The Austrian argument isn't "Something will go wrong eventually." If you really want to hear their point of view, which accounts for both human nature (it's also called the psychological school) and business cycles, I suggest checking out http://mises.org/
I know the Austrian Theory isn't based around "something will go wrong eventually". I've read enough Hayek, Mises and Menger to know the basis of the theory and I'm familiar with the Mises Institute. I'm not sure if you missed the part where I said I like Austrian Economics and Theory. It's not the school I'm against... it's Peter Schiff.
Schiff's company faces some trouble, but I'm not trying to deify him. Of course he's not some omniscient overseer of the economy. He simply knows economics; tried and true, real economics, rather than the Keynesian hogwash that is so widespread these days.
If he had such a firm grasp on "real" economics shouldn't he have well... got something right while all the other theory based investors (and they're out there) got it wrong. Which is the exact opposite of what occurred... they generally mitigated loss, he continued to encourage it. He got it wrong. It's as simple as that. And when an Austrian Theorist who speaks extensively on the short and long-term effects of current actions gets nearly every single one of the predictions he made on short term effects wrong you really have to step back and say "Damn... maybe this guy isn't everything he was cracked up to be..."
You don't have to believe him if you don't want to, and I personally don't care.
But weren't you using him as your source? If I don't believe him then it pretty much invalidates that...
But when hyperinflation occurs, just remember he told you so.
You see, this is the problem.
You can't just do that.
You can't say "Oh, there will be hyperinflation sometime in the future..." and then when there is, however far in the future say "I told you so!". Giving that general a prediction doesn't mean anything. I predict that unemployment will rise, but certain banks will recover at some stage... that it will rain in the future... that there will be riots in China... that interest rates will rise... that the markets will fall again.
All of those are near certain to happen at some point in the future... does that make me someone who has a great vision of the future.
It's the equivalent of a conspiracy theorist like Alex Jones going "there will be a terrorist attack somewhere in the world in the next 5 years blamed on Muslims"... and then when there is saying "I told you so, it's a government conspiracy!"
And I'd like to quickly point out that Schiff didn't just predict general hyperinflation. He predicted hyperinflation in 2008 and early 2009... he predicted the world decoupling from the dollar... he predicted a lot of things to happen in 2008 and early 2009... and he got them flat out wrong.
The PPRS and it's kin are 'voluntary' as much as the legal alcohol age in the united states is. The states are allowed to set whatever age they want, but if they set anything other than 21, they lose massive federal funding for their roads. Likewise, any company that didn't agree to the PPRS won't have their drugs bought by the NHS. Essentially, it's a government enforced cartel. Which, as we all know, doesn't benefit the consumer.
Imagine this... there is an Insurance Company... a big one... and it calls up a Pharma company and goes "Listen, we want to offer your drugs... but unless you make them cheaper we won't pay for them for our millions of customers... what ya going to do?"
How is that different other than on one hand you have a government body and the other a private company. Both are in a relative position of strength and both negotiate for the best price they can receive. If the Pharma company isn't getting a price that makes it worthwhile to develop and sell the drugs then they wouldn't... yet they still do. If the NHS was getting such a great price for these drugs, why are they refusing treatment so often due to the cost of the drugs... why does NICE even exist, why are they not avoiding all the bad publicity, all the terminally ill patients appearing on the 6 O'Clock news and asking "why won't the NHS try to save my life"?
If it is a Cartel then it is the single most ineffective cartel I have ever seen in action.
You know who I mean. The people who don't pay taxes shouldn't get the benefits taxpayers get. I think we can all agree on that.
Are we still talking about just medical/health issues or in general? Because in general is a very big can of worms.