The Federal Reserve is raising interest rates and we know what follows, given there has been more than a decade of malinvestments building up: severe recession.
Ben Bernanke once claimed that a monetary gold standard caused economic instability. He failed to mention that his fiat money standard causes the boom-and-bust cycles.
Although they never actually accomplished it, one of the worst things the Keynesians did was convince some people that they had refuted Say's law of markets.
