Conceding to Austrians

From the first few paragraphs of this article from MarketWatch, you know it is a hit piece on Rand Paul and a straw man argument against Austrian economics.  If you read closely, however, you will find small but meaningful concessions to the Austrian perspective.

Bank run

This is a marginal but positive gain for our philosophy.

The author notes, “the Fed did play a big role in the Great Crash.”  And more recently, “the government’s implicit gaurantees for Freddie Mac and Fannie Mae combined with the Fed’s disastrous interest-rate policies…”

Those are cherry-picked phrases, but I am surprised to see such concessions in a hit piece.  From this, I conclude that political success can swing the debate in our direction. 

Authors like Weidner are more follower than opinion leader.  They lack courage.  We YAL folks have the courage to take this debate and reclaim our history for the truth.

Published in

Post a comment