Just curious to get the opinion of a bunch of Austrian Economists on the movie Too Big To Fail. Seem accurate? What should the players have done instead?
What should have been done to help economic recovery? The following libertarian assessments were said during the crisis on a mainstream news website:
Commentary: Bailing out homeowners is a mistake
Well, here’s the assessment of probably the most famous living Austrian economist (other than Ron Paul)…
Economic Coordination and the Business Cycle (by Graham Wright)
Blatant propaganda in support of the fiat money banking+government cartel. As to what “the players” should have done instead? Consider this situation: A guy is hanging over the cliff while holding onto your balls very tightly. You hate the guy cause the grip hurts like hell, but you’re still left with only two choices: (1) cut off your balls and let him go, or (2) pull him out as he tightens his grip even harder. The ball-squeezing cartel (“the players”) have consistently chosen (2) in your name over the last few centuries, and so it happened again. This will keep happening until there are no more balls for them to hold on to, which is coming pretty soon. (Not exactly a good predicament for the ball-owners, too, btw)
My advice going forward: Keep your jewels to yourself, and beware of sweet-talking ball-fondlers. Repeal legal tender laws, end the Fed, and kill the banking+government cartel by allowing a free market in money/banking to flourish. There is absolutely no necessity for my property and welfare to be directly dependent on everyone’s “confidence in the banking system” – just like everyone’s “confidence in the pizza system” doesn’t concern me one bit.