Austrian Economics—What the Heck IS It?

What is “Austrian economics”? Let’s break it down:

Economics: “A social science concerned chiefly with description and analysis of the production, distribution, and consumption of goods and services.” Ooo-eee! That’s gotta be a page-turner! Thank you, Merriam-Webster.

Austrian economics: “A school of economic thought that is based on methodological individualism.” Gads! But thank you, Wikipedia.

I never studied economics in college. And I’m pretty sure I didn’t take economics in high school either. Or if I did, I slept through it.

Ron Paul, 2012 Republican Presidential Contender

But “Austrian Economics” is a phrase you hear from time to time—even if it’s said in code, like what Ron Paul said following the 2012 Iowa presidential primary. “I’m waiting for the day when we can say, ‘We’re all Austrians now!’”

Ron Paul, 2012 Republican Presidential Contender

That struck me as odd. As Matthew Yglesias colorfully observed in his Slate article on Austrian economics, “The average Republican presidential candidate would sooner officiate at a gay marriage than praise Europe, yet here was Paul pledging allegiance to Vienna. What did he mean? Why would we all be Austrians?”

[Read more…] “Austrian Economics—What the Heck IS It?”

What Infinite Banking and Nelson Nash Missed

Updated November, 2019

Pamela Yellen was introduced to Infinite Banking through Nelson Nash’s book, “Becoming Your Own Banker: Unlock the Infinite Banking Concept
Pamela Yellen was introduced to Infinite Banking through Nelson Nash’s book, “Becoming Your Own Banker: Unlock the Infinite Banking Concept”

I am infinitely grateful to the late Nelson Nash for introducing me to the Infinite Banking Concept®. It’s a very powerful concept that brings to the table Nelson’s life-long study of the Austrian School of Economics.

In this article, I described what Nelson got right about this concept, and my own life-changing experience of how it lets you “Become Your Own Banker.”

Pamela Yellen was introduced to Infinite Banking through Nelson Nash’s book, “Becoming Your Own Banker: Unlock the Infinite Banking Concept
Pamela Yellen was introduced to the Infinite Banking Concept through Nelson Nash’s book, “Becoming Your Own Banker: Unlock the Infinite Banking Concept”.

However, here are several things in his ground-breaking book that I take issue with, and that have caused unnecessary confusion for readers

1. His first book, Becoming Your Own Banker®, was copyrighted in 2000.

[Read more…] “What Infinite Banking and Nelson Nash Missed”

What Nelson Nash and Infinite Banking Got Right

UPDATED November, 2019

My introduction to the late Nelson Nash and the Infinite Banking Concept® was a major turning point in my life.

Up until then, I was a business-building consultant to financial representatives. The financial representatives I coached were always bringing financial products and strategies to my attention, and over the last 25 years, I’ve investigated more than 450 of them.

Unfortunately, most turned out not to be worth the paper they were printed on.

Finally, one financial representative asked me if I had ever heard of Nelson Nash, and the book he wrote, Becoming Your Own Banker: The Infinite Banking Concept.

I had not, but it sounded very intriguing, so I called and talked to Nelson and ordered a copy of his book. [Read more…] “What Nelson Nash and Infinite Banking Got Right”