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Only the Austrians can explain the booms and the busts, and only the Austrians can predict them.
"Economics must not be relegated to classrooms and statistical offices and must not be left to esoteric circles. It is the philosophy of human life and action, and concerns everybody and everything. It is the pith of civilization and of man's human existence."
-Ludwig von Mises, Human Action, 1949
Truer words have never been spoken. Ludwig von Mises is widely accepted as the founder of the Austrian School of Economics, which, contrary to the theoretical economics of John Maynard Keynes—the system under which we live today—maintains that a stable value of money is tantamount to liberty and freedom, and runaway inflation caused by central banking is inherently contrary to the same. We subscribe to this view wholeheartedly. Again and again, without exception, history has proven that Mises was right and Keynes was wrong. And yet every major investment firm and most private investment advisors subscribe to the Keynesian model. This is why most investors have watched their accounts go up, and then come crashing back, time and again. Only the Austrians can explain the booms and the busts, and only the Austrians can predict them.
After World War One—the Great War—the German economy was in shambles, and war reparations demanded by the Allies were terribly burdensome. This is the period of the German Weimar Republic and "wheelbarrow inflation." What many don't realize, and history seems to forget, is that as bad as the Germans had it, the Austrians had it worse. Thus, the Austrian School is an anti-inflationary movement as well as a general establishment of liberty and freedom.
Remember, economics is about money—your money, and your very lifestyle. As Professor Mises says, it concerns everybody and everything. We encourage you to join the Mises Institute as a member, and to subscribe to their free daily email.
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