Keynesian economists claim that deflation is as bad or worse than inflation. But deflation not only reverses inflation's bad effects but also allows new wealth creation.
What happens when banks lend money? It depends on the lending process itself. If lending comes about because of an expansion of credit, then it creates problems.
While officials in the White House, Treasury, and the Fed give the appearance of being in control, but in truth, they cannot undo the damage they have done.
Why does money have value? Typical economists claim that money is valuable because the government declares it so. But that is impossible, given the true origins of money, which are best explained by Austrian economists.
Post-Keynesians believe that capitalism is internally unstable, leading to necessary intervention by the central bank. Austrians see that as backward reasoning, as policies by the central bank to create credit from nothing is the problem.
