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MELTDOWN
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A Free Market Look at Why the Stock Market Collapsed. the Economy Tanked and Government Bailouts,Will Make Things Worse. THOMAS E WOODS JR,Since 1947,PUBLISHING INC,An Eagle Publishing Company Washington DC. Copyright 2009 by Thomas E Woods Jr, All rights reserved No part of this publication may be reproduced or. transmitted in any form or by any means electronic or mechanical in. cluding photocopy recording or any information storage and retrieval. system now known or to be invented without permission in writing from. the publisher except by a reviewer who wishes to quote brief passages in. connection with a review written for inclusion in a magazine newspaper. or broadcast, Cataloging in Publication data on file with the Library of Congress. ISBN 978 1 59698 587 2,Published in the United States by.
Regnery Publishing Inc,One Massachusetts Avenue NW. Washington DC 20001,www regnery com,Manufactured in the United States of America. 10 9 8 7 6 5 4 3 2 1, Books are available in quantity for promotional or premium use Write. to Director of Special Sales Regnery Publishing Inc One Massachusetts. Avenue NW Washington DC 20001 for information on discounts and. terms or call 202 216 0600,Distributed to the trade by. Perseus Distribution,387 Park Avenue South,New York NY 10016.
To Murray N Rothbard 1926 1995 and Ron Paul,who told the truth. FOREWORD BY CONGRESSMAN RON PAUL ix,Chapter 1 TH E ELEPHANT IN TH E LIVI NG ROOM 1. Chapter 2 HOW GOVERNMENT CREATED,THE HOUSING BUBBLE 11. Chapter 3 THE GREAT WALL STREET BAILOUT 37,Chapter 4 HOW GOVERNMENT CAUSES THE. BOOM BUST BUSINESS CYCLE 63,Chapter 5 GREAT MYTHS ABOUT THE.
GREAT DEPRESSION 87,Chapter 6 MONEY 109,Chapter 7 WHAT NOW 141. ACKNOWLEDGMENTS 159,APPENDIX FURTHER READING 161,ABOUT TH E AUTHOR 193. FOREWORD BY,CONGRESSMAN RON PAUL, M any Americans are looking to the new administration to solve our. economic problems Unfortunately that is probably a vain hope. Although we were promised change we are likely to get a continua. tion of the same superficial economic fixes that have damaged so many. economies in the past and that will only delay the return of prosperity. These fixes are based on the false belief that the free market economy. has failed But it is not the market that has failed It is intervention into. the market that has failed The Federal Reserve and its manipulation of. money and interest rates have failed None of this can be blamed on the. free market but that isn t stopping newspaper columnists from doing so. Keynesian so called economists led by Paul Krugman are vainly. reaching into their usual bag of tricks to try to solve the problems of in. tervention with more intervention and nothing is working But they are. persistent They ll keep scrounging around in that bag all throughout the. x MELTDOWN, Obama administration The slump will continue since none of these. tricks has the slightest thing to do with the underlying problems in the. economy All we ll have to show for them is an empty Keynesian bag and. a lot more unpayable debt, Meanwhile who s being ignored during this crisis The free market.
economists of the Austrian School of economic thought the very people. who predicted not only the Great Depression but also the calamity we re. dealing with today The good news is that Austrian School economists. are gaining more acceptance every day and have a greater chance of in. fluencing our future than they ve had for a long time I m told that. Google searches for Austrian economics are off the charts. We can probably expect an avalanche of books in the coming months. that purport to tell us what happened to the economy and what we. should do about it They ll be dead wrong and most of the advice they. provide will be dreadful You can count on that, That s why Meltdown is so important This book actually gets things. right It correctly identifies our problems their causes and what we. should do about them It treats the architects of this debacle not with the. undeserved reverence they receive in Washington and on television but. with the critical eye that is so conspicuously missing from our suppos. edly independent thinkers in academia and the media Tom Woods re. serves his admiration for those few who unlike the quacks who would. instruct us now actually saw the crisis coming have a theory to explain. it and can show us the way out, In a short span Tom introduces the layman to a range of subjects that. have been excluded from our national discussion for much too long Top. ics our opinion leaders thought they d buried forever or never heard of. in the first place are suddenly back and not a moment too soon This. book is an indispensable conduit of these critical ideas Among many. other things Tom explains Austrian business cycle theory which he cor. rectly identifies as the single most important piece of economic knowl. edge for Americans to have right now In so doing Tom provides. Americans with the most persuasive and rational account of how we got. FOREWORD BY CONGRESSMAN RON PAUL xi, here Only if we correctly assess the causes of the debacle can we hope. to propose a path to recovery that might actually work and not simply. prolong the agony, Our years of living beyond our means of buying everything on credit. and on money printed out of thin air are over Sure our government will. carryon with its nonsensical policy of curing indebtedness with more in. debtedness inflation with more inflation but the game is up It s not. going to work What are they going to do when the entitlement crisis hits. and the federal government is suddenly on the hook for tens of trillions. of dollars If they try to print their way out of that one they ll destroy. the dollar for good if they haven t done so already with all these. bailouts The resources aren t there It s time we recognized this like. adults and adjusted our behavior accordingly The more we intervene and. the more we prop up economic zombies the worse off we ll be But the. sooner we understand what has happened assess our economic situation. honestly and rebuild our economy on a sound foundation the sooner. our fortunes will be restored, Ideas still matter and sound economic education has rarely been as.
urgently necessary as it is today There is no better book to read on the. present crisis than this one and that is why I am delighted to endorse and. introduce it,The Honorable Ron Paul member of Congress. THE ELEPHANT,IN THE LIVING ROOM, ince the fall of 2008 as the stock market plummeted companies. S folded and economic fear and uncertainty began to spread Ameri. cans have been bombarded with a predictable and relentless refrain the. free market economy has failed, The remedy According to Barack Obama the late Bush Adminis. tration Republicans and Democrats in Congress and the mainstream. media it s more regulation more government intervention more spend. ing more money creation and more debt, To add insult to injury the very people who devised the policies that. produced the mess are now posing as the wise public servants who will. show us the way out Following a familiar pattern government failure. has been blamed on anyone and everyone but the government itself And. of course that same government failure is being used to justify further. MELTDOWN AFree MarketLook at Why the Stock Market Collapsed the Economy Tanked and Government Bailouts Will Make Things Worse THOMAS E WOODS JR

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