Murray Rothbard on Economic Recessions

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First published at 11:18 UTC on April 18th, 2022.

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Murray N. Rothbard (1926-1995) was America's greatest radical libertarian author -- writing authoritatively about ethics, philosophy, economics, American history, and the history of ideas. He presented the most fundamental challenge to the legitimacy of government, and he refined thinking about the self-ownership and non-coercion principles.
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5 years ago, I thought that only psychologists and modern philosophers were clinically retarded.
3 years ago, I realized that modern scientists were equally mentally deficient.
In the last couple of years, it has become clear that modern doctors and economists also fall into the category of dimwits and imbeciles.

Inflation is of two types - Localized and Systematic.

The former occurs due to bottlenecks in the supply chain and/or production of certain goods. This might lead to collateral inflation of prices of goods whose supply/production is dependent on the already inflated goods.
This situation is mostly confined to one or two sectors of an economy and is, indeed, transitory. This type of inflation can be caused by and/or made worse by government intervention/policy.

The second type of inflation is caused solely due to money printing/credit expansion/debt expansion by governments/central banks. It is systematic and affects every branch of an economy. This type of inflation has the tendency to very quickly spiral out of control.
The only way to mitigate hyperinflation is to allow the economy to go through a deflationary period (which usually amounts to a recession) where malinvestments can be sorted out by market pressures. If this does not happen, then after a certain threshold, no amount of policy adjustments can bring an economy back. This type of inflation is ONLY caused by AND MADE WORSE by government intervention/policy.

To imagine that any period of systematic inflation will not consequently lead to either a period of systematic deflation or complete economic collapse, is to believe that one can jump off a cliff and fly by flapping one's arms vehemently.
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Taken from - https://youtu.be/QWgtmjVLMbM
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