Comment: Cool! Good to see this from the land down under

(See in situ)

Cool! Good to see this from the land down under

This guy did lack a great explanation of Austrian economics though.
But it was good to hear people talking about this stuff outside of the states and hear different perspectives.

Austrian Economics is a hard sell because it is so different than what we have today. You have to break some pillars of standard economic thinking into tiny shards before people can get it.

Like the one gentle that thought if you shrank the money supply we would be in caves. Prices would fall dude...thats all you have to say!

Would you loose your mortgage on a house if your bank failed...don't know. Short answer yes. But long answer is who else is going to buy your house? Interest rates will be 20%+ The bank will need to auction off all assets to pay its creditors and depositors. your mortgage is an asset and some will buy it for pennies on the dollar (deflation). It would be easier for everyone involved if they just restructured your mortgage so you could afford the payments and the new holder would still be way ahead.