The Federal Reserve was supposed to prevent recessions that people blamed on the lack of central banking. Not surprisingly, the post-Fed recessions have been worse.
The Federal Reserve is raising interest rates and we know what follows, given there has been more than a decade of malinvestments building up: severe recession.
Forget Jerome Powell's fanciful "soft landing" or the notion that the Fed can pull another rabbit from its hat. The banking system is headed for a crash and monetary authorities likely will make things worse.
While supporters of the Biden administration fault Putin for shortages, Austrian economists know the answer lies in Washington's monetary and economic mismanagement.
The combination of covid lockdowns, money pumping, and attempts to force a new green economy are taking their toll. This is not going away any time soon.
