By Al Coryell
PoHo correspondent
In Part 1 and Part 2 of this series we learned the origin of the Federal Reserve System and looked at the Keynesian economic philosophy, the preferred philosophy of economists who have run the Fed since the Great Depression. We learned that Keynesian economic philosophy is an anti-free market philosophy, one that supports a centrally managed economy utilizing money and interest rate manipulation and taxation to control prices in the economy. Now we will look at the Austrian School economic philosophy and make some comparisons. There is a battle shaping up in Congress between the proponents of each philosophy. The winner of the battle will ultimately decide our collective economic fates well into the future…
This article appears in Sep 2-8, 2009.