The Fed

Austrian economists are not fooled, because they reject the idea of empirical data in the validation of theory in the social sciences.

"The Fed was set up to inflate, and that is what it does."

We suggest that inflation is not rises in prices as such but the debasement of money.

"Such aggregates have little meaning, as all human action consists of striving for individual goals."

The Austrian explanation of the boom-bust cycle makes more sense than any other explanation I've seen.

Freedom, choice, and capitalism will pay a dear price because a group of government bureaucrats, on the receiving end of political favors, will run a major sector of the US economy and foist a prescribed lifestyle upon American consumers.

With the renaissance of Keynesian economics we can only conclude that the preconditions for a new super cycle have been established, and that if the policies are not reversed we face many years of depressed economic conditions.

Obama's actions have already laid the foundation for a gigantic bubble and a further weakening of economic fundamentals.

The free market doesn't pump up the money supply and push interest rates down to levels that promote unsustainable bubbles. The free market punishes reckless risk takers, while it is government that bails them out (and thereby encourages them to take greater risks in the future).

There is a letter from a Democratic party boss telling a woman that if she wants to stay on the WPA rolls, she needs to make a campaign contribution.