The history of money and banking in the United States since World War II is one of extremes.

The great Per Bylund has claimed that “Experienced entrepreneurs are Austrians.” This is because they “Develop gut feel through trial-and-error,” but they “lack explanation (theory) and terminology.” In fact, Bylund goes as far as to say that “Most entrepreneurs fail most of the time often because they are not Austrians.” This makes sense considering Austrians put such heavy emphasis on entrepreneurship.

For more than a century, an inflationary monetary policy has plagued the United States. Most recently, price inflation has become the most obvious consequence of the Federal Reserve’s actions to the public. Other effects, while less visible, have been no less pernicious. Indeed, inflation is particularly insidious because rising prices can mask a transfer of wealth.

In his writings, the leader of the monetarist school of thinking, Milton Friedman, blamed central bank policies for causing the Great Depression of 1930s. According to Friedman, the Federal Reserve failed to pump enough reserves into the banking system to prevent a collapse of the money stock.

The “new history of capitalism“ has reprised the debate on the economic viability of slavery by rebranding it as an institution with a propensity for innovation and long-term growth. This group of scholars attempts to recast slavery as an institution at the very center of capitalism and the Industrial Revolution.

A brief look at the lives of Rousseau, Marx, Guevara, Brecht, and Sartre suggests that many of the Left’s most celebrated heroes built their philosophies on a foundation of the most repugnant narcissism, violence, and inhumanity. 

Although reluctantly, current central bank governors and respected economists have ramped up their warnings that inflation is here to stay.

This week, the Federal Reserve gave the most dovish “hawkish” statement ever, an apparent aggressive tapering that, in reality, means maintaining very low rates and massive repurchases for longer.

Inflation has skyrocketed and aggressive monetary policy is the key factor in understanding it. I already explained it in my article “The Myth of Cost-Push Inflation.” The Federal Reserve has finally recognized this and has made a U-turn in its policy of maintaining stimulus despite inflationary pressures.