– November 24, 2010 Reading Time: < 1 minute

“We may all be Austrians now.

Not since the New Deal has Austrian economics enjoyed the political popularity it does now. Austrian economists are awfully popular with the Republican Party, especially its Tea Party wing. Peter Schiff, the Austrian economics-inflected investment advisor, is a very popular guest on business television. Tom Woods’ book “Meltdown”—which provided an Austrian economics explanation for the financial crisis—was a best seller. Congressman Ron Paul and Senator-elect Rand Paul are both devotees.

Perhaps more importantly, there has been widespread blame assigned to Alan Greenspan’s Federal Reserve for initiating the housing bubble with its low interest rate policies. I cannot remember when the last time was that there was widespread public appreciation of the role of central banks in causing the boom-bust cycle.” Read more.

“Here’s Why the Fed Plan Is Failing: We’re All Austrians Now”
John Carney
CNBC, November 23, 2010.

Image by renjith krishnan / FreeDigitalPhotos.net.

Tom Duncan

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