Thursday 25 July 2002

The return of reality

So, all those years of studying the Austrian School of Economics are now being vindicated. The events in the world's stock markets are no surprise to some of us. I met and photographed Hayek and once drove Murray Rothbard to a meeting at the home of John Blundell, now head of the Institute of Ecomomic Affairs. I suspect that the political classes will make all the usual errors when what is needed is a radical reduction of state power and spending and, above all, a return to a real monetary system not based on paper.