Given how many Keynesian economists predicted a return to depression conditions when World War II spending came to an end, and that what we instead got was the single most robust year the private economy has ever seen, isn't it a little strange that not one of these economists went back and reexamined his premises?
The Austrian arguments, to repeat, are deductive. They are not statistical.
In contrast, throughout its previous 150 or so years, the American economy had managed to do just fine without the Federal Reserve "fine tuning" the money supply.
Time after weary time, it is the mainstream and Keynesian economists (who ridicule and ignore Austrian economics as unscientific) whose predictions are utterly refuted by the events of history.
Unfortunately Obama's Road to Serfdom is not fiction and no laughing matter.
"If there is any hope for our economic future, we must come to a sound understanding of what got us here."
The Black Book of Communism is a standing rebuke to any living soul who claims that economic understanding doesn't matter.
By flooding the credit markets with money created out of thin air, the central banks of the world are interfering with humans' attempts to communicate with each other after the housing bubble popped.
"By far the biggest fallacy is the belief that a growing economy requires a growing money supply."
