What is The Austrian School of Economics?

Executive Summary

• The Austrian School of Economics is the economics of the private banking elite.

Introduction

The Austrian School of Economist is a school of thought that sees no positive role for government.

This is covered in the following quotation.

“The Austrian School is described in the following quotes. “Just as Margaret Thatcher said, “There’s no such thing as society,” the Austrians developed a picture of the economy without any positive role for government. It was as if money were created by producers and merchants bartering their output. This is a travesty of history. All ancient money was issued by temples or public mints so as to guarantee standards of purity and weight. You can read Biblical and Babylonian denunciation of merchants using false weights and measures so see why money had to be public. The major trading areas were agora spaces in front of temples, which kept the official weights and measures. And much exchange was between the community’s families and the public institutions. Most important, money was brought into being not for trade (which was conducted mainly on credit), but for paying debts. And most debts were owed to the temples and palaces for pubic services or tribute. But to the Austrians, the idea was that anything the government does to protect labor, consumers and society from rentiers and grabbers is deadweight overhead. Above all, they opposed governments creating their own money, e.g. as the United States did with its greenbacks in the Civil War. They wanted to privatize money creation in the hands of commercial banks, so that they could receive interest on their privilege of credit creation and also to determine the allocation of resources. As we just said in the previous discussion, the greatest fortunes of our time have come from privatizing the public domain. Obviously, the government isn’t just deadweight. But it is becoming prey to the financial interests and the smashers and grabbers they have chosen to back. Centuries of classical economists backed democratic political reform of parliaments to roll back the landlords’ power (and that of bankers). But Hayek claimed that this rollback was the road to serfdom, not away from it. He said democratic regulation and taxation of rentiers is serfdom. In reality, of course, it’s the antidote.” – Michael Hudson 

Source: Evonomics

https://evonomics.com/how-financial-parasites-and-debt-bondage/