Matthew Tanous

If and when this inflation proves to not be “transitory”, but rather a long-lasting consequence of large amounts of money being created at the same time production in many industries was slowed, halted, or redirected by government fiat, it will be far too late for any sort of NGDP targeting.

Key methodological differences between Austrians were highlighted in Milton Friedman's "The Methodology of Positive Economics." A key piece of conflict: Friedman's focus on prediction rather than explanation.

With a sound money, none of these distortions would have been possible: the limitations of the currency itself would have forced an unwinding of excessive risk far before it could become a clash between major hedge funds and Reddit trolls.