Other Schools of Thought

It “was not inevitable,” writes Goldfield. Rather, it was “America’s greatest failure.”

The Fed economists and their supporters really believe — truly believe — that they are the rescuers of our economy.

The United States incarcerates more people than any country in the world today and throughout history. The financial costs are tremendous and rising. It is uncreative, abusive, socialistic, and robs our society and economy of vast human and material resources. It is also un-American.

They do not comprehend that capitalism, in engendering big-scale production for mass consumption, is essentially a system of wiping out penury as much as possible. 

Keynes loved the pyramids.

Keynes loved the pyramids. The attempt to rehabilitate the reputation of the pyramid project is part of a larger cultural effort to prop up the respectability of government in general and the nation-state in particular.

What they don't understand: aggregation, relative prices, interest rates, capital structure, money pumping, and regime uncertainty.

The tragedies of 20th-century socialism are made more horrible by the fact that some people understood, predicted, and warned.

They did what they were supposed to do. Now, they have few job options at all.

Governments and bankers hate gold because its supply cannot be inflated on command.