The collapse of the monetary order in 1971 reflected the massive dislocations and malinvestment of resources that ultimately turned the decade into one crisis after another. Keynesians are doing something similar today.
The real world should always be regarded as the best foundation for an economic theory. Yet many mainstream economists think it's fine to ground economic theory in unrealistic assumptions about human behavior.
You can have strong growth, or you can have negative interest rates with low bond yields. You can't have all at the same time.
The public usually doesn't understand how fiat money expansion benefits the regime at their expense. The regime likes it that way.
Without money, specialization is constrained; without money, dreams of constructing an advanced society are merely a utopian pipe dream.
The ECB wants more price inflation, so it has unveiled a new plan to use new, radical monetary tools. It's all very similar to the "old" plan. Except the new plan is even worse.
On the fiftieth anniversary of Nixon's gold shock, The Fiat Standard is an amazing explication of how the West fell to its current state. You don't want to miss this show, especially Saifedean's epic takedown of fiat academia at the end!
The outcome of today's currency race is uncertain. The credibility of the leading fiat currencies has suffered substantially. Their instability has fueled crises and weakened growth, so the demand for an alternative store of value is high.
An increase in the supply of money does not necessarily cause the boom-bust cycle. It is only when more money is created out of nothing that the cycle begins.
