So, for example, Austrians will cry and cry about the correlation between gold and the money supply. Yet there is no connection. There is no correlation between gold and the supply of base money, of M3, or of inflation. For heavens sake, there is no correlation between the price of gold and SILVER!
Austrians have no understanding of how fiat money works, of how the US central bank currently works, and how principles of accounts balancing between the private, public, and foreign sectors of the economy. See how Ron and Rand Pauls budgets laughingly do not account for this.
Austrians don't understand how reserve banking works at all (which is why they are so scared of QE). They are convinced that fractional reserve banking explains everything.
Austrians are so worried about hyperinflation, despite evidence time after time that there fears are WAAAAY overblown.
Austrians are so convinced that control fraud doesn't exist, yet time after time it happens. Point it out, and they blame government, even if it takes a huge logical leap to come to that conclusion. In short, when fraud is perpetrated that the government misses, Austrians assure us that the private market would have caught the fraud...because it would, because it would, because it is the private market, and the private market is always right, because it is always right, because it is always better, because it is!
Austrians are sure that all regulations are superfluous, even though experience and facts have taught us otherwise.
Austrians for the most part believe that prices are empirically set using continuous supply-and-demand curves, yet in reality, administered pricing is the reality for the vast majority of businesses.
I can go on and on!
Plan for eliminating the national debt in 10-20 years:
Specific cuts; defense spending: http://rolexian.wordpress.com/2011/01/03/more-detailed-look-a
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