Unintentionally Hilarious Line of the Week

WSJ Marketwatch’s Darrell Delamaide worries about the Misesian takeover:

The U.S. economy has fared somewhat better than Europe precisely because Obama in his first term was able to get some stimulus spending passed, while Europe remains mired in the obsolete and discredited policies of the “Austrian” school of economics, which sees austerity as the answer to everything — much as medieval doctors saw leeching as the cure for all illness.

Of course, as EPJ points out, “austerity” in Europe mostly means tax increases, with no real reductions in government spending or government intervention in the economy. The essence of the Austrian program, right?

Comments

  1. > Europe remains mired in the obsolete and discredited policies of the “Austrian” school of economics

    That guy is braindead. Practically nobody in Europe knows what “Austrian” even is anymore.

    There are only two explanations for this kind of statement:

    1) He doesn’t know anything about anything. Dump fuckery. In which case, what is he doing in “marketwatch” of the WSJ? Doesn’t that paper have a reputation to uphold? Well, it’s the War Street Journal, so maybe not.

    2) He actually knows something about something and has an agenda to sell (maybe he wants to mooch up to Krugman’s inner circle). Maybe the WSJ should source its talking heads more carefully? Doesn’t that paper have a reputation to uphold? Well, it’s the War Street Journal, so maybe not.

    Drugged out. Sold out. Washed out.

  2. I guess we do not understand the same under austerity. But I guess I have to live with that. It’s the same with inflation. We know that Inflation takes place through central banks, banks and the fractional reserve system. For everyone else inflation comes from the bad speculator. And the bad speculator are always the “private” ones. The good speculators are from the state and if they fail it’s not their failure but the markets.

    Stupidity grows really faster than even debts….

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