Regarding the item from the Jerusalem Post (The Austrian School Flunks), I would only like to point out that even if investors realize (by studying the Austrian School teachings) that the rates are artificially low, they cannot help participating in the game because there is tremedous pressure (economic, financial, cultural) to do so; there is also a financial advantage in doing so (see the Dot-Com boom for a clear example). The same presumably happens to Greenspan: he knows about sound money but would be cutting himself out of the game if he acted on that knowledge. Never, ever, underestimate the power of systemic pressure over the individual. Otherwise economics itself has no meaning at all. We are not talking about heroes, most people just ride the tide. The tides are what we study in economics: systemic influences acting from/with universal laws of human action.
Austrian School Flunks?
