The central pillar of the Keynesian system is that spending drives the economy, so savings on a large scale will push the economy into recession. As Austrians know, that narrative is entirely false and fails to accurately explain how the economy works.

Alexander Stephens's infamous “Cornerstone” speech remains controversial even today. The simple revisionist narrative is that the northern states opposed slavery while only the South supported it. Like all narratives, it leaves out important information.

Americans once dreamed of a country that did not care about global greatness or glory. It was within our reach if we had been wise enough to grasp and hold it.

The standard Keynesian line is that the government can shorten recessions by using fiscal and monetary “stimulus.” However, as Austrian economists note, ratcheting up government spending only makes things worse, setting the stage for the next economic downturn.