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« Yellen speech on labor market to be Jackson Hole highlight | Main | Is a Rout in Junior Mining Equities Still Coming? - Rick Rule »
Wednesday
Aug202014

The Closing Of The Austrian School's Economic Mind

Those familiar with this column are well aware of how very much it venerates what’s known as “Austrian” economic thinking, or the Austrian School. Books by Ludwig von Mises are always nearby, and then for one to Google “John Tamny” and “Ludwig von Mises” is to see how frequently he’s referenced, or directly quoted. Without presuming to define what is or who is “Austrian” from an economic perspective, von Mises’s thinking has been hugely influential.

That’s why the modern evolution of the Austrian School is sometimes so disappointing. Without naming names of specific writers, the thought processes that inform the modern “Austrian School” more and more read as statist, monetarist in their conceit about what’s allegedly the proper supply of money and credit, and probably most offensive of all, the reasoning at times reads as Keynesian.

On the statist front, a recent Mises Daily referenced “fractural reserve banking” as “fraud and a violation of property rights, and should be treated as such.” In this case it’s well known that some Austrians have a major problem with “fractional reserve banking” whereby banks pay for liabilities (deposits) by virtue of turning those liabilities into assets (interest paying loans). This stance is downright strange. Fractional reserve banking is a tautology.


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The miners have started 2014 very well indeed on the back of rising gold prices, so the question is; is this the real deal or another head fake? Is the bottom really in? Could there be a final capitulation just ahead of us? Will the summer doldrums take the PMs lower?

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