The possibility of an insolvent central bank, however, bypasses the question of whether the central bank should be abolished and concludes that it will, in certain instances, abolish itself as insolvency renders it helpless.
Indeed, if this book, rather than Keynes's General Theory, had been the point of departure for subsequent study of macroeconomic fluctuations, the world almost certainly would have been a much, much happier place.
Rothbard has in addition a carefully worked out theory, Austrian economics, to guide him.
Insufficiently educated in the history of economic thought, they do not realize that Keynesianism — down to the most technical details, like the concept of the foreign exchange multiplier — is mercantilism or, more precisely, John Lawism pure and simple.
I wonder if Paul McCulley has ever entertained the idea that massive fiscal and monetary bailouts actually retard recovery?
