The following talk by Tom Woods at mises.org, is a refreshing take on dealing with a recession in a manner that does not involve government spending yet more of the taxpayers hard won earnings! The entire talk lasts around 47 minutes but is well worth listening to. The frankness of economic theory that the speaker exspouses makes me realise how the UK Government has made serious mistakes on our behalf with the quantative easing madness that has followed the equally horrendous bail out of the banks.
Why You’ve Never Heard of the Great Depression of 1920 Thomas E. Woods, Jr., from the Mises Circle event “The Great Depression: What We Can Learn From It Today.” Professor Woods, author of MELTDOWN, provides an excellent presentation.
The book by Thomas Woods can be found on Amazon here. This is just one comment from a reviewer:
"What’s the point that Austrian economics makes about our situation? When the economy tanks, the free market will quickly direct scarce resources into productive areas where there is plenty of demand for more. If the Federal Reserve and the Federal Government intervene, lots of money will go to those who make the biggest campaign contributions . . . permitting those who made a lot of bad decisions to make even more. Areas that could become more productive will be starved for capital while areas that are already unproductive will get more . . . wasting the resources."