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Article posted Aug 01 2010, 12:14 PM Category: Economy Source: YouTube Print

The Broken Window Fallacy: Why Government Spending HURTS the Economy



This short video explains one of the most persistent economic fallacies of our day.





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Comments 1 - 3 of 3 Add Comment Page 1 of 1
The Dude Abides

Posted: Aug 01 2010, 6:37 PM

Link
97101 Are you kidding me with that "Italian" baker? That was THE worst Italian accent I've ever heard. Any message you had to pass on was lost after that. That's when I quit watching. I almost quit during the worst southern cracker accent I ever heard but I gave you the benefit of the doubt.
Whatever message you have, go neutral on the fucking dialects. You're message will sell better. If you were going for satire, you failed.
John

Posted: Aug 01 2010, 11:59 PM

Link
2076 The "Broken Window Fallacy" is fallacious. It is based on the current monetary system whereby private banks create the nations currency and lend it into circulation with unrepayable interest. If the government created the nations currency as it is supposed to do, then this "fallacy" is shown up for what it is. And there would be a significant reduction in taxes. Most if not all tax dollars go towards paying interest on government debt which is a direct result of allowing private banks to create the nations currency. This why Lincoln was assassinated, and probably a contributing factor to Kennedy's assassination. During the period following WWII and the early 1970's, the Canadian government did exactly that - printed it's excess monetary needs (via the Bank of Canada - a publicly owned institution, unlike the "Fed"), and spent the money into circulation without an interest component. If you need / want to verify this, my reference is the Hon Paul Hellyer, member of the Canadian parliament from 1945 to 1969 during which time he held numerous senior cabinet positions including defense and deputy Prime minister. His knowledge of monetary policy and history is worth studying.
Chris

Posted: Aug 02 2010, 12:14 AM

Link
What you're saying is a great example of the broken window fallacy. The printing of money cannot create wealth. It can only redistribute wealth and create inflation.

It's a nice idea, the idea government can just print money at will and pay for everything everyone needs, it's just completely wrong. What we have now is what you're describing, just some private bank loans the money to the government instead of the government doing it itself. Both are horrible and neither is that different.

Gold is free-market money, has been for ages, the free market determined it. Private industry needs to coin the currency just as it used to, giving some parasite government the power to print money is suicidal.

Watch these:

Gold is Free Market Money | Walter Block
http://www.youtube.com/watch?v=L0m3aBogvZY

Austrian Economics: What Is Money?
http://www.informationliberation.com/?id=30253

Economics, Philosophy, and Politics - Hans-Hermann Hoppe
http://www.informationliberation.com/?id=30268
"...Above all, a fundamental law must be understood: that an increase in the supply of government paper money cannot—never, ever—increase social wealth. After all, it is just an increase in the number of colorful pieces of paper. It does not create one single additional consumer or producer good. Otherwise, if more paper money could produce greater wealth, why is it that there are still poor people around? The only thing that inflation can and does achieve is a systematic re-distribution of existing social wealth in favor of government as the producer of the additional money and its immediate clients (and at the expense of those who must consequently pay higher prices while their own money income has remained unchanged). Paper money inflation is stealing and confiscating, and the governments of 'developing' countries have been the worst offenders against monetary security."

To Dude: They are kidding you, yes, it's called joking.


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