Booms and Busts

Revising the history of the Great Depression.

How a Keynesian came to wildly distort the Austrian theory. 

With huge segments of the world economy mired in depression, can we conclude that capitalism has failed or that the market behaves irrationally? That seems to be the consensus among many commentators, so we hear a wide range of calls for government intervention to patch things up.

Why transparency and liquidity won't bring financial stability.

A world central bank and currency can only further destabilize the global economy. 

Clinton has called for a new global financial architecture, but it is sure to collapse.

An Austrian explains why Japan cannot shake off its dreadful recession. 

 Milton Friedman attacks Austrian economics in Barron's, Two responses.

Downturns have an upside. The Fed should not intervene to stop them.

Two Austrian economists argue that the markets are overinflated.