Want to Understand the Crisis? Then Read This Book by Ron Paul - The Diigo Meta page

• 27 Feb 09
  

  Elena LaVictoire

  politics current events finance

  • 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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