The Austrians (including me) who predicted these problems based on Greenspan's low-interest-rate policy know of course that the main cause was that low-interest-rate policy, with his numerous bailouts of failed financial institutions also creating a moral hazard that encouraged risky behavior.
DiLorenzo identifies the inception of a basic and malign influence, economic nationalism, on American history.
Recorded at the Toronto Stock Exchange; September 16-17, 1999.
Recorded at the Toronto Stock Exchange; September 16-17, 1999.
"As long as our central government has the ability to dole out these favors, there will be special interests lining up to receive them."
We should not be afraid of deflation. We should love it as much as our liberties.
Recorded at Jekyll Island, Georgia; May 1992.
What is amazing about America circa 2008 is not the citizens' money illusion — history has seen that aplenty — but the utter lack of resistance to it.
