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Author Topic: The Austrian In Me Was Given the Urge To Head-Desk  (Read 3710 times)
State-God
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« on: February 04, 2013, 08:07:41 PM »

http://www.myfoxny.com/story/20958959/argentina-freezes-prices-to-break-inflation-spiral

I thought Argentina was one of the countries that adopted some free market principles. Or was that just Chile?

Oh, and before I forget.

*smacks head on desk repeatedly*
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"[In a Socialist Commonwealth] the wheels will turn, but will run to no effect." - Ludwig von Mises
Syock
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« Reply #1 on: February 04, 2013, 11:40:12 PM »

Many countries are modeled on the USA, and follow it in financial decisions including bailouts, interest rate, and inflation.  If the USA inflates, they inflate.  They tend to hit the consequences a lot faster though.  At that point they start doing crazy things to try to save themselves.  In reality it didn't have to come to that in the first place if they hadn't followed the horrible example of the USA. 

So, they will price freeze, and instead of no one being able to afford food, there will be no food to afford. 
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r3VOLutionRefugee
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« Reply #2 on: February 05, 2013, 01:54:06 AM »

http://www.myfoxny.com/story/20958959/argentina-freezes-prices-to-break-inflation-spiral

I thought Argentina was one of the countries that adopted some free market principles. Or was that just Chile?

Oh, and before I forget.

*smacks head on desk repeatedly*

You're thinking of Chile.  They have a central bank (everyone does) but they're more Friedmanites, so its evil lite.  And yes, business there is booming.  Argentina on the other hand is hyperinflating for the fourth or fifth time in the last few decades.
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State-God
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« Reply #3 on: February 05, 2013, 07:55:58 AM »

I'm feeling a bit cynical today, so frankly I HOPE that plenty of people starve- that seems to be the only way to get it through people's thick skulls that inflation is NOT good.

I mean, look at Germany- thousands starved to death during Weimar hyperinflation, and now their banking system is one of the few aware of the dangers posed by inflationism!
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"[In a Socialist Commonwealth] the wheels will turn, but will run to no effect." - Ludwig von Mises
Syock
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« Reply #4 on: February 05, 2013, 09:48:20 AM »

I mean, look at Germany- thousands starved to death during Weimar hyperinflation, and now their banking system is one of the few aware of the dangers posed by inflationism!

That only lasts for awhile.  New generations forget or ignore history.  They believe it is no longer relevant in this new age.  They fail to realize that the more things change, the more they stay the same.  

Kingdoms historically use to fall when they committed fraud (inflation) past 90% of the gold reserve (10% of the value actually exists).  Current banking regulations tend to vary around the world of about 12-8% of the value actually existing in some form.  That is how much fraud they can get away with.  We know this.  It is not a question.  All over the world they are breaking this historical guideline and paying the price, over and over again.

Edit:  The funny thing is they are not telling the banks they can create more fraud, it is that the governments are doing it directly on their own.  They shouldn't have any scapegoat, but people still blame the banks. 

I'm feeling a bit cynical today, so frankly I HOPE that plenty of people starve- that seems to be the only way to get it through people's thick skulls that inflation is NOT good.

This is another issue that has consequences disconnected from the actions.  Starvation will hurt citizens.  Citizens are not the ones controlling the money.  You know the politicians will not starve.  I hope the citizens kick out the government before the government is able to starve them.  
« Last Edit: February 05, 2013, 10:08:14 AM by Syock » Logged

State-God
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« Reply #5 on: February 05, 2013, 10:44:54 AM »

I'm sure they'll kick out the government- but I'm doubtful they'll embrace a more free market system. To the contrary, they'll probably point out the Keynesian failures as further proof of capitalism's failure. Like so many other countries, they'll likely soon have a civil war between Communists and some form of Fascists.
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"[In a Socialist Commonwealth] the wheels will turn, but will run to no effect." - Ludwig von Mises
Syock
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« Reply #6 on: February 05, 2013, 11:46:53 AM »

I'm sure they'll kick out the government- but I'm doubtful they'll embrace a more free market system. To the contrary, they'll probably point out the Keynesian failures as further proof of capitalism's failure. Like so many other countries, they'll likely soon have a civil war between Communists and some form of Fascists.

I would seriously doubt a free market system either, but the change is usually enough to bring back a country from the brink of starvation, if even only in the form of foreign aid. 
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