Tom Woods has made an invaluable contribution with his latest book. The public today looks for an explanation of the current economic crisis and a prescription for recovery.
Remember the flight to "safety" into T-bills and T-bonds? Most people fled from hard assets. These are the victims. They believed the propaganda of the establishment.
As things stand, central banks' monetizing government debt is presumably the way forward for producing inflation — which is, and must be, defined as a rise in the money stock.
Think once more and above all of Germany, where time is running out fast — the time, I mean, during which repressed inflation can still be removed before the price-wage spiral gets going, notwithstanding all the controls of the occupation authorities.
"All of this government intervention will only spawn new malinvestments and later depressions."
Suppose in 2007 you were handed a piece of paper and a pencil, and were asked, "Come up with a list of bullet points for how to generate severe stagflation in the years 2010 through 2019."
Wouldn't your list look pretty similar to what has already happened?
"Such aggregates have little meaning, as all human action consists of striving for individual goals."
The Austrian explanation of the boom-bust cycle makes more sense than any other explanation I've seen.
