The Fed

There is something government can do in the Austrian cure for a recession: radically remove itself from the economy.

Efforts to avoid the agony of recession—policies that seek to prop up insolvent firms and maintain employment—will only ensure that more resources are squandered in unsustainable lines.

We are once again in a situation where the public and the economics profession have rushed to judge capitalism as the source of periodic and severe crises.

Discovering the Austrian business cycle theory, then, is a revelation, because through it, you learn how the whole business traces to loose money and credit generated by the Fed.

Jobs cannot be created by government fiat.

By now we should all be ready to move beyond hysteria, get a grip on reality, and begin thinking about how to repeal everything the government has done during the past six weeks.

The original Misesian insight has withstood the test: it still seems that the Fed was a necessary condition for the worst speculative bubble in world history.

Deflation is a "great liberating force," writes Hülsmann, "because it destroys the economic basis of the social engineers, spin doctors, and brain washers."

The best use of the money would be to burn it.

But history is clear: more fiat money won't solve this crisis; a return to sounder money will.