Tom Woods’ most recent offering has garnered the attention of some major news outlets, including CBSnews.com, which published a review of Meltdown yesterday. The review was refreshingly detailed and honest about how Meltdown views the Fed and government interference in the markets, and even gave honorable mention to the Austrian school. From the review:
The Austrian explanation remains a minority one among economists — Times columnist Paul Krugman likened it to the “phlogiston theory of fire,” and the late Milton Friedman claimed it has done “a great deal of harm.” Woods’ solutions to today’s economic woes are the opposite of the U.S. government’s (or Krugman’s) approach: he would let firms go bankrupt, ditch Fannie and Freddie, halt bailouts, and question whether the Federal Reserve even needs to exist.
Woods says Austrian theory is worth studying because it correctly predicted what’s happening today. “It’s about time we listened instead to people who have a coherent theory to explain why these crises occur, saw this crisis coming, and have something to suggest other than juvenile fantasies about spending and inflating our way to prosperity.”
Read the rest of the review here.
Mayhap this is another step towards getting Tom some more major network coverage?Published in