bust: The “Great Recession” Brought to You By the Great Depression

Hayekian economist Steve Horwitz explains how the institutions and ideology of the New Deal have given us the current economic catastrophe.  The upshot:

What we are living through today is a recession whose causes are significantly the unintended result of institutional changes made during the Great Depression and whose proposed solutions reflect the same failed understanding of the causes that motivated Great Depression “solutions” that largely ended up doing more harm than good. History is indeed repeating itself, and not in a good way ..

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[After the publication of The Road to Serfdom], I was exposed to incredible about abuse [from American's], something I never experienced in Britain at the time. It went so far as to completely discredit me professionally [in the United States]. — F. A. Hayek

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