Holy Stagflation Batman!

So, I’m perusing Lew Rockwell this morning, like I do every morning when I wake up, and I stumbled across this article that blew my mind.

I’ve read a lot recently about macro economics, namely, the  Austrian School’s understanding of economics. I’ve learned a ton. But this article gave me a much broader understanding. Its from Alternet, so of course there’s the progressive call to action at the end of the article, which I don’t agree with, but the guys understanding of how our economy has been working since the Carter years is spot on.

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15 responses to “Holy Stagflation Batman!

  1. Let me guess… you don’t agree with his call to action because you think more free market will fix the free market, right?

    You’re too easy to figure out… But I hear that once we abolish government and return to the olden days of green pastures, fiefdoms, and libertarian ideals, Jesus will finally be able to return.

  2. Do you enjoy trolling my blog? If you want to have civil discourse, then fine, I’m ok with that. But what are we gaining by your assigning opinions to me, especially ones trying to peg me as something I absolutely am not?

    I’m gonna go ahead and have discussion, though you aren’t interested in it, and I’ll tell you that what we have right now is NOT a free market. Its not even close. Our economy is more a corporatist bent, which, I agree, makes the rich richer and the poor poorer… at least for a while. Eventually, the chickens come home to roost and the rich get socked too… course, when that happens its far too late and generations will live in third world conditions.

    I think, if you were to read the article, you’d see that we don’t have a free market economy. Its not free when currency is in control of private bankers who print money to finance the government.

  3. I DID read the article… why you can’t accept the author’s conclusions is beyond me. This is where the free market got us — corporate interests… to somehow return to a pure free market will only result in the same problem. And it’s clear on your blog that you have TWO allegiances: Christianity and the Free Market. (I rarely ever see you discuss the first one.) But you mix the two in discussion and seem to promote an idea that Christians should blindly fight for a free market. Pick one and stick to it!

    You’re a minister, for Christ’s sake (literally, not veinly). Stop being a minister of the world and the free market.

  4. Because the authors conclusions are wrong. Leftists have the same mentality about this as they do the war… its only bad cause the Republicans did it. We could do it better.

    The problem is the fiat currency. But, in order to run government the way Republicans and Democrats want to run it, you must have a fiat currency. Because the government is constantly spending more that they have. This will not change with Obama or anyone else… government spending is government spending, regardless of what its for. When you spend a lot, whether on wars or social programs, to the point of having to print money to afford everything you promise, you will run into this problem.

    And as long as the government can grant privileged status to companies, offering corporate welfare or favored legislation, you’re going to have this problem.

    If the government doesn’t have the power to do those things, and money is sound, the the market will function efficiently for all. As long as there is government intervention in the market, we’ll have people taking advantage… and the people that benefit from that are not the poor.

  5. You’ve made my point — your blog makes it look like you care more about the free market than you do God. As Christians, aren’t we supposed to move past these stupid things and focus on following Christ? Are you a free market disciple or a disciple of Jesus?

  6. I don’t think that’s true at all. I want people to not live in poverty, which I believe a Christian should desire. I think there is a system that would help those people the most, but I won’t vote for that system and I won’t depend on it to do the work I should be doing. Its why I live where I live, and why I befriend and help my neighbors who need something I have. I think we’d all be better off if we stopped trusting in power hungry politicians to do the work we should be doing.

  7. I just find it quite depressing that you are a minister, and you use the majority of your blog for senseless politicking, rather than bringing glory to Jesus.

  8. Monty,

    Why are you wasting your time criticizing Justin when you could be bringing glory to Jesus instead?

    Justin doesn’t have that many readers and ain’t much of a minister either. 😉

  9. I have thoughts about this to come soon

  10. Nice straw man argument there Monty: “You’re too easy to figure out… But I hear that once we abolish government ”

    That’s how it always is. Always the extreme. Those of us who know free markets work and can offer up example after example or those of us who want, just plain and simple, less Govco, are told “What….you want anarchy then?”

    Govco works best when it works less.

  11. I think have another thought on this, but I’ll make this point before going to work.

    If you are willing to accept the problems mentioned in this article (not the solutions, just the problems), I think its in your duty to either vote Obama or to not vote.

    I can already hear the old canard about “tax and spend liberals” and all that, and that’s one negative of Obama, but it doesn’t outweigh the strength. It will change things. it won’t necessarily change things in the way Obama is talking about change. it will swing the balance of power, and when those types of changes happen, things become unstable. Things get revealed. That is when you could start to see a push for real fiscal reform in this country by a GOP challenger in 2012. McCain isn’t really about fiscal reform. he is against earmarks, but that is easy to be against. He isn’t for really changing anything about how the federal government spends money. At least having a Democrat will start to disrupt things.

  12. Oh my gosh… a voice of reason on this blog… I am speechless.

    Thanks “y”. I would love to hear more from you. (Do you have a blog?).

    To all you other free market-acons — We’ll never have a purely free market that is purely competitive. It’s a basic human flaw that we don’t always have in mind the best interests of other people. In light of this, government is a necessary evil. I’m all about multiple power checks for everything.

    “People should not be afraid of their governments. Governments should be afraid of their people.”

  13. Show me where in this discussion, Monty, where I said that government was unnecessary? I may have toyed with that idea at times… and obviously, in a perfect world, government wouldn’t be needed.

    But the only legitimate function I can imagine for government is to protect rights that we believe were given to us by God. Those rights are spelled out in the Constitution, which, by the way, our government violates constantly.

    I agree that governments should be afraid of the people. But I don’t think they are anymore. I believe we’ve turned the corner needed for authoritarianism.

  14. monty, i appreciate the compliment. i try to keep justin in check, though we agree more than you would think. i tried the blog thing for a bit, but justin tends to post the things that I would want to discuss, and I can just debate them here.

  15. Where you’ve said government was unnecessary? It’s blasted all over this blog — just read through your posts over the last year.

    y – glad Justin has one friend to keep him in check. Otherwise, he might hurt himself.

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