The next economic crisis will be directly tied to the last economic crisis and the policies the Fed used to “solve” it. As such, it should be called the Bernanke-Yellen Crisis.
A falling money supply is not the cause of economic contractions. It is usually just a symptom of a larger problem resulting from money-creation out of thin air.
Though the descent of Keynesian doctrine from intellectual respectability can be denied no longer, it still gravely threatens sensible monetary policy.
