[p2p-research] The Advantages of Debt

[Ryan Lanham]

This is a classic Austrian economics argument.  Pick up Murray Rothbard's
history of finance and you'll feel right at home...trouble is...Austrian
Schoolers are very pro-market and anti-socialist (esp. Rothbard & Hayek).
 The arguments you are making are straight from them and very mainstream
right now on Wall Street (See Mish's blog, for instance).  Rothbard was a
first class mind...Hayek one of the highest order.  If it came down to
reading them or Marx...I'd definitely go with the Austrians.

R.

On Sat, Jul 17, 2010 at 5:27 PM, Patrick Anderson <agnucius at gmail.com>wrote:

> Another great thing about debt is how it takes control of the supply
> out of the hands of our untrustworthy governments to places into the
> hands of the noble bankers who skillfully contract the supply of money
> on occasion to keep inflation under control.
>
> Sure these contractions have caused hard times (some might call them
> depressions), but these are the sort of firm handed actions we need to
> keep overissuance in check so our economy can then rebound even better
> than before.
>
> As the London Times stated in 1865 after President Lincoln recklessly
> began issuing debt free money:
>
>    "If that mischievous financial policy which had its origin in the
> North American Republic during the late war in that country, should
> become indurated down to a fixture, then that Government will furnish
> its own money without cost. It will pay off its debts and be without
> debt. It will become prosperous beyond precedent in the history of the
> civilized governments of the world. The brains and wealth of all
> countries will go to North America."
>
> Clearly it would be a disaster for all other countries that continue
> to rent money from the great and mighty, the all-powerful - even
> godlike masters of our destiny, the international banksters.
>
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-- 
Ryan Lanham
rlanham1963 at gmail.com
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