Peter Schiff and Nigel Farage — are libertarians psychics?

Here's Peter Schiff, a libertarian, Ron Paul's economic advisor during the 2008 presidential campaign, predicting the recession and the housing bubble. A video I have posted perhaps too many times on this blog hoping that even one single person could watch it and make him/her rethink the typical approach or supposed science to economics.

Below is a video of Nigel Farage warning against the whole Euro crisis that is happening right now. I've blogged about this several times (see Nigel Farage Prredicts Euro Crisis).

As unfortunate as it may seem, the fall of the euro seems to be a victory for the liberty movement, in my opinion. People only believe in those who tell the truth when it's already too late. That's just something that's been so consistent with history.

Take the example of how it's so funny how even Bernanke or Krugman can't agree on policy. It's just so arbitrary. How much do we increase the money supply in order to fix all these problems? What should the interest rates be? Markets decide these things. It's all very organic and natural and to think otherwise is the pretense of knowledge.

It's so much more apparent in the eurozone, of course, being that they manipulated interest rates for different nation states all without considering the complexity of the demands of the market. Again, a pretense of knowledge. How do you take all those complex factors, some even unthinkable such like the decisions and preferences of individuals, and think that it is all manageable and could be centrally planned by a group of unelected bureaucrats who are supposed experts? 

And it's not even conspiracy theory that the quasi-private Federal Reserve's directors and policymakers come from the big banks who are "too big to fail" or those who were bailed out like Goldman Sachs, Citigroup, and others. It's just all facts. Cronyism is apparent, and the discretion of these unelected quasi-private "experts" create policies that affect the whole world's economy.  

And yet people still blame the US recession and housing bubble to the "free market" when quasi-private institutions like the Federal Reserve get to manipulate the money supply and interest rates. How si that free market? How is that "too deregulated that's why it failed" kind of policy?

And I understand, as most classical liberal authors have warned, it will be almost impossible to argue the libertarian position. Aside from the fact that I don't think they actually intend to do wrong (motive is not what I question here) because this is how most of us have been trained to think, it's more of the semantics as well.

Just think of words like "inflation" and how we have been trained to think it has all to do with prices when really that is just a consequence.

Many times I don't even care about how many people actually read what I write (although Blogger stats and AdSense dictates that people actually read these things I write), but mostly I would just wish people would watch the videos I post and then maybe they can be compelled to research more for themselves. The pen is mightier than the sword, many say, and even if I can change even just one person's mind about politics and economics, I am already satisfied.

Many people now know about Ron Paul because of this blog. Many people now know that there is the Austrian School of Economics and not just the mainstream Keynesian mythology. Many people now know more about fiat currency and monetary policy. It is just my deepest hope that at the end of it all, even if my readers don't really read every single paragraph I write, maybe they will Google more about what I'm talking about and maybe they can learn more about it themselves.

And yes, I would love for our nation to have libertarian-leaning policies, of course. I know I write in this blog because I find poverty and violence all so heartbreaking. And most people have this motive, I understand. So it is not really the motive that is in question. No, I don't want people to die or be unemployed or not be able to buy medicine or have 8 children they can't feed. Through research, discussions, and debates, I just realized that the solutions of the political philosophy that I have learned to love is the most moral, practical, and efficient of all.

I don't mind being discredited, really. I just continue writing because I see that there is demand for it (a market indication that I am doing something people seem to be interested or intrigued about). And again, even one mind, you perhaps, my dear reader right now, can somehow see some truth in what I am writing.

And many times I try to mention that "this is how we were trained to think" to most Keynesians, fellow libertarians, and even those opinionated intellectuals who have their own form of folklore economics and I think it's just the definition of words that becomes a problem like, again, "inflation" or maybe "commodities" (which I find weird because they are naturally just goods and/or services traded regardless of the stock market which is just something that people speculate on and doesn't really have a  direct consideration about the actual utility or potential in a product or a business). 

I understand there is more for me to learn most especially with Keynesianism. Often I am accused of just reiterating the rhetoric of other libertarians or Austrian school people without really understanding the religious fiction of John Maynard Keynes.

Yeah, I'll continue tomorrow, maybe. I'm gonna sleep now.

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