Recently I've been reading the Mises Daily email.
The Mises Daily expresses the view called Austrian economics. (I subscribed to the Daily to learn a bit about that branch of the subject.) The Austrian school is highly concerned about the possibility of inflation. The school objects to government interference in the economy, favoring Laissez-faire. And, judging by the Daily, they're an opinionated bunch. That's what I've picked up so far.
But then the 7-21-09 post by Thomas J. DiLorenzo caught my eye:
I recently received in the mail the 2008 Annual Report of the Federal Reserve Bank of Minneapolis. The title of the report is "The Current Economic Crisis: What Should We Learn from the Great Depressions of the 20th Century?"
Now that's my kind of report: reputable source, fascinating topic. So I took a gander at the Fed report. The thing that most struck me was... Well, here's how it opens:
The current financial crisis has prompted these questions: Could the world economy enter a great depression like that of the 1930s? If so, what can governments do to avoid it?
Really??? Now they're gonna think about the possibility of economic depression? Now that it's upon us? Now that all sorts of bizarre policies to skirt depression are being put to the test? What have they been doing for the past 30 years? The fact of the matter is, in observations like this I find an explanation for how things went so terribly wrong: Incompetence, dogma, and ego. But I wander.