I too have studied the Austrian economic model and have persistent doubts about government regulatory response which is why I added, "The Federal Reserve, established in 1913, provided a mechanism for a coordinated response, although many economists argue its actions were insufficient or even counterproductive."
The truth is, there is much evidence that government response substantially extended the Depression. That naturally leads in to the idea that the government was looking for an economic stimulus...which they readily found in WWII...
I try to stick to verifiable facts as much as possible, of course, so I probably won't get in to the"conspiracy" theory that says our entry into the war was orchestrated...
The panic of 1873 was an indication that our economy and our nation's mental health are always in flux and that, just as in our personal lives, there are periods of ecstasy, fear, bankruptcy, war, and death.
Knowing our volatile and reactive nature, it is frightening to think what will happen to the USA if the next attempt to murder President Trump is successful
Our markets today are, perhaps, even more volatile and prone to major adjustments based on world events. The assassination of Trump would likely have devastating effects on the markets.
I really enjoyed and approve of this post. In response to number 1, I think the Panic of 1873 unfolds to this day - $35,000,000,000,000 debt being service at
$1,000,000,000,000 a year. IOW all that much lauded regulation and oversight provided little to nothing. To the point where Too Big to Fail is considered wise economic policy. And I am a definite critic of not only removal from the gold standard but also the manner in which gold was seized from the citizenry. In response to number 4, long ago I realized that simple is best, no matter the endeavor, and that I make my decisions, guided by Him. I prioritize the value of the human individual over the collective and if every human were in harmony with God there would be no need for such a vast government. Certainly not at the federal level which is at this point a massively bloated bureaucracy that is too unwieldy to manage.
I think you're right that we are absolutely still suffering from decisions made long ago. The problem, of course, is that there are plenty who profit from such things and the payoff is huge while the individual risks are, sadly, very small.
Thank you for this great essay and it’s meaning for us today
As a novice of the Austrian economic school, I'm very skeptical that the regulatory response options during the Great Depression were any better...
but otherwise, another fine and thought-provoking devotional!
I too have studied the Austrian economic model and have persistent doubts about government regulatory response which is why I added, "The Federal Reserve, established in 1913, provided a mechanism for a coordinated response, although many economists argue its actions were insufficient or even counterproductive."
The truth is, there is much evidence that government response substantially extended the Depression. That naturally leads in to the idea that the government was looking for an economic stimulus...which they readily found in WWII...
I try to stick to verifiable facts as much as possible, of course, so I probably won't get in to the"conspiracy" theory that says our entry into the war was orchestrated...
The panic of 1873 was an indication that our economy and our nation's mental health are always in flux and that, just as in our personal lives, there are periods of ecstasy, fear, bankruptcy, war, and death.
Knowing our volatile and reactive nature, it is frightening to think what will happen to the USA if the next attempt to murder President Trump is successful
Our markets today are, perhaps, even more volatile and prone to major adjustments based on world events. The assassination of Trump would likely have devastating effects on the markets.
I really enjoyed and approve of this post. In response to number 1, I think the Panic of 1873 unfolds to this day - $35,000,000,000,000 debt being service at
$1,000,000,000,000 a year. IOW all that much lauded regulation and oversight provided little to nothing. To the point where Too Big to Fail is considered wise economic policy. And I am a definite critic of not only removal from the gold standard but also the manner in which gold was seized from the citizenry. In response to number 4, long ago I realized that simple is best, no matter the endeavor, and that I make my decisions, guided by Him. I prioritize the value of the human individual over the collective and if every human were in harmony with God there would be no need for such a vast government. Certainly not at the federal level which is at this point a massively bloated bureaucracy that is too unwieldy to manage.
I think you're right that we are absolutely still suffering from decisions made long ago. The problem, of course, is that there are plenty who profit from such things and the payoff is huge while the individual risks are, sadly, very small.