How To Fix Our Depreciating Money

... the unreconstructed Keynesian Paul Krugman has won the Swedish central bank’s Nobel Prize in economics, not for his reflationist views but for his trade theory. Nonetheless, his overall oeuvre will receive new attention, and his views on the crisis are identical to the kind of fallacy-ridden central planning that caused the downturn of 1929 to turn into the Great Depression. Put his ideas in charge, and we are doomed.

Instead, of course, they should turn to those who both predicted this crisis and who offer a coherent explanation of it. The most important priority right now is dramatic monetary reform. In an ideal world, officials would follow the Mises/Rothbard strategy of defining the dollar as a weight of gold and permit all-round convertibility at all levels.