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Keywords:

  • Austrian economics;
  • financial system;
  • government intervention;
  • housing market;
  • Great Recession;
  • free-banking

The Great Recession was not a failure of free markets. Rather it was a classic example of the undesirable unintended consequences of government intervention, both through expansionary monetary policy and misguided attempts to bolster the housing market in the USA. Getting government out of banking is the best way to end the disastrous boom and bust cycles that have characterised the last century and a half.