While “the economic way of thinking requires effort,” as author Sheldon Richman noted recently, this is so not because economics is hard, but because economics as a social science has been hijacked by thinkers who, for generations, continue to treat men as automatons.

As Bettina Bien Greaves so eloquently put in 1981, while all science “starts with classification, … social sciences deal with the actions of men. … Men think. They have different values, varied goals and many purposes. Men choose among alternatives. They act purposively. Their actions cannot be classified without reference to their subjective (personal) ideas, values and goals. The results of their actions cannot be quantified, measured or predicted in advance.”

In other words, “economics is hard” because we continue to look at the mob for policy ideas, unfortunately, mobs don’t know what economics is.

Ett bra Guru citat: "Man har rätt till sina egna åsikter men inte till sina egna fakta."

Ligger mycket i detta...

A couple hundred years ago, people didn't understand economics very well… a couple hundred years later, they still don't. Furthermore, the way people don't understand economics is the same as it was in Bastiat's time.

Then, as now, politicians fretted about the balance of trade. Bastiat had a suggestion for vastly increasing France's balance of trade: "It suffices merely to pass its products through the customhouse, and then throw them into the sea." France, having nothing left to trade, would have zero imports while its exports would be great as its whole GDP.

You can get the flavor of Hazlitt's brilliance in one brief quote: "Printing money is the world's biggest industry – if the product is measured in monetary terms."

It follows then that it is only on account of the historical link to gold that the central bank's pieces of paper acquired purchasing power.

Contrary to the popular way of thinking, the value of a paper dollar originates from its historical link to commodity money — which happens to be gold — and not government decree or social convention. Fiat money of the sort we use today could not and would not come about in a market setting. What the market created — gold-based money — the government had to destroy before leaving us with paper money whose value as a currency depends on the management practices of the central bank.

Frank Shostak's consulting firm, Applied Austrian School 

Nu verkar det dags för Frankrike visa lite finansakrobatik skriver de hos Varg Gatan där de samtidigt ger smakprov.

To big to fail TBTF ansågs vulgärt så eliten myntade Global Systemically Important Bank  G-SIB

Det nu starkast framväxande är visst bail-in-able “Bailinable”

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