This link has been bookmarked by 1 people . It was first bookmarked on 27 Feb 2009, by Elena LaVictoire.
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27 Feb 09
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prosperity.
These fixes are based on the false belief that the free-market economy has failed. But it is not the market that has failed. It is intervention into the market that has failed. The Federal Reserve and its manipulation of money and interest rates have failed. None of this can be blamed on the free market, but that isn’t stopping newspaper columnists from doing so anyway.
Keynesian so-called economists, led by Paul Krugman, are vainly reaching into their usual bag of tricks to try to solve the problems of intervention with more intervention, and nothing is working. But they are persistent. They’ll keep scrounging around in that bag all throughout the Obama administration. The slump will continue, since none of these tricks has the slightest thing to do with the underlying problems in the economy. All we’ll have to show for them is an empty Keynesian bag and lot more unpayable debt.
Meanwhile, who’s being ignored during this crisis? The free-market economists of the Austrian School of economic thought, the very people who predicted not only the Great Depression, but also the calamity we’re dealing with today. The good news is that Austrian School economists are gaining more acceptance every day, and have a greater chance of influencing our future than they’ve had for a long time. I’m told that Google searches for "Austrian economics" are off the charts.
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