Lew Rockwell of the Mises Institute gave a speech at the latest gathering of the Austrians in Auburn November 1st:

Abolishing the Fed would put a huge brake on the planning state. Without the ability to expand the money supply at will, the federal government would become about as threatening as state or local government. That is to say, the federal government would still be an intolerable imposition on life, liberty, and property; but we wouldn’t be worrying about hyperinflation, large-scale bubbles in specific sectors, crazy business cycles, trillion-dollar bailouts, controls that reach into every nook and cranny of our lives, a cradle-to-grave welfare state, or a global empire that invades any and every country at will, and makes America the enemy to whole regions of the world.

Austrian economics is finally getting its due for being the only economic school to predict the current economic mess. They’ve been warning that this day was coming for many years and were dismissed as cranks, but now everyone is paying attention – and with good reason. The truth eventually is recognized. Read – or hear–  the whole speech.