The Fed

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.

"There are so many problems with Krugman's thinking that it's hard to know where to begin."

Google Trends records a massive increase in searches for Austrian economics, with the leading city for most such searches being Washington, DC, but extending to all areas of the world.

Even zero inflation is too much when an economy is experiencing overall improvements in productivity. Sound policy in that case calls for deflation at minus the rate of productivity growth.

But even "free market" media such as the Wall Street Journal cling to Keynesian pump-priming, which — by the media's own admission — didn't help Japan and in fact caused the housing boom.

Jeffrey Tucker offers insights into Greenspan's role in the 2008 economic crash.