My economic tangent was brought about by your "lmao" at Dr. Paul's generally austrian economic views on inflation.
Also it isn't about whether they work at predicting booms and recessions, they are the cause of both... It's about the fact that they are simply wrong.
I have Rothbardian austrian views on an ideal economic situation and I prefer to look at our current credit money system with the analysis of Minksy and the MMT school as well as Keen, peppered in with some Antal Fekete.
Quite a few austrian economists were very outspoken about the upcoming recession as early as 2004. Quite a few youtube videos showing Peter Schiff get laughed off CNN and MSNBC in 2005-6-7-8 by saying people should pull out of stocks they are heading for a crash.
How are Bernanke's models working out? Keen shows how they fail. Fekete explains the liquidity trap issue better than mainstream economists.
1. Austrian's have no explanation for inflation or the consumer behavior that causes it. They literally concede their models have no predictive value because they can't quantify anything. They have no standing in any serious economics department because they have no econometricians.
2. Schiff has been wrong numerous times, something that is well documented on these forums; his greatly exaggerated price target on gold ($5000 by 2012), his greatly exaggerated claims of hyperinflation (obviously did and does not exist) and my favorite was his claim the U.S. dollar would decouple from the rest of the world's currencies. And fact is recessions occur roughly every decade, so mathematically he had to be right at some point since he has
always predicted doom, going back to 2001. So it took him 7 yrs to be "right". Whoopdedoo.
3. Bernanke's models are working out just fine, thanks. Any evidence to the contrary?
Edit: Going to just lay the economic stuff to rest and try not to continue derail the thread.
Good, you should get back on topic and explain how U.S. states would magically start their own SS/Medicare programs when it has never been done in history, and then try to find an excuse for the very legitimate reasons
why adding those programs at the state level has been so difficult/rare. Plus, the undeniable reality is that millions of Americans would lack coverage for years/decades even IF somehow these states eventually decided to implement these programs. Meanwhile generations of people go without coverage.