Myths and Fallacies
A Seminar with Patrick Barron
July 1, 2009
Austrian School economist Patrick Barron will question much of what you are told is the cause of our current financial crisis. He will argue that the actions government is taking to end it and prevent it from happening in the future cannot succeed but, on the contrary, are deepening the crisis and preventing recovery.
"We are told that the "excess and greed" of shadowy banking forces, operating outside government regulatory reach, caused our crisis. This is a myth. We are told that increased regulation will prevent crises in the future. This is a fallacy. We are told that falling prices create a "Minsky Moment" from which business cannot recover. This is a myth. We are told that increased savings prevents recovery and prolongs and deepens the crisis. This is a fallacy. We are told that government "counter-cyclical" fiscal policies are necessary to end the boom/bust business cycle. This is a myth. We are told that an expanding money supply is necessary for an expanding economy. This is a fallacy."
Mr. Barron will explain the actions he believes our society must take to end the crisis and prevent similar ones in the future. He will suggest a plan to return the nation's economy to the path of long-term growth. "My plan will foster peace at home and peace with the world. It will require no international agreements and can be instituted immediately."
Patrick Barron is an internationally known writer and lecturer on economics, specializing in the banking sector.
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