Friday, February 17, 2012

'When You Hear the Word “Collapse,” Ignore It,' says Gary North

This advice is so useful. I remember when Gary North first debunked the National Inflation Association on his subscriber-based website a few years ago.

It was a relief.

However, the NIA's fear mongering was useful in a sense because it produced real concerns--the fear of hyperinflation--that I had to address. I brought those concerns to someone who spent a good deal of his lifetime studying economics.

Part of the reason I joined North's Specific Answers site was because I was terrified of hyperinflation after seeing NIA "Hyperinflation Nation" movie and needed my concerns addressed. But after they were addressed and time passed, I publicly distanced myself from the NIA.

Most people who use the word "collapse" have the right intentions, but they're economics are misplaced.

North's recent article doesn't address the NIA but someone else.

From the Tea Party Economist Blog:
We hear the word “collapse” all the time. The word does not make sense in a free market economy. Collapses come all at once. Prices on a free market change, forcing people to adjust. We can get erosion. We can get recession. Short of a war scenario, such as biological pandemic, we cannot get a collapse.

I will cite an article that promotes collapse. I do not believe it for a minute. It is representative of what you should ignore.
When You Hear the Word “Collapse,” Ignore It. || Tea Party Economist

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