Monday, Jan 12, 2009
Just to follow up my previoys article.
V Mises: The Great Credit-Crunch Hoax of 2008
Remember the credit crunch? Of course you do. We'd never seen anything like it, or so the highest financial authorities and their lapdogs in the news media told us — not in a cool, calm, and collected way, either, but in a breathless delivery that suggested imminent economic doom unless the government immediately undertook to "do something." Which it did, of course, on a scale never before witnessed in US history.
Posted by flintster1994 @ 10:33 PM (1211 views) Add Comment
21 Comments
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1. p. doff said...
Von Mises always has something to please the conspiraloons.
2. drewster said...
Interesting link, thanks.
House prices are down nearly 20% so Something Must Be Done. I know there's a credit crunch because the BBC told me so.
3. japanese uncle said...
Three cheers to the author Higgs, from a useless eater
4. sold 2 rent 1 said...
Orchestrated boom
Orchestrated bust
5. crunchy said...
4. sold 2 rent 1 said...Orchestrated boom
Orchestrated bust
l c r u n ch y said... Orchestrated boom
Orchestrated bust
People will agree to anything for personal gain.
People will agree to anything to ease the pain.
6. Organism said...
Watch 'Zeitgeist the Movie' and 'Zeitgeist Addendum'.
Essential viewing. Very relevant.
7. Sighmoon said...
Unless I've missed something, doesn't his graph show exactly what the problem is? The amount of debt outstanding could not grow because banks would not lend to each other. i.e. interbank lending ceased, and following that, all other lending. Neither could it shrink, because nobody can pay any of it off. (the later spike is government injection, no?), so the plateau shows how severe the contraction in new lending is.
The idea that he and his inaccurately named 'independent institute' are trying to propogate - that events like this are manipulated, either in fact or propaganda, by the ruling class is comforting because it suggests everything is in some way under control, whereas in reality, none of the 'ruling class' have a clue what they are doing; nobody is steering the ship.
8. bellwether said...
Terms like hoax just lessen the impact of what the guy is trying to say.
I have direct evidence from my business of credit lines being shut down but mostly of credit becoming more expensive. There is a "credit crunch" (stupid expression) but that is based on the fact that credit has stopped increasing at the same rate, which given our need for it to do so to keep growing (however impossible that is) is a disaster.
Sorry s2r1 I really see nothing in government or the ruling classes to suggest the level of competence to orchestrate what is happening. In a sense your opinion of the people in charge is just too high.
9. James said...
Utter bobbins. The series he's presenting is almost entirely irrelevant and his objection is based on a false premise. I don't think anyone ever suggested the total amount o/s by banks decreased massively, but that the availability of further credit was substantially impaired. IE - banks did not suddenly demand/cancel overdrafts/mortgages - they stopped offering them. As is patently obvious by a brief look at what's on offer today vs. 18 months ago - and moreover - the price of what *is* available.
10. James said...
Sighmoon, bellwether, absolutely. Thankfully baseless ridiculous articles like this are posted less on this site nowadays.
11. crunchy said...
That depends on who you think is in charge of 'circumstances' 6 bellweather.
The tail does not wag the dog.
bellweather said...There is a "credit crunch" crunchy say.. Why is there a credit crunch? Deep thought please!
12. bellwether said...
7 and 9 looks we are saying something similar, sighmoon I think your point that conspiracy theories are comforting is an important one (because it is not what people immediately think about them), truth is tho conpsiracy theories are a bit like malignant religion the determined belief that there is something big and powerful out there that is controling us - for people indulging in such theories the scariest thought however isn't that there is someone conspiring against them (that's the comfort) but that there maybe noone conspiring at all.
13. crunchy said...
Over 7 trillion bailout and counting. US Congress to have no right to information on where the funds are going.
Just one clue to get you started bellweather. I would not want to bombard you.
14. bellwether said...
Crunchy sorry mate I've no idea what your post means
15. bellwether said...
meant your post 10, post 12 suggests where you might be going. Can we just give it a miss?
16. crunchy said...
Conspiracy is a fact of life bellweather. Read comment 12 and think about it.
Those that are unaware of history are doomed to make the same mistakes.
No further comment!
17. p. doff said...
Who exactly are these 'elite' that the conspiraloons claim are controlling the world, and how many of them are there?
Some have suggested the Bilderburgers have some 'elite' members, but Dennis Healey (one of the founder members) doesn't exactly have the trappings of the fruits of world domination. Others have suggested it's the wealthy bankers, but they don't seem to be doing too well at the moment. What about the rich fund managers? Madoff seems to have made a bit of a c0ck-up. What about munipulative politicians and world leaders? Can you really believe they have the intelligence and ability to organise events and cooperate with one another on a global level.
Go on Crunchy/Malct/P4AC/S2R1, I'd really like to know.
18. crunchy said...
16. p. doff said "Others have suggested it's the wealthy bankers, but they don't seem to be doing too well at the moment."
May I refer you to comment 12. I said no further comment, but I will make this an exception. Get get it and dont be so lazy in the future.
19. shipbuilder said...
Bellwether, I agree. While I hold the view that the minority in power and holding most of the wealth are greedy, possibly psychotic and society has evolved to suit their purposes to the point that the the rest of us are effectively brainwashed to accept their way, I don't see a conspiracy in the sense of one group actively controlling things - they just aren't capable. It's a subtle distinction, but important as the more ridiculous theories discourage many from looking into the real injustices.
What's ironic is that Von Mises' theories are the embodiment of the selfish thinking that the wealthy minority promote.
20. crunchy said...
25. crunchy said...22. flintster1994
That's why they are the top dogs. Solidarity!
There are more of us than there are of them, but we keep argueing. D'oh.
Monday, January 12, 2009 09:05PM
Shipbuilder you can out smart yourself sometimes. Ring a ring of roses we all fall............
No comment sometimes is hard to keep to when intelligent people become overly so!
21. p. doff said...
''Get get it and dont be so lazy in the future''. ???
I take it you don't know, then.