Quote:
Originally posted by Buff@Feb 27 2004, 03:52 PM
The Great Depression was predicted by the Austrian School Economists, specifically Ludwig von Mises. He explained quite clearly what would happen as a result of Federal Reserve Monetary policy (holding the interest rate below the natural rate of interest).
We saw an internet bubble result from the same policy.
If you think it's improbable that we will have another great depression, then what you're really saying is that Central Planning of an economy works. And if you believe that, then you're a socialist.
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Kennedy's assassination was predicted by quite a few psychics. It's funny how we take 1 out of 1,000,000 guesses and call the person who guessed right a genius... and the rest idiots.