As the world financial system entered a state of collapse, commentators said that Russia had traded the shortages of socialism for the bank runs and financial panics of capitalism. In fact, modern finance and banking are built on unstable, socialistic foundations.
When I received this book, I turned first to the contribution of Murray N. Rothbard, "The Gold Exchange Standard in the Interwar Years."
Having the central bank manage interest rates is central planning at its worst.
A world central bank and currency can only further destabilize the global economy.
As the "experts" counsel Japan to gun the money supply, an Austrian has a better idea.
Winter's economic crisis in Asia was blamed on "go-go capitalism" and "crony capitalism," but those explanations don't get to the root cause. The Asian meltdown stems from structural defects deep within the world monetary system itself. These are defects that no amount of bailouts, exchange controls, IMF power, or even U.S. monetary discipline can repair.
