Turning Hard Times Into Good Times

Alasdair Macleod, Quinton Hennigh and Chen Lin are this week’s guests. The Keynesian religion has been taught to every college graduate in America and Europe in recent decades. But that religion is based on falsehoods such as: “You can consume more than you produce and get rich by so doing.” Or, “capital has no time value.” Since getting rich without working is widely appealing to the human race, the very opportunistic President Nixon removed gold from money and declared “We are all Keynesians now.” By so doing, he paved the way for an American debt-funded spending orgy that only now is leading to an exponential rise in consumer prices and interest rate increases that will inevitably follow suit no matter what the Fed does. Austrian economists counter Keynesian religion but Kool-Aid drinking policy makers do not. Hence policies will continue to double down on the same policies that are taking us to the precipice of financial ruin. Alasdair will explain why, given ongoing Keynesian policies, inflation and in