We are also constantly told — this time by Chicago economists, not Keynesians — that "we learned in the Depression" that the Fed needs to rapidly expand the monetary base to avert disaster. Oops, turns out that's bogus too.
Modern macroeconomists failed to forewarn against the dangers of the recklessly inflationary monetary policy pursued by the Fed in the first half of this decade. They now are at a complete loss for a coherent explanation of its consequences in the deepening financial crisis and recession that afflicts the global economy.
But no area of commercial property will be spared the bloodbath.
Central economic planning and laissez-faire capitalism are completely incompatible concepts — by definition.
The Panic of 1819 lasted about three years — the Great Depression lasted well over a decade. When looking for solutions to our current mess, we should study a winning team.
The Mises Circle in Colorado, sponsored by the Limited Government Forum of Colorado Springs, 4 April 2009.
The Mises Circle in Colorado, sponsored by the Limited Government Forum of Colorado Springs, 4 April 2009.
The Mises Circle in Colorado, sponsored by the Limited Government Forum of Colorado Springs, 4 April 2009.
What a warped view of how the market economy works, to think that savings and foreign investment can cripple an economy.
Incessant creation of fiat money by government central banks will serve to engender more speculative booms to lure investors into financial ruin.
