“Dr. Garrison’s lecture describes how the economic precepts on which the Fed operates are fundamentally flawed, making it only a matter of time before the Fed is the creator of its own demise, by contrasting the Keynesian macroeconomic theory upon which the Fed is based with the Austrian macroeconomic theory. Using this comparison, Professor Garrison provides a simple yet comprehensive explanation of how the Fed’s monetary policy actions created the housing bubble and the subsequent financial crisis. He concludes by highlighting the bleak future for the Fed’s ability to manage the economy.”

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