It's a bit of a YouTube afternoon here at NOT PC, and you're invited.
** Here's a compilation video that's deservedly doing the rounds: in 2006 and 2007 economist Peter Schiff was using Austrian economic principles to explain to the mainstream morons why a housing price crash, a market crash and recession were inevitable. Watch them laugh. Watch them advise us to buy shares in "underpriced" finance houses like Merrill Lynch. And Goldman Sachs. "I like Bear Sterns," says one of the grinning morons. Oh how they laughed at Schiff's good sense, based on good Austrian fundamentals. And ask yourself who's laughing now. Watch The Curse of Cassandra.
** Naturally, interest should now turn to what Schiff's saying now. Here's what he said yesterday on CNBC:
Our markets are going lower. This is just not a financial crisis. This is an economic collapse. Our entire phony economy is collapsing around us. There is nothing the government can do to stop it. They should just get out of the way, and let it happen.
He's been been promoting gold as a store of value: but it appears that gold hasn't done quite as he would have hoped. Schiff answers the objection in this video: Peter Schiff: Gold Will Rise, Dollar Will Collapse, and at the link above, which points to the next big worry about this collapse.
And on the present value of gold, bear in mind that, as Hayek pointed out in 1977, "I think it is quite as legitimate to say that under a gold standard it is the demand of gold for monetary purposes which determines that value of gold, as the common belief that the value which gold has in other uses determines the value of [commodity] money." The flip side of this means that when the use of gold for monetary purposes has been prohibited, we need to value gold slightly differently (or else to recognise the necessity of reinstituting sound money).
Any way, on with the videos.
** I like the new short clips just posted by the Ayn Rand Center, among which are these topical insights:
- What's the difference between Ayn Rand's ideas and Adam Smith's
- Your Child Is Not State Property
- Is charity a virtue
And this much longer one (65 min. long):
** Since I'll be up to my ears in 'Tristan and Isolde' tomorrow afternoon in Newmarket, here's the great Waltraud Meir singing music's longest orgasm: the conclusion to the whole four-and-a-half hour music-drama. There's nothing else like it in all music: Liebestod - Tristan & Isolde 'Set it at full screen and turn your sound system up to eleven, and be stunned!
** And finally, if you're keeping up with CricInfo to keep up with how we're unaccountably giving the Australian cricket team heart trouble, you might like to keep an eye on Richard Irvine's hilarious Sport Review blog. I feel sure he'll have some great things coming once he comes down from the shock of it all.