Why The Powerful Fear Austrian Economics, Love the Fed

February 17, 2015—Some people just hate Austrian economics. Matt O’Brien might be one of those people. His hit piece in the Washington Post on the “clueless” Rand Paul took an even harsher view of the Austrian School. For questioning the Federal Reserve System’s legitimacy, Austrian economics doesn’t have many powerful friends.

But then again, Mises Institute Senior Fellow Dr. Mark Thornton makes a powerful case against the Federal Reserve System. And more people are seeing things his way. The Austrian economics way.

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Takeaway quotes from Dr. Mark Thornton:

“The pre-Fed crashes were short and sharp and tended to inflict the most damage on the people who were gaming the system and getting the most out of it.”

“The evidence is clearly in and it doesn’t support the case for the Federal Reserve and its manipulation of the fiat monetary system.”

“We relish being attacked by the mainstream whether maxresdefaultit was back in 2007 or whether it’s 2015. We think the fact people are attacking us in the New York Times and the Washington Post and other mainstream outlets means that we are having a positive impact on people’s thinking and the powers that be on Wall Street and in Manhattan and in Washington D.C. are getting afraid that the Austrians are gaining much, much influence.”

 

Are you interested in Austrian economics? Let us know why in the comments.

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