The government-controlled monetary regime – the most destructive force set into motion by state interventionism – has finally been blown to pieces. This is the message conveyed by the monetary fiasco in global capital markets, typically referred to as the international credit crisis. However, politicians and central bankers the world over are taking great efforts to hide this truth and its full consequences from the public’s attention by taking recourse to even more far-reaching market interventionism. Central banks provide commercial banks with any amount of base money needed to prevent them from defaulting on their payment obligations. The Federal Reserve, … Continue reading A Golden Way Out of the Monetary Fiasco