Why Klein’s Book Is an Event to Celebrate

There are many reasons to be excited about Klein’s book. Guido Hulsmann mentioned in passing a few years ago just how rare it is for a new book to appear that focuses on pure theory in the Austrian tradition.

Guido estimated that it happens about every ten to fifteen years. There are several reasons: a) writing pure theory is hard, b) the Austrian theoretical apparatus old and well developed and thereby difficult to add to in a substantive way, c) with something so well developed, there is always a greater risk of making errors than of making genuine progress.

Geezer Investing

It is not unusual to hear about the virtues of hard money and the evils of the paper variety at a gold conference. However, Austrian business cycle theory is rarely cited given the audience is only interested in hot stock tips. But at the Las Vegas Hard Assets investment conference held last week at Mandalay Bay Resort & Casino, the Austrians were mentioned prominently in two separate presentations.

Boom Madness

Those were the days back in 2004. The housing boom in Las Vegas was at a fever pitch. Builders were holding lotteries to see who would gain the privilege of buying their homes. Speculators hit town like a swarm of locus buying up all the homes they could. There were only 2,500 used homes listed for sale on the Multiple Listing Service (MLS), and realtors complained that they couldn’t get sellers to accept bids at listed prices.

Self-Promotion Mania

To read Wayne Allyn Root, one would think his is a household name. After all, according to his bio, Root “is a popular TV and radio host, entrepreneur extraordinaire, and one of America’s leading professional strategists and soothsayers.”

But, if you haven’t heard Root’s name you will. He aspires to be a United States Senator. And when he runs, the manic self-promoter will make sure everyone knows his name and the message laid out in his latest book, Millionaire Republican: Why Rich Republicans Get Rich-And How You Can Too!