Folks, we’ve already seen Anna Schwartz (yes, the same one who co-wrote that famous book with Milton Friedman) take the side of the Austrians, but now Gerald O’Driscoll of the Cato Institute has come out and said it in plain terms: Yes, the Fed did it, and No, this is not a liquidity crisis like during the Great Depression - meaning, presumably, that the Fed DOES NOT need to print huge amounts of money out of thin air, thereby risking an inflationary depression.
Numerous Cato scholars have said that the Fed was a significant cause of the current crisis. This is old news.
Who are some other scholars that have come out and said it with strong conviction? Mostly, Cato scholars have been weak on the issue, and have sometimes advocated interest rate cuts. Cato even put out a paper defending the Fed.
Well, at least they have a diversity of opinion I suppose. Here in Australia we only have Stephen Kirchner… and he defends Greenspan.
Link ?
Hummel and Henderson? http://mises.org/daily/2936
Ah, thanks. I remember seeing that Mises article now.