Austrian economic theory is the oldest economic theory in the world. Austrian economic theory was in control of America’s economy from its founding until it was slowly dismantled starting in 1913. In the 137 years in between, America did what Europe could not do without Austrian economics for 2,000 years – America became the freest, strongest, most prosperous, most productive nation on Earth, with the highest standard of living for its citizens in the entire world. For a short but excellent education on Austrian economics, please watch the following video. For additional materials to unwash the Government brainwashing you’ve been subjected to, click on the picture.
America abandoned Austrian economics starting in 1913 with the permanent establishment of The Fed and the IRS, accelerating in 1933 with the New Deal, and plowing ahead with America’s financial bankruptcy in 1971 when Nixon defaulted on our foreign debt and exited the Bretton Woods system by removing America from the gold standard, this was America’s first official bankruptcy.
In more recent times, what remained of our Austrian economic roots has been torn up by bailing out the toxic banks and GM, both of which should have been allowed to go bankrupt so those resources could have been more efficiently reallocated by the free market system, and through the manipulation of interest rates by The Fed in the late ’90s that led to the dot.com bubble and burst, The Fed’s continued manipulation of interest rates in the early 2000’s that led to the housing bubble and burst, and The Fed’s continued manipulation of interest rates to this day that will lead us to our next economic bubble and burst.
America has finally abandoned the last vestiges of the Austrian economic theory that had made it so powerful and prosperous and exchanged it for Keynesian economic theory. And why? Because after 137 years, the American people were sufficiently removed from any memory or personal association of why America was founded on Austrian economics to begin with, and had been sufficiently dumbed down in school to not even be aware of either economic theory, and so in this mind-numbed zombie like state The People were fully prepared to be taught by the Government, and accept wholesale, that there is only one school of economic thought and it just so happens to be the one that gives total control and absolute authority over the economy, our incomes and our livelihoods, to the Government itself. Coincidence, I’m sure.
Let’s not forget, it was former President Bush who reminded us that we were abandoning the only economic theory that made us rich and powerful when he said, “I’ve abandoned free market principles to save the free market system.” Indeed.
It is time for America to take its place on its knees, lower its standard of living for all its citizens, redistribute all of its wealth, guarantee equal outcome not equal opportunity, and take its place among the great nation states that for two thousand years have failed to match its prior glory. It is time for America to celebrate and embrace mediocrity where good, is good enough.