The mainstream says everything is under control. But the Fed continues to monetize trillions of dollars of debt and becomes more blatantly political in how it partners with the regime in countless schemes, from locking down the economy to racking up new debt at unnaturally low interest rates.
Hayek, in DeLong’s view, did not get everything right. He thought Hayek's insights needed to be supplemented by the wisdom of John Maynard Keynes about macroeconomic policy and Karl Polanyi about the need for rights that go beyond property rights.
What is the Cincinnatian problem? How to end vast emergency interventions whose day has passed but have become established and advantageous to their constituencies and have increased the power the central bankers enjoy.
The Emergence of a Tradition is an indispensable contribution to Austrian economics and to libertarian thought, and readers will also gain a clear sense of Huerta de Soto’s major contributions in these areas.
Globalization of money under a fiat regime magnifies and extends national monetary power. The currency of the largest economy becomes the dominant international money. Dominance brings hegemony. This is different from a world of gold monies.
