I see that the government has succeeded in its efforts to focus attention away from itself as the real cause of the financial crisis and onto "evil speculators". The Fed's feckless attempts to create wealth out of paper money was doomed from the start. A false boom ignited by fiat money credit expansion cannot be distinguished from a real economic expansion financed by savings and capital accumulation. Now the government is trying to make everyone believe that a free, capitalist economic system is inherently unstable and an easy victim of unscrupulous villains, when the truth is exactly the opposite.
Adjunct Instructor in Austrian Economics
University of Iowa, Iowa City, Iowa