Business Cycles

Recorded at Jekyll Island, Georgia; 26 February 2010.

"And it is here — let's pinpoint the exact date at Greenspan's 'irrational-exuberance' call in December 1996 — where the Austrian men separate themselves from the Keynesian and Friedmanite boys."

Presented by Rothbard at New York Polytechnic University in 1972.

In this lecture in 1972, supply and demand concepts included: preferences of consumers, prices, quantity, quality, elasticity, equilibrium, marginal utility, present goods, and production processes.

All that stimulatory policies can do is redistribute real savings from wealth-productive to nonproductive activities."

Economics is about the most important and interesting drama of all — human action.

"The fact that credit booms are encouraged by derivative instruments has substantially increased the destabilizing effects of an artificial credit-expansion policy carried out by keeping the market interest rates below natural interest rates."

We should not be fooled into believing that the economy will crumble without high government spending and loose credit organization.

But unlike today, the deflationists and hard-money men had the upper hand. As a result, the depression ended rather quickly (by 1821) when confidence in currency was restored and currency once again was redeemable in specie.

Mr. Calandro not only strives to teach a method to avoid the delusion, but to attempt to profit from the resultant cleaning out when the bubble bursts.