Via Material Evidence » The Cobden Centre, more on the false impression of prosperity created by erroneous monetary and fiscal policy:

Without stopping to rehearse the entire thesis (laid out most recently in the last two editions of Tangible Ideas, viz., ‘Lord Timon’s Purse’ – oriented towards money and credit – and ‘Goodbye to All That’– which dealt with their real–side impact), this ‘bullishness’ may have imparted the impression that we have something of a schizophrenic mindset since, in all other respects, our outlook has been jaundiced, to say the least. To the contrary, the two are not at all incompatible, but, rather, interrelated, since what we have all along said would drive a rapid rebound in asset prices would be continued central bank laxity, supercharged by the monetization of soaring government deficits and magnified by the market’s utter misunderstanding of the nature of the ‘recovery’ this has engendered as the liquidity crisis of ‘Snowball Earth’ has partially thawed to a still glacial Little Ice Age of misallocated capital and sorely impaired balance sheets.

The Cobden Centre has been established to promote honest money, free trade and peace. We recognize that stable systems of private property and exchange are a prerequisite to a sound economy and we are promoting reforms which would extricate us from our present difficulties.

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