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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: Don Lloyd who wrote (53241)1/3/2001 11:41:44 AM
From: pater tenebrarum  Read Replies (3) of 436258
 
Don, thanks. a very nice summary of the Austrian stance, and i agree with it wholeheartedly. in fact, this is precisely what common sense would indicate regarding the operation of boom/bust cycles and the role of the central bank in them.

the Fed should be abolished...the further we get away from this communist-style central economic planning the better. unfortunately i fear that the coming bust will elicit all the wrong policy reactions, which should prolong it unnecessarily, just as has happened in Japan and in the 30's.
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