A classic example of doublethink, intellectual dishonesty, and cognitive dissonance.
This is austrian business cycle theory down to the letter. The austrian economists and only the austrian economists demonstrate that business cycles are caused by monetary disequilibrium when the central bank creates a shortage or surplus of money by setting arbitrary interest rates and engaging in “open market operations” instead of using the market equilibrium supply and quantity. This surplus/shortage spreads throughout the economy, causing general disequilibrium which eventually causes a bust when the market attempts to correct the economic failure.
of course now here they contradict their own premises. Austrian theory goes on to say that a near equilibrium economic situation with minimal economic failure only occurs when there is minimal or no government force and central planning and individuals act in the free market making judgements based on their own preferences and freely floating prices. A free market does “regulate” itself, one with a massive government and idiotic central bank does not. Centrally planned regulation only further distorts the economy, and leads to more frequent and more destructive economic failures.