re: Stock markets vulnerable to hack - flash crash, about $100 billion disappears

Now this is getting interesting.

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Do you actually think there is a Fed member that hasn't read that damn book? Or at least studied the arguements and points?

I would be surprised if anyone outside of Greenspan and his peers even knew who Rothbard was.

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Wow.

I think this is a kind of common refrain from "true believers." Whatever they believe seems so obviously true to them, that they assume anyone who doesn't agree with them is simply ignorant. To them, what they believe is so self-evidently true that they cannot imagine that someone would actually carefully consider their arguments and reject it. So the answer is "they haven't even read it!"

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Yes, as well of a number of other books of his on central banking.

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I'm not going to doubt you because I don't know you personally, but you're making me think every single book you've read about central banking is tilted one sided.

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I don't want that, I want to live in the "land of liberty" not "artificially engineered opportunity".

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What kind of liberty do you have when you don't have opportunity? If you don't have the choice to take an opportunity then what exactly is your liberty? And what exactly is non-artificially engineered opportunity? An opportunity that just magically appears? Or a structural opportunity due to changes in technology? Those are all still created "artifically". The term "artificially engineered opportunity" makes literally zero sense.

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If Bitcoin takes off as a currency, you better hope that Rothbard's view of economics is what you want for the economy.

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If a private electronic currency takes off to the point you imply, then neither Rothbard nor any other current schools of economics will be applicable to the current state of global economics.

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All of Rothbard's book are that way. It's beautiful. I can get through Man, Economy, and State with no problem. Mises was hindered be his inability to produce easily read works. Human Action is almost unreadable, yet Rothbard's most provocative works are easily read.

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They are also very angled. It's the equivalent, but not to the extent, of reading ZeroHedge and assuming all thier points on the direction of the markets are accurate.

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I would be surprised if anyone outside of Greenspan and his peers even knew who Rothbard was.

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Well then you should be very, very surprised. I was lucky enough to even listen to a discussion between several PMs, economists, and old governors about the pros and cons between schools of economics (Keynesian, Austrian, Ricardian, Marxian, etc.). They know damn well who Rothbard is.

ETA: I'm not saying Rothbard doesn't have some legitimate points, I even stated that earlier. But to assume that his book is some oasis of enlightenment that has been lost in the ides of time is just not correct.

When Thomas Jefferson wrote the "pursuit of happiness" in the Declaration of Independence he was referring to economic activities as much as anything else. Thus, being a land of opportunity is an essential element of the founding and formation of the United States.

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Jesus shut up with that. That is in no way shape or form the arguments made for the the validity of central banks. I'm totally fine discussing this with you but if you just cop out to the emotional, intellectually lazy route I'll just stop responding.

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Look, I'll buy into your hypothesis if the central authorities simply leave crypto-currencies alone and don't meddle with them. Because then I would see that they are truly confident that their system is better than the alternatives.

But if they meddle, then it proves that they know their system is a house of cards and that their power structure is threatened. And frick them in their asses for that.

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But if they meddle, then it proves that they know their system is a house of cards and that their power structure is threatened. And frick them in their asses for that.

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Why wouldn't they meddle. This has potential to hurt a lot of people. Especially with a rising "interest" in bitcoin. Sometimes you just have to buck up and protect the masses who are too stupid to protect themselves. I'm not some regulatory freak but it has it's place.

Hey, I just said that.

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But I disagree with Benny's premise, because he implies that liberty does not facilitate opportunity. I believe that liberty and free markets lead to much more opportunity than any centrally planned system ever will.

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That's not my premise. My premise is that more opportunity initiates more liberty. If you just dropped somebody on a deserted island they have the liberty to run around and do what they want, but that's it. I'm going to stop there because this is getting too Poli board.

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Look, I'll buy into your hypothesis if the central authorities simply leave crypto-currencies alone and don't meddle with them. Because then I would see that they are truly confident that their system is better than the alternatives.

But if they meddle, then it proves that they know their system is a house of cards and that their power structure is threatened. And frick them in their asses for that.

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I mean, if crypto currencies take off like you imply get ready for some charges. Death and taxes, man.

It doesn't mean they think their system is a house of cards at all, it's just that the fiscal authorities will make sure business done in their country gets taxed in some way. That's just the way it is. You can be mad all you want, but you're just wasting energy.

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I had no idea Benny was so smart. I'm going to watch for his future posts. He knows his stuff.

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Told ya, and you :coughed: at me

Benny is a Bad Mother shut yo mouth

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Those are facts, man. If you look at data straight in your face and say it is really something different, then there is nothing I can say to you.

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The proverbial line in the sand. There it is.