JasonC

How to Break the Boom and Bust Cycle

We have financial crises long before we had a Fed. That is nothing but an Austrian smear. Governments inflated without fiat currencies, and without fractional reserve anything. Merchants inflated with nothing but bills of exchange, and governments inflated by alloying metal currencies with base metals - hence "debase".

Free men are going to engage in credit transactions, and you can't stop them with anything less than draconian tyranny and central planning. Which aren't a libertarian anything. Free banking would be superior but did and would again lead to widespread bank failure with losses to depositers routine. You can't get rid of the possibility of destabilizing, trend following speculation without removing economic freedom.

And the game isn't worth the candle. Economic freedom and the economic growth that comes with it we actually can have. Economic security only exists between the ears of ideologues, or in static agrarian societies whose entire wealth consists of assort pile of manure.