The Fed

The Federal Reserve System and those in charge of it at during the real estate bubble bear responsibility for major harm to tens of millions of Americans.

As it turns out, Krugman's apologists shouldn't demand more context for his notorious quotes, since it only shines even more light on how confused and backward he is as an economist.

The Keynesians have no leg to stand on.

The community of soft-currency countries is not a community of economic conditions but a community of lax monetary and fiscal policies, a community of ignorance about monetary theory, of inexperience with monetary policy, and of political doctrinaire stubbornness.

In Krugman's world, prosperity is created by spending, and it does not matter who spends what on whom just as long as someone is spending.

The Fed is a racket at heart, a con game writ large — what else can you call an organization with the exclusive privilege of printing money in the

Any audit that exposes the Fed's relationship to the state will be worth doing, even if the Fed's friends keep it where it is.

Remember the flight to "safety" into T-bills and T-bonds? Most people fled from hard assets. These are the victims. They believed the propaganda of the establishment.

As things stand, central banks' monetizing government debt is presumably the way forward for producing inflation — which is, and must be, defined as a rise in the money stock.

The entrepreneur takes calculated risks, and typically "builds" using the carpenter's rule: measure twice, cut once. If it does not make financial sense to build, the entrepreneur will not do so. In addition, the entrepreneur would later know — through the profit-and-loss mechanism — whether such a decision was prudent or foolish.