Who is right, who is wrong? In free-markets, this is determined in thousands of little experiments – every one subject to success or failure, and none of which can grow so large as to take down the entire economy.
Each of these macro-economic quacks should be set free to design a money and banking system and sell it to the market. They can each experiment to their heart’s content risking only the money of those who invest or otherwise utilize their schemes. Remove the monopoly, and each can put his money where his mouth is.
Competition and free markets have solved thousands of problems far more complex than money and credit – and in the past, free markets have resolved money and credit as well. It is time to allow markets to do so again, and free mankind from the evils of this quackery, practiced on all.