“The Dismal Failure of Central Bank Monetary Policy” (Asia Times, by Jack Crooks, opens with a quotation from Mises: “Credit expansion is the governments’ foremost tool in their struggle against the free market. In their hands it is the magic wand designed to conjure away the scarcity of capital goods, to lower the rate of interest or to abolish it altogether, to finance lavish government spending, to expropriate the capitalists, to contrive everlasting booms, and to make everybody prosperous.”
And hawk Max Borders tries to figure out what Hayekianism implies for US policy in Iraq, since invasions and martial law aren’t all that spontaneous.
