June 22, 2009

The Austrian School of Economics

One of the greatest speeches that Peter Schiff has delivered was on 13 March 2009 during The 2009 Henry Hazlitt Memorial Lecture.

Recorded at the annual Austrian Scholars Conference, Ludwig von Mises Institute. Its worth listening to many times.

I downloaded it from Ludwig von Mises Institute or you just right mouse click here and "save link" to your HD.



  1. Why is this guy standing in the snow with a scythe? I know how to use one, and believe you me, you don't use it in the snow.

  2. While I always appreciate some good economics discussion, what connection does this have to "debunking atheists"?

  3. Bart,

    God is not the only subject I seek to change in the Atheists worldview.


    Peter Schiff is dubbed, by unbelieving media and skeptics, Dr. Doom because of his negative assessment of our economy. His spot on accurate assessment was long before the crash of said economy. Respectfully they need to call him the Prophet of Doom now.

    1. Hate to cut in, but I'm an atheist, and rabidly fiscally conservative :)

    2. >>Hate to cut in, but I'm an atheist, and rabidly fiscally conservative :)

      I guess the next question that should follow is, are you socially liberal? I know many Atheists that say “I’m socially liberal, but fiscally conservative”. Is that you too?

  4. A simple study of the stock market will easily show the pattern of boom and bust.
    It works in conjunction with the business cylcle.
    The cycle will repeat.
    Predicting a stock market decline is like predicting an earthquake or hurricane. It is guaranteed to happen.

    That is all.

  5. Bart,

    God is not the only subject I seek to change in the Atheists worldview.

    What do atheists believe about economics that you are seeking to change?

    I am an atheist and am a big defender of Austrian economics. I have actually donated to the von Mises Institute, Institute for Humane Studies, among other organizations that largely promote the Austrian school. I have an economics degree and it has been my experience that many economists are atheists (although I have not seen any studies which have addressed this topic).

  6. Froggie,

    So you believe and proclaim this entire meltdown of the worlds economy along with the multiple trillions of bailouts, and the free fall of the dollar is merely a stock market normal business cycle? Really?

    I can fully understand how you can claim Atheism now with that level of denial. Denial of a problem is a common reason people don’t seek treatment for it. Without accepting that a problem even exists, we can’t get help for it. Just as we are often our own worst critics, people are also sometimes the opposite – the last to admit their own shortcomings or failings. You can’t get help until you want help.

  7. I must have missed the bit where Froggie suggested it wasn't a problem - he noted only that the boom and bust cycle happens, there was no judgement as to whether it is either 'good' or 'bad'.

  8. freddies_dead,

    Fair enough, but he eluded that this is a mere bust, an ebb to the flow, in the cycle right?

    Stay tuned you haven't seen anything yet. Compared to the bottom coming this will feel like the boom, as predicted correctly thus far by Schiff.

    If you haven't please, please watch the entire video. He is completely right comparing America to Bernie Madoff. America is running a ponzie scheme to unsuspecting China. Do you really think we are going to pay all of our dept back? Really? They borrow to pay off countries with the new money. We will fail and it is coming very very soon. The utter failures of Bush-Greenspan will look like geniuses compared to Obama-Bernanke. Stay tuned.

  9. Wrong, there was no allusion to a 'mere' anything.

    Froggie pointed out that there is a cycle - and predicting that a 'boom' or a 'bust' will happen is nothing special.

    Again you are reading in a value judgement that doesn't exist.

    As for how bad the 'bust' will be - well no-one really knows, there are those who feel the worst is pretty much over while there are those that predict the doom and gloom will get much worse before it starts to ease up. I think that the reality (like usual) will be somewhere in between.

    I also think that if you believe China isn't fully aware of the implications of the American debt that it's buying up you're very much mistaken - the theme here is political leverage.

  10. I am still wondering what "atheists" believe about economics that Dan is trying to change.

  11. I will tell you what Atheists believe and why it errs.They believe that they can change the rules of the game they manufacture when they quit working, They do this without admitting there are principles which govern success and principles which govern failure which do not come from man.

    They do not accept that man does not declare these principles through positive law (a term of art having to do with law conceived by man) and they reject that God alone declares proper laws through natural law (a term of art as well having to do with transcendence such as the 10 Commandments as the cornerstone of all legitimate authority in ethics and economic success) which will NEVER change and can never change in order for all of the universe to exist. These principles do not "change" with evolution. Not with time.

    These principles are good and only God is fit to discern between Good and Evil and God has mercifully transcended from his eternal station of Eminence to share these declarations with us. Those who accept these as "Truth" are people who God saves. Those who do not, but demand to define Good and evil themselves, God allows these to be eternal examples of God's wrath for evil.

  12. Bart. That is what all this has to do with economics and faith and Truth. It does not have to be this way and its not just a matter of cycles which we have no control over. We have complete control over our choices and dominion over the earth, precisely because God gave it to us. Likewise, the problems we have now with sin (which just so happen to be all the reasons for Schiff's identification of our sick nation) would all be remedied were we to follow the Ten Commandments, beginning with worshiping God alone and not our portfolios, our home values, our stuff, our jobs, our salaries, our neighbors wife, things we create, and all this at the expense of our family and our integrity.

    What this has to do with the Schiff presentation and the previous comments of Dan is this: It is the fools errand say there is no God and then make ourselves into the very God that the cynics malign way we have done in America. It is precisely our rebellion which caused not only our current crisis, but each preceding one and will be the cause of each succeeding one until we are once and for all shown the reality of God's laws being the only way, Truth and life.Something Christ alone performed perfectly in both word and deed.


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