Here's what I would like to see: the whole of Wall Street rising up against the Fed and demanding that it turn off the spigots and let the economy get back on an even keel. Let the correction happen and let profits and wages fall in the overblown sectors.
We all assumed that there were two poles: a 'left' pole of Communism, socialism, and total government; and a 'right' pole of libertarianism and individualist anarchism.
Contrary to Minsky, our analysis shows that it is the existence of the central bank that makes modern capitalism unstable.
So, in both cases of the "gold standard" and "free banking" we find that much of the case against the free-market policy is based on misrepresentations of the policies and semantic subversion.
Needless to say, during the course of this history, the federal government took more and more monetary powers so that, today, our monetary arrangements would be unrecognizable to any of the Founders. Our coins, in particular, are ugly little pieces of nothing and a constant reminder of our degradation.
The warning to all of us is that we must understand that nature is only provisionally tamed. In truth, we live in the wild, and we are only a step away from being devoured by it.
Despite the fact that he thought the advent of socialism would lead to a utopian state of personal liberty, he still manages to perceive with all the force of a great satirist the problems of state power.
If we care about truth, we need to look at this corruption in its face, and learn from it, and not merely believe what the court historians, from our time or the 10th century, have told us.
The Fed's likely continuation of its inflation in an attempt to solve the problems created by its previous inflation and the consequence that this will drive down the value of the dollar on foreign exchange markets will provide momentum for the commodity-price boom for some time.
If we can avoid the protectionist trap and reconcile the budget, the falling value of the dollar will eventually attract investors and stimulate exports.
