September 25, 2012 § 1 Comment
Most alternative media outlets promoting Austrian economics are fond of laying all the blame for our economic woes at the feet of politicians and the government. To be sure, Austrian sympathizers are correct in pointing out that governments have become, in most countries, bloated and mismanaged institutions, with labyrinthine rules and an addiction to red tape. However, what is suspicious is that Austrian solutions always end up somehow benefiting private banks and “hard money” proponents instead of the general population.
Let us identify some of the typical memes disseminated by Austrian outlets, through an analysis of Daily Bell’s founder Anthony Wile’s sales pitch for The Foundation for the Advancement of Free Market Thinking (FAFMT). Keeping in mind that Wile and several of his collaborators have worked and still work as consultants for large international banks and other financial concerns, we will apply the well-known cui bono principle to our analysis:…
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