• "Well written, well researched, and the thesis put forth is well argued.... Woods has opened up an area of historical analysis that should invite further study."
    -Journal of American History

  • "During these times that challenge our freedoms there is no one more qualified to make U.S. history relevant to the fight against big government than Thomas Woods."
    -Barry Goldwater Jr.
    Former Member of Congress

  • "I strongly recommend Woods's work."
    -The Honorable Ron Paul,
    U.S. House of Representatives

  • "Written with great clarity and fluency, making the complex philosophical and theological concepts approachable."
    -Journal of American Studies

  • "A must-read."
    -Barron's

  • "An excellent reading source for anyone interested in financial markets, and much more so for anyone interested in learning about capitalism without all the misinterpretations being thrown about in the financial media."
    -Asia Times

  • "Provocative, well-written, and deserves to be read."
    -Catholic Historical Review

  • "An engaging and important contribution to scholarship on the history of American Catholicism."
    -Journal of the Historical Society

  • "Woods and [co-author Kevin] Gutzman appeal to both left and right in this constitutionalist jeremiad…. The authors' exegeses of the Constitution and court decisions, heavy on original intent arguments, are lucid and telling."
    -Publishers Weekly

  • "A marvelous read. Every chapter taught me something new and unexpected."
    -Tom Bethell, senior editor,
    The American Spectator

  • "The hottest book today is Meltdown, by my friend Tom Woods."
    -Judge Andrew Napolitano, senior judicial analyst,
    FOX News Channel

  • "Should be required reading."
    -Economic Affairs (London)

  • "Woods, one of the best classical liberal [libertarian] scholars of his generation, has once more placed us in his debt with this lucid and tightly argued book."
    -David Gordon, The Mises Review

  • "Tom Woods is one of my dearest allies in the struggle against wrong-headed and dangerous economic policy."
    -Peter Schiff

Price Inflation Won’t Be a ‘Side Effect’ of the Fed’s Policy; Inflation IS the Policy

Bob Murphy explains.

Unlearn the Propaganda!

  • Anonymous

    We can take for granted the monetary machinery that we have, and we can debate how the social engineers twisting the knobs on the machine ought twist them. Whether the machinery and its engineers ought to exist at all is a separate question.

    Given the system we have, a deliberate policy of higher inflation seems a reasonable approach. If capital is so highly leveraged that proprietors can’t effectively redeploy it to employ more labor synergistically, something must give, and inflating the price of capital is one means to this end. Bankruptcy is another means, but the process is long and tedious and also subject to political manipulation. The inflationary approach is the only approach subject to political manipulation.

    With three kids in college and one professional student nearing 25, I’m very interested in breaking the log jam. If pouring more water into the river breaks it, I’ll settle for that solution at this point, even if the flood of liquidity confuses entrepreneurs by distorting prices.

    Chopping up some of the jammed logs (bankruptcies) might be a better solution in some sense, but if you’ve ever stood on a log jam with an ax, you know how scary the predicament can be, and it’s scary because the dangers are very real. Entrepreneurs facing bankruptcy, or the bankruptcy of their suppliers and consumers, are also confused.

  • Anonymous

    Bob needs to fix his recording, he keeps recording audio only in the left channel while the right channel has only faint audio.

  • Anonymous

    That issue is being addressed. Give him a break, he’s just an economist.