Quote of the Day

Crude, old-style Keynesianism has thus returned with a vengeance. In truth, it never really left. Despite all the talk by government policymakers and central bankers and their macroeconomic advisers that they have painstakingly developed and learned to deploy sophisticated new tools of ‘stabilization policy’ in the last twenty-five years, their tool shed is, in actual practice, completely bare of all but the blunt and well-worn instruments of deficit spending and cheap money.

- F. A. Hayek, A Tiger by the Tail: The Keynesian Legacy of Inflation