Meltdown: A Free Market Look at Why the Stock Market Collapsed, the Economy Tanked, and the Government Bailouts Will Make Things Worse by Thomas E. Woods, Jr. may have one of the longest subtitles of any book around but it is a very important book. I encourage all of my readers to stop what they are doing and order this book. It is a relatively quick read that will bring you up-to-date not only on the current financial crisis but also the Austrian Economic theories behind it.
This book is the sole voice that is not following the masses in blaming the recession upon Capitalism. Instead, Thomas Woods uses many economic theories and evidence to show that the government has had more to do with this problem then we think. He starts the book with a view of how the government created the current bubble. It becomes clear that this is very much in line with the Austrian Business Cycle. He then shows the more broad picture of how this also has happened in both the Great Depression and the dotcom bubble.
The major part of the book is its eloquent attack upon the Federal Reserve system. Woods shows that the Federal Reserve has done more to hurt the economy than any other intervention. He also warns us of the impending problems that we have no had yet but could have with possible runaway inflation also know as hyperinflation. At the end of the book, Woods challenges those who believe that they are a free market conservative or libertarian that they should realize that the Federal Reserve cannot have your support. The Federal Reserve, he says, is one of the biggest interventions in the economy we have seen. They have a monopoly on money.
Everybody should pick up this book, if they want to learn about the real reason why the economy is in a downspin. People often try to blame crisises upon things they do not understand, like Capitalism. Instead, what they do not realize is that people try to control the economy and that person would have to be god in order to get it all right.
Rating overall 5/5