Many people are apprehensive of the direction in which the economy is going, and as these concerns over dire financial situations emerge across the world, people are actively searching for information.
All across the globe financial situations have become dismal for many countries. Here in the U.S., the economy and the "fiscal cliff" have been consistently making headlines as the government attempts to work out a solution to solve the nation's financial crisis. According to one news website, the term "economic collapse" is a common search term.
Economic Collapse News is a relatively new startup, launched in 2011. ECN is a U.S.-based independent news publication whose mission is "to report on economic crises and show why they are mostly caused by various government policies which distort and disfigure the marketplace."
Stephen Otto, founder of ECN, said that due to his interest in economics and, being a study of the Austrian School of thought, he indicates he wants ECN to offer information relating to the causes of economic crises and possible solutions based upon these principles.
Digital Journal recently spoke via email with the founder of Economic Collapse News and learned more about the business and the Austrian economic school of thought. According to Mr. Otto, the Austrian School's business cycle theory explains the causes of recessions, describing them as being "generally" caused by government intervention, especially central bank manipulations, creating economic distortions.
Courtesy of Stephen Otto
Stephen Otto, founder of Economic Collapse News
According to the Austrian School's philosophy, proponents of Keynesian Economic policies have helped lead to the current financial crises.
Digital Journal: Why did you start Economic Collapse News?
Stephen Otto: When I started ECN I noticed that people were searching for information about the economy using the term "economic collapse". Being interested in economics and a student of the Austrian School of thought, I wanted to provide the information people were looking for with regard to the causes of economic crises, what the outlook for the future is, and potential solutions to the declining American economy. So I registered the domain economiccollapsenews.com and began writing about what I thought was happening to the economy based on my understanding of Austrian Economics.
Digital Journal: What are your plans for 2013?
Stephen Otto: What I want to continue doing in 2013 and beyond is to highlight the solutions that the Austrian School offers and direct people to the Mises Institute and other scholarly sources so they can learn what the true causes and solutions to economic recessions and depressions are.
Digital Journal: What are your future goals? For instance, where do you hope to see Economic Collapse News in five years from now?
Stephen Otto: Five years from now it is my hope that ECN will have grown in influence so that many more people will have an understanding of how the government and Federal Reserve are responsible for the substantial decline in the standard of living of Americans that I believe will take place during the next decade. It is important, I believe, that people put the blame for the coming rising prices where it belongs - namely the inflation of the money supply by the Federal Reserve.
In our correspondence, Mr. Otto referred to Ron Paul, noting ECN "is partly inspired by him and other libertarians" in carrying out its mission.
Economic concerns are not only a growing issue, but one that has a long way to go in reaching a solution. As the U.S. economy continues to struggle, many are likely wondering whether or not policymakers can truly resolve issues.
Perhaps this leads to the question of whether or not it should it be up to the government to intervene and try to fix economic rough spots? Or perhaps maybe the better question is whether or not current philosophies can get the U.S. out of debt?
What do you think? Could change in U.S. economic philosophy solve financial crises?