Tom Woods’ Meltdown book mini-review

My girlfriend’s father loaned me a copy of Meltdown by Thomas Woods. I’m only about 72 pages in, but what brilliant work! Once again, the Austrian economists (Murray Rothbard, FA Hayek, Ludwig von Mises, Peter Schiff, Thomas Woods, Lew Rockwell, etc.) are the only ones who understand what’s happening in the economy, to our businesses and to our currency. Highly recommended, no matter your political affiliation. He skewers Democrats and Republicans the same. Because they are the same when it comes to the nation’s monetary policy.

Woods covers the housing bubble, the Wall Street bailouts, the Fed and it causes the boom-bust cycle. That’s where I left off in the book. I can’t wait to read Chapter 5 which is about the Great Depression. My grandmother always told me how many of FDR’s contemporaries thought him an ignoramus; a political genius, yes, but totally ignorant on business, economics, and money. Looking forward to Woods’ take. I’ll probably write an update when I finish the book.

UPDATE: This is the most accurate view of America I’ve ever read: (from Chapter 3: The Great Wall Street Bailout p. 40) “The Fed’s bailout of AIG was, in the words of the New York Times, ‘the most radical intervention in private business in the central bank’s history.’ The Fed would lend AIG $85 billion in exchange for 80 percent of the company. Congress, as usual, was not consulted. Meanwhile, social studies teachers across the country continued to report for work to detail how a bill becomes a law, how the will of the people is the guiding principle of the U.S. government, and how the public good motivates their government officials. By November, AIG needed another $40 billion. Washington had become a beggar’s alley for corporations, and taxpayers had become milk cows.”

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