Federal Reserve officials, for all of their alleged wisdom and education, have a knowledge problem. Hayek and other Austrians could have told them their grandiose plans will fail.
One might assume that new rounds of monetary stimulus will bring new peaks in housing construction, reversing the ongoing housing shortage. That hasn't happened.
As the British economy falters, the government returns to its Keynesian roots. They will find once again that the legacy of J.M. Keynes is inflation and economic ruin.
