Bottom line: Fine-tunning by the Fed is the culprit of the current subprime mess.
Here it is, and hat tip Larry White up at Division of Labor for the pointer.
Addendum:
For those who want to know more about Austrian monetary theory and business cycle theory, visit this website. And more here.
1 comment:
I think Fed lose its magic wand this time as China's productivity growth is slowing down. Do you think stagflation is likely to happen?
Accidentally, I saw your blog in Yeung's new book. Accidentally, I found that you are Ho Yeung (I like his article very much!). Will certainly be one of your readers.
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