What a century-old school of economics predicted about the pandemic state — and why its vocabulary still fits the record better than anything in mainstream discourse
This is an incredible essay — that could only have been written by a person with very deep knowledge of Austrian School achievements. A frustration I have had for a lifetime is understanding and then seeing that nobody else will ever understand. It is a great pleasure to see that this knowledge continues to live. It is very rare, almost painful to observe how rare, but nevertheless beautiful. Thank you for such an outstanding piece.
Herded like sheep by a shepherd (government-run medical establishment) with his dog (mandatory enforcement) through the gates (vaccines)of the herding trial. And the money for all this keeps flowing endlessly for the benefit of laboratories everywhere and at the expense of the public who are, in essence, “lab rats.” Somehow, I don’t believe Hippocrates had this in mind…..?
On credit expansion a distinction between govt and corporate is useful. When corps issue debt or borrow, currency is expanded temporarily. If they are profitable, they pay off the debt thus converting debt-to-equity and this is deflationary as to generate profit they must add to society's standard of living as judged by consumers. Most consumers look to benefit from making spending decisions above the cost of earning income. This makes consumer spend deflationary. For corps that fail to meet consumer needs, default and bankruptcy. The currency generated by their debt is cancelled.
No such currency reduction by govt spending which cannot default but grows bigger every year without producing value for society. Govt spending is always inflationary and detrimental to the value consumers receive.
My issues with the Austrian School is that they fail to understand the need for fiat currency that must grow with any economy nor do they understand the differences between corp debt issuance for productive use vs govt issuance and the actual source of inflation. Most experts insist that M2 growth is inflationary and miss the value- creation from production activity. Milton Friedman got it, but they all truncated his commentary to claim "...inflation is always a monetary problem..." and missed his coupling of too much monetary expansion without associated value creation.
“It is the hampered market the Austrians described, in which the state and a circle of privileged firms each extend the other’s reach.” Klaus and his boot-licking toadies at the WEF would call this a “public private partnership.” This article is a great application of Austrian economics to a real world problem. And delivered at a layman’s level. Great job!
"Central planners" can only remain in control if their authority dominates. The Constitution was for a bottom up society and not a top down. We have morphed into a top down and the Central planners need to maintain control. The money game is a counting tool that confirms their dominance. The Covid con was their defining exercise that demonstrates their dominance.
Considering the major investment in new RNA injections which exceeds 200 such projects indicates that the status quo will remain for decades to come. At some point there will be a total disintegration of societal norms that will crush the top down approach of governance. We will have an American Bastille day and more. My view.
I am planning to release my book “Seven Innocents” this fall. In 1979, the FBI became aware of the fact that food and drug products were being poisoned with cyanide. In turn, they opened a file to document and analyze the events and called it cyanide murders. In 1980, they realized that the focus of the poisonings were being targeted at Tylenol capsules and they opened a second line of investigation call Tylenol murders. J & J in turn realized that they needed to stop the tampering and began creating a method of stopping the poisonings with tamper resistant packaging. Unfortunately, the implementation of the new packaging was not in place when Seven Innocent humans were murdered in Chicagoland. A crisis that greatly stressed J & J management that ultimately changed how all consumable products are packaged for safety. Their tamper resistant packaging became the gold standard and their approach to managing the crisis became a textbook example of how to be upfront and take action when a product crisis occurs. Since the implementation of tamper resistant packaging many lives have been saved over the last forty years thanks to the J & J efforts.
There are many legs to this historical look at the medical murder mystery that began in 1979 and did not end until eight years later. My Hunt for the Tylenol killer took me into many dark places where light was never shined. Without the cooperation of J & J and Kenvue this story could not be told. It is a story that must be told. The goal of the book is to have the FBI re-examine the events and double their effort to find the killers. They pursued one man for a lifetime and his DNA and fingers prints did not match the specimens in the possession of the FBI. Closure for all the families involved may still be within reach.
I did find the explanation of how governments operate to control their populations, to subscribe to bigger government useful. Punishment of a sort. We remember. I was so interested when they shut down churches but let the big stores Walmart to stay open. What should we have done besides refuse the Covid shots? What about now other than witness another effort to terrorize that another plandemic is coming? Measles is my big one for me. We all had measles and we are being told it is a deadly disease! $ and control. I am thinking about the nature of people, those of us who like and learn from each other, and those who appear to be psychopaths. And the psychopaths seem to gain control of certain countries which is really bad/sad. Can anyone explain why the human race has this composition? Control personalities are what percentage? Probably small, but how do we fight this? Elect Spencer Pratt!
Wouldn't it be a clearer statement to call it what it really was? The Plandemic instead of the pandemic. With all the deception flowing so freely though the Media lines of communication it seems only fitting to call it out.
The problem with wording like that it that it results in a large section of the audience immediately moving on. If we want to reach outside of our tribe with these ideas, we have to be strategic
If you get this and you read "The Law" by Frederick Bastiaat, then you pretty much see the big picture. It is to government and economics what the Bible is to humanity and good and evil.
Thank you for gathering this history of brilliant economic minds to discuss the applications in our time with Covid. We saw individuals who lacked humility to say they are wrong-or who choose greed -will always need to be faced. Human error in powerful places does not change; I hope that it can be recognized, understood and overcome.
I read the books during my law studies… but I am pretty sure that it’s no longer part of the usual books you must or should read in school or academic education nowadays… Thank you so much for this! Lot’s of love from Austria, Bettina
Dr. Malone, you make some useful arguments against censorship and overreach of government, but I would say you make a big mistake by situating your argument in the context of "Austrian School" economics. The so-called Austrian School of Hayek, Mises, and Rothbard, was promoted by the British Empire opponents of the American System. It was Alexander Hamilton's American System which was becoming widely recognized as the most successful way to build a national economy in the wake of Lincoln's victory in the Civil War and building of an industrial powerhouse. Unfortunately, British-influenced academia has smothered the discussion of the American System and left us with the phony dichotomy of socialism vs. the "free market." Fortunately we now have a President Trump and a cabinet which is returning us to our true heritage. I highly recommend Trade Representative Jamieson Greer's keynote address at the recent Davos Conference.
Very well done! Extremely depressing! The post crisis conduct of too many of our elected officials, bureaucracies and indeed a substantial number of those in residence in our nation has been/is unacceptably destructive in terms of our nation's long term success.
Your use of the Austrian economists analyses works. To me the most pressing concern is coercion. That the next crisis will be occasioned by a greater level of coercion (not to downplay the evils of robberies of wealth from the lower classes), demands review and remediation. That, thus far, seems to lack attention or even a wift of interest.
IMO, the increased evil amongst us, could well occasion another pandemic before November. That would be a unquestionable opportunity to respond with increased coertion and perverse initiatives to assure the crises dont go waste.
On another level, this morning on Substack:
Mellowcat's SS warns to
Before June 5th tell EPA
NO. Mosquitos infected with wolbachia.
re a major planned release.
For one, I'm sick and tired on the Gates, DOD insect, tick, airborne contaminants being dumped on us!
How do we organize to back down these evils?
Your essay here is a start, but there are possible immediate threats to be ready for. Is anyone listening, seeing and getting numbers at the ready?
So the COVID experiment, was put together by Smart Imbeciles, that didn't understand the complexity, of the System they tried to release it on, where one size does not fit "ALL"
I'm old and not that Smart, but didn't fall for the government BS, wore the mask some, and then
refused, call the Police - LOL never even got fooled by take the JAB, and Daughter had to put
up a fight, with a religious, exemption, but would have quit her job before taking the Jab, the granddaughter of course, got caught up in No school, And Minnefornica school system !
As I scan the content of this essay, I see the benefit and the ability to forecast the future because there are certain tendencies that are consistent with humans. Sci-fi can be predicated with these tendencies as well. Some deeper thinkers look at history from many perspectives and then make deductions that are pretty accurate. Think Ayn Rand for example as well as Orwell and Huxley.
This is an incredible essay — that could only have been written by a person with very deep knowledge of Austrian School achievements. A frustration I have had for a lifetime is understanding and then seeing that nobody else will ever understand. It is a great pleasure to see that this knowledge continues to live. It is very rare, almost painful to observe how rare, but nevertheless beautiful. Thank you for such an outstanding piece.
Please tell me that you have read "the Law" by Bastiaat. Understanding legal plunder is the key that unlocks the door.
Herded like sheep by a shepherd (government-run medical establishment) with his dog (mandatory enforcement) through the gates (vaccines)of the herding trial. And the money for all this keeps flowing endlessly for the benefit of laboratories everywhere and at the expense of the public who are, in essence, “lab rats.” Somehow, I don’t believe Hippocrates had this in mind…..?
On credit expansion a distinction between govt and corporate is useful. When corps issue debt or borrow, currency is expanded temporarily. If they are profitable, they pay off the debt thus converting debt-to-equity and this is deflationary as to generate profit they must add to society's standard of living as judged by consumers. Most consumers look to benefit from making spending decisions above the cost of earning income. This makes consumer spend deflationary. For corps that fail to meet consumer needs, default and bankruptcy. The currency generated by their debt is cancelled.
No such currency reduction by govt spending which cannot default but grows bigger every year without producing value for society. Govt spending is always inflationary and detrimental to the value consumers receive.
My issues with the Austrian School is that they fail to understand the need for fiat currency that must grow with any economy nor do they understand the differences between corp debt issuance for productive use vs govt issuance and the actual source of inflation. Most experts insist that M2 growth is inflationary and miss the value- creation from production activity. Milton Friedman got it, but they all truncated his commentary to claim "...inflation is always a monetary problem..." and missed his coupling of too much monetary expansion without associated value creation.
“It is the hampered market the Austrians described, in which the state and a circle of privileged firms each extend the other’s reach.” Klaus and his boot-licking toadies at the WEF would call this a “public private partnership.” This article is a great application of Austrian economics to a real world problem. And delivered at a layman’s level. Great job!
"Central planners" can only remain in control if their authority dominates. The Constitution was for a bottom up society and not a top down. We have morphed into a top down and the Central planners need to maintain control. The money game is a counting tool that confirms their dominance. The Covid con was their defining exercise that demonstrates their dominance.
Considering the major investment in new RNA injections which exceeds 200 such projects indicates that the status quo will remain for decades to come. At some point there will be a total disintegration of societal norms that will crush the top down approach of governance. We will have an American Bastille day and more. My view.
I think you will enjoy the book I am currently working on...
I am planning to release my book “Seven Innocents” this fall. In 1979, the FBI became aware of the fact that food and drug products were being poisoned with cyanide. In turn, they opened a file to document and analyze the events and called it cyanide murders. In 1980, they realized that the focus of the poisonings were being targeted at Tylenol capsules and they opened a second line of investigation call Tylenol murders. J & J in turn realized that they needed to stop the tampering and began creating a method of stopping the poisonings with tamper resistant packaging. Unfortunately, the implementation of the new packaging was not in place when Seven Innocent humans were murdered in Chicagoland. A crisis that greatly stressed J & J management that ultimately changed how all consumable products are packaged for safety. Their tamper resistant packaging became the gold standard and their approach to managing the crisis became a textbook example of how to be upfront and take action when a product crisis occurs. Since the implementation of tamper resistant packaging many lives have been saved over the last forty years thanks to the J & J efforts.
There are many legs to this historical look at the medical murder mystery that began in 1979 and did not end until eight years later. My Hunt for the Tylenol killer took me into many dark places where light was never shined. Without the cooperation of J & J and Kenvue this story could not be told. It is a story that must be told. The goal of the book is to have the FBI re-examine the events and double their effort to find the killers. They pursued one man for a lifetime and his DNA and fingers prints did not match the specimens in the possession of the FBI. Closure for all the families involved may still be within reach.
A bit of a tease!
I did find the explanation of how governments operate to control their populations, to subscribe to bigger government useful. Punishment of a sort. We remember. I was so interested when they shut down churches but let the big stores Walmart to stay open. What should we have done besides refuse the Covid shots? What about now other than witness another effort to terrorize that another plandemic is coming? Measles is my big one for me. We all had measles and we are being told it is a deadly disease! $ and control. I am thinking about the nature of people, those of us who like and learn from each other, and those who appear to be psychopaths. And the psychopaths seem to gain control of certain countries which is really bad/sad. Can anyone explain why the human race has this composition? Control personalities are what percentage? Probably small, but how do we fight this? Elect Spencer Pratt!
Hi Doctor,
Wouldn't it be a clearer statement to call it what it really was? The Plandemic instead of the pandemic. With all the deception flowing so freely though the Media lines of communication it seems only fitting to call it out.
The problem with wording like that it that it results in a large section of the audience immediately moving on. If we want to reach outside of our tribe with these ideas, we have to be strategic
If you get this and you read "The Law" by Frederick Bastiaat, then you pretty much see the big picture. It is to government and economics what the Bible is to humanity and good and evil.
Well explicated and useful.
Thank you for gathering this history of brilliant economic minds to discuss the applications in our time with Covid. We saw individuals who lacked humility to say they are wrong-or who choose greed -will always need to be faced. Human error in powerful places does not change; I hope that it can be recognized, understood and overcome.
I read the books during my law studies… but I am pretty sure that it’s no longer part of the usual books you must or should read in school or academic education nowadays… Thank you so much for this! Lot’s of love from Austria, Bettina
Dr. Malone, you make some useful arguments against censorship and overreach of government, but I would say you make a big mistake by situating your argument in the context of "Austrian School" economics. The so-called Austrian School of Hayek, Mises, and Rothbard, was promoted by the British Empire opponents of the American System. It was Alexander Hamilton's American System which was becoming widely recognized as the most successful way to build a national economy in the wake of Lincoln's victory in the Civil War and building of an industrial powerhouse. Unfortunately, British-influenced academia has smothered the discussion of the American System and left us with the phony dichotomy of socialism vs. the "free market." Fortunately we now have a President Trump and a cabinet which is returning us to our true heritage. I highly recommend Trade Representative Jamieson Greer's keynote address at the recent Davos Conference.
Very well done! Extremely depressing! The post crisis conduct of too many of our elected officials, bureaucracies and indeed a substantial number of those in residence in our nation has been/is unacceptably destructive in terms of our nation's long term success.
Your use of the Austrian economists analyses works. To me the most pressing concern is coercion. That the next crisis will be occasioned by a greater level of coercion (not to downplay the evils of robberies of wealth from the lower classes), demands review and remediation. That, thus far, seems to lack attention or even a wift of interest.
IMO, the increased evil amongst us, could well occasion another pandemic before November. That would be a unquestionable opportunity to respond with increased coertion and perverse initiatives to assure the crises dont go waste.
On another level, this morning on Substack:
Mellowcat's SS warns to
Before June 5th tell EPA
NO. Mosquitos infected with wolbachia.
re a major planned release.
For one, I'm sick and tired on the Gates, DOD insect, tick, airborne contaminants being dumped on us!
How do we organize to back down these evils?
Your essay here is a start, but there are possible immediate threats to be ready for. Is anyone listening, seeing and getting numbers at the ready?
OFF TOPIC:
Thumbs up for Paxton today!
I recently started reading Anatomy of the State by Rothbard. The State will do whatever it takes to preserve itself.
So the COVID experiment, was put together by Smart Imbeciles, that didn't understand the complexity, of the System they tried to release it on, where one size does not fit "ALL"
I'm old and not that Smart, but didn't fall for the government BS, wore the mask some, and then
refused, call the Police - LOL never even got fooled by take the JAB, and Daughter had to put
up a fight, with a religious, exemption, but would have quit her job before taking the Jab, the granddaughter of course, got caught up in No school, And Minnefornica school system !
As I scan the content of this essay, I see the benefit and the ability to forecast the future because there are certain tendencies that are consistent with humans. Sci-fi can be predicated with these tendencies as well. Some deeper thinkers look at history from many perspectives and then make deductions that are pretty accurate. Think Ayn Rand for example as well as Orwell and Huxley.