9. Inflation and the Business Cycle: The Collapse of the Keynesian Paradigm
From the book For A New Liberty: The Libertarian Manifesto, as narrated by Jeff Riggenbach.
From the book For A New Liberty: The Libertarian Manifesto, as narrated by Jeff Riggenbach.
Published in Economica, May 1940.
Monetary central planning, as perpetrated by the Federal Reserve, provides the key to hollowing out and creating a pro-statist populace.
Loan banking is non-inflationary. Interest rates on loans are merely reflective of price spreads. All speculation, on the free-market, is self-correcting and speeds adjustment, rather than cause economic trouble.
The interventionist myth is that Federal meddling in domestic or foreign economics can make anything better. Instead, meddling produced the American Great Depression. Doing nothing with a depression in 1920 produced resolution within eighteen months. Nobody hears of the depression of 1920-21.
From Speaking of Liberty, as narrated by the author, pp. 25-40.