The Fed

Contrary to Minsky, our analysis shows that it is the existence of the central bank that makes modern capitalism unstable.

Needless to say, during the course of this history, the federal government took more and more monetary powers so that, today, our monetary arrangements would be unrecognizable to any of the Founders. Our coins, in particular, are ugly little pieces of nothing and a constant reminder of our degradation.

The Fed's likely continuation of its inflation in an attempt to solve the problems created by its previous inflation and the consequence that this will drive down the value of the dollar on foreign exchange markets will provide momentum for the commodity-price boom for some time.

Now that Alan Greenspan is no longer the Fed chairman, some financial commentators are daring to sugge

According to Greenspan, the Fed doesn't have much control over long-term interest rates.

Here lie the two key factors that make the current cycle different than the past 2 cycles.

Those were the closing words of Jim Rogers on a lengthy interview

But then finally the masses wake up. They become suddenly aware of the fact that inflation is a deliberate policy and will go on endlessly. A breakdown occurs. The crack-up boom appears

Delivered at the Mises Institute’s 25th Anniversary Celebration, 13 October 2007, in New York City.