reply on: The Levin Interviews- Hayek \ stacker news ~Politics_And

pull down to refresh

41 sats \ 0 replies \ @charonnakamoto 18 Jan \ on: The Levin Interviews- Hayek Politics_And_Law

Thanks for sharing this. It was a delight to listen to this interview.

We mustn't forget that our present system is always so obstructed that, in fact, we probably can keep it going only by inflation, so we must first free the price mechanism then restore sound currency, and then there is no reason why Britain shouldn't return to her old prosperity.

It still gives me the shivers to think about how prescient Hayek was. These thinkers' intellectual clarity is something to be treasured!

The interviewer's astute questions also stimulated this discussion!

Well, if you believe that one of the things we have to do is to diminish the power of parliament to make it less absolute since only parliament can legislate for that, you are asking people to do the one thing that history seems to suggest nobody ever does voluntarily to relinquish a power they have do you expect parliament ever to get around to doing that?

Large swaths of people will never allow anything but freebies from the government. Hayek advocates for swift measures to nip the issue in the bud. So, if a government decides to activate the Department of Gov efficiency and adopt the Bitcoin standard, then that'll have to be swift as well. Once they decide to print less, that will cause a recession. It will be interesting to see how much Trump can actually bring to life(if any). He needs to act swiftly if he has to maintain some hope of coming back into power at the end of the term as the months of recession are going to be painful.

It means not only that stopping inflation is bound to bring about a very unpleasant process of unemployment, bankruptcies, and so on. That much more is required now. My point is about the whole thing, particularly inflation, that you can not drag out this process slowly. No government can stand a policy that would cause misery for three or four years. You must get it over with in a relatively few months, and the idea that you can do it slowly and still succeed is a complete illusion.