[ExI] Sudden outbreak of democracy baffles US pundits

Damien Broderick thespike at satx.rr.com
Sun Oct 12 18:17:16 UTC 2008

At 09:43 AM 10/12/2008 -0700, gts wrote:

> > But what lead to the great depression rather than
> > an ordinary recession was the inaction of government and
> > the central bank after the crash, allowing banks to fail and
> > the money supply to contract...
>Your statement above seems consistent with the Monetarist School as 
>espoused by Milton Friedman. Barbara Lamar's comments seem more 
>consistent with the Austrian School as espoused by Ludwig von Mises 
>and Friedrich Hayek.

fwiw, Barbara (who's not currently subscribed, I think) notes:

< gts is right. My comments are consistent with the Austrian School 
-- I've never seen any better explanation of banking, credit, and the 
flow of money than Von Mises' and Hayek's. Their theories are 
logically sound and hold up against reality every time, whereas the 
"competing" theories do not. >

Damien Broderick 

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