The Global Curse of the Federal Reserve reveals and explores the
missing link between the Austrian School of Economics and
behavioral finance theory. Monetary instability is the source of
the waves of irrational exuberance (sometimes described as "asset
price inflation"), which spread so much economic destruction and
geo-political turmoil when they break. The largest and most
destructive waves in the past 100 years have all been powered by
monetary turmoil created by the Federal Reserve. Dr. Brown argues
that flawed monetary practice and principles--most recently in the
form of Bernanke-ism--have been responsible for the Fed-made havoc.
The author comes to two optimistic conclusions. First, political
forces in the US will one day gain sufficient strength to repeal
Bernanke-ism. But the new revolutionaries must learn from the
mistakes of the first monetarist revolution. Brown argues for the
end of the Fed as a policy-making institution. Second, it is
possible for investors to build substantial protection for their
wealth and even profit from monetary chaos unleashed by the Federal
Reserve--but this depends on throwing overboard much of the
established wisdom about optimal portfolio management.
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