Government Intervention Amuck No. 13: Efforts to Avoid the Depression
His latest piece at Prudent Bear says it so well, I'd advise you to read it.
As a summary for those who don't have time, our government is scrummaging around in this economic mess we're in, in order to try to save us from ourselves. They will be unsuccessful in the long run, even though in the short run it may seem to work.
In other words, in my view, we are headed within an unknown time frame for either a good recession/depression, or a good run on the dollar.
Take your pick. And yes, it's our government agents' fault. (See my previous posts throughout the last four years to grasp my "analysis" of the reasons for this.)
And as a postscript, I agree with Noland that Bernanke's conclusions about the Great Depression are wrong.
[Thanks to cards4magic.com.uk for the image.]
One who got it right was Edward C. Harwood. (See this previous post and the first ones of this blog.)
Other economists with a good grasp of monetary science are those academics call "the Austrians," people like Hayek, Von Mises, Schumpeter.