Societies' transactions are generally based upon money. Thus, putting control of money, banking and credit in the hands of a monopoly cartel like our Federal Reserve is a major intervention in free markets. Keynesians believe that all crises can be resolved by throwing money at them and protecting local economies by throwing up walls against trade. Beggar thy neighbor policies are now called Quantitative Easing. Just like regular protectionism this currency war approach will lead to real wars.
Recorded at the Mises Institute in Auburn, Alabama, on 20 June 2013.