Thursday, February 14, 2008

I found this interesting:
Why the global financial system is about to collapse.

It's well-written and clear, and though he's not any sort of anarchist, he's also kind of tricky about not being an anarchist. :)
It's almost as if he's some sort of public choice agorist in a way.

On the other hand, Tyler Cowan is kind of an idiot, at least publicly. It's not even that he's shilling for the state or "actually existing capitalism", it's that he doesn't seem to actually understand what he's shilling for. Statements like "One five or ten percent deflation is enough to crush the economy and indeed the whole gold standard idea" (umm... apples to oranges?) or "But we don't live in the broad sweep of world history, we live in 2008 and our ability to monitor and control central banks is unparalleled" (huh? how can that possibly work?) don't seem to recommend him much. If this is the kind of logic that Economics PhD programs produce nowadays, then we agorists don't have long to wait for the collapse.

As a counter-example, though Paul Krugman is an awful statist, the things he says at least make sense within his own insane world-view.

1 comment:

David_Z said...

In response to Cowen, I wrote:

"[T]o my knowledge, spanning about seven centuries for which we have reliable data, there has never been a global contraction in the supply of gold. Never. Fiat money of course, is a different story. If Cowen fears that a commodity-based currency would lend itself to contraction, I think he’s mistaken."