Reply #59: Here is how I see it.

[farrar]

There is also noble prize winner Fredrick Von Hayek.

Just because Sarah, Rush, Glenn, and Newt put there name on something doesn't make it wrong. It makes prejudiced people assume it is wrong.

Obviously it doesn't make them right either.

You need to look at Austrian Economics for what it is before you dismiss it just because someone pinned their name to it last minute.

Austrian Economics is very capitalistic, and you would probably disagree with it. But if you read many of the proponents you will realize many of the concerns are founded on morality. They have concern for inflation and often criticize modern economists for intentionally driving inflation and hurting poor people and other's life savings. They believe that economics based on voluntary exchange is the most efficient and moral economics. Some would say the efficiency is just a perk.

Central banking requires no competing currency. This means people are limited in what they can receive and take in exchange. They have no say in what they can trade their labor for. Whats worse is this is required so that the bank can have control of the money and manipulate it at will. While we can argue how effective or ineffective that is to macroeconomic goals, I don't believe thats the point. Neither is it entirely for Austrian Economists. I think we can see the moral hazard in allowing an assortment of men in some marble palace to decide that taking 2% off the top of your savings (mostly hurting poor people), is a sacrifice they are willing to make for the greater good. Then there is the hope that they were right. Because in this new world where the ends justify the means... you'd better hope your end was right... because then you have nothing:

Central banking and its tools such as QE2 are amoung

the same utilitarian thinking that allowed Truman to drop the atomics on japan (for their own good!)...
the same utilitarian thinking that allowed FDR to put the Japanese is concentration camps...
the same utilitarian thinking that allowed Lincoln to imprison reporters who spoke out against the war...
the same utilitarian thinking that allowed John Adams to pass the alien and sedition acts
And Finally it is the same utilitarian thinking that allowed George W. Bush to invade Iraq...

Even if Glenn Beck and them don't truly understand it, and as such why it maybe right... I do believe they have it right this time.

Also Ron Paul is an Austrian Economist, and I am not sure how much Rand knows but he is probably acquainted with it well enough.