While the Fed tries to engineer the mythical “soft landing” for the economy, Austrian economists know that this is an exercise in futility. Once the credit-fueled boom occurs, the bust logically follows.
Advocates of unbacked paper money claim that theirs is the “civilized” choice, as opposed to gold, or what Keynes called “that barbarous relic.” These inflationists, however, are the ones wrecking civilization as we have known it.
The problem of the eurozone is not China, rate hikes, or the Ukraine war. The curse of the eurozone is central planning. Subsidizing obsolete sectors and zombie firms, bloated government spending, and high taxes.