 2005B. Commentary, July
Schiff, Peter. 2005C. Commentary, August
Schiff, Peter. 2005D. Commentary, October
Schiff, Peter. 2006A. Appearance on CNBC, January (video)
Schiff, Peter. 2006B. Speech to the Money Show Conference, February (video)
Schiff, Peter. 2006C. Speech to the Western Regional Mortgage Bankers Conference in Las Vegas November (video, transcript)
Schiff, Peter. 2007A. Crash Proof: How to Profit From the Coming Economic Collapse (1st edition) New York, N.Y.: Wiley, February 2007
Schiff, Peter. 2007B. Appearance on Fox News – January 12 (video)
Sennholz, Hans F. 2002. "The Fed is Culpable." November 11
Shostak, Frank. 2003. "Housing Bubble: Myth or Reality?" March 4
Shostak, Frank. 2005 "Is There a Glut of Saving?" August 4
Thornton, Mark. 2004A. "'Bull' Market?" February 9.
Thornton, Mark. 2004B. "Housing: too good to be true." June 4
Thornton, Mark. 2005. "Is the Housing Bubble Popping?" , August
Thornton, Mark. 2006. "The Economics of Housing Bubbles.", June
Trask, H.A. Scott. 2003. "Reflation in American History." October 31
Wenzel, Robert. 2004. "Government Isn't God: FDIC Sticks Banks With Bad Loans and Sticks Borrowers With Subprime Junk."
Woods, Thomas E. Jr. 2009. Meltdown: A Free-Market Look at Why the Stock Market Collapsed, the Economy Tanked, and Government Bailouts Will Make Things Worse. Washington D.C.: Regnery Publishing [1]
Other predictions
- The Skyscraper index shows a correlation between the construction of the world's tallest buildings and impending financial crises. While not developed by Austrian economists, it is compatible with their views about the business cycle.[8]
References
- ↑ 1.0 1.1 Walter Block. Austrian Thymologists Who Predicted the Housing Bubble, LRC.com, December 22, 2010. Referenced 2011-11-29.
- ↑ Mark Thornton. "Mises vs. Fisher on Money, Method, and Prediction: The Case of the Great Depression" (pdf), p.13-15; December 2006. Referenced 2011-12-13.
- ↑ Mark Thornton. "Who Predicted the Bubble? Who Predicted the Crash?" (pdf), The Independent Review, v. IX, n. 1, Summer 2004, ISSN 1086-1653, Copyright © 2004, pp. 5–30. Referenced 2011-12-13.
- ↑ Sean Corrigan. "Will the Bubble Pop?", Mises Daily, October 18, 1999. Referenced 2012-01-08.
- ↑ Christopher Mayer. "The Meaning of 'Over-Valued'", Mises Daily, March 30, 2000. Referenced 2011-12-13.
- ↑ William L. Anderson. "New Economy, Old Delusion", The Free market, August 2000, Volume 18, Number 8. Referenced 2012-01-08. Quote: "As things stand currently, the once-vaunted bull market is in flux. This is partly due to the government’s arrogance in believing it could attack Microsoft without harming other high-technology firms that have been the most visible in the current economic expansion. But even without the DOJ’s Microsoft follies, the high-technology sector of the economy faces real problems. First, the bubble that pushed so many of the "dot.com" initial offerings into the stratosphere had burst even before Reno’s pyrrhic victory. Second, the malinvestments as described by Ludwig von Mises and Murray Rothbard that occur as the result of wildly expansive monetary policies by the Fed have been centered in the high-technology sector. The growth of new money that is the signature of inflation can come only through the fractional-reserve banking system in the form of loans, which, as noted earlier, have found their way into high technologies, real estate, and the stock market."
- ↑ DiLorenzo, Thomas J. "Regulatory Sneak Attack.", Mises Daily, September 16, 1999. Referenced 2012-01-08.
- ↑ Mark Thornton. "Skyscrapers and Business Cycles", Mises Daily, August 23, 2008. Originally appeared in the Quarterly Journal of Austrian Economics vol. 8, no. 1 (Spring 2005) - PDF. There is also an MP3 audio file read by the author. Referenced 2011-12-13.
Links
- The Unofficial List of Pundits/Experts Who Were Wrong on the Housing Bubble by Posted by Economics of Contempt, July 2008
- Keynesian Predictions vs. American History | Thomas E. Woods, Jr. (video), January 2010